27th Oct 2020 10:38
(Alliance News) - Bloomsbury Publishing PLC on Tuesday said its performance improved in the first half of its current financial year and it is confident going forward.
The London-based publishing house of fiction and non-fiction reported revenue growth of 10% to GBP78.3 million for the six months to the end of August from GBP71.3 million a year earlier, resulting in pretax profit of GBP3.0 million and GBP1.3 million, respectively.
The strength of demand for Bloomsbury titles, in print and e-book, and the surge in sales of the company's digital products boosted its long-term growth strategy.
Bloomsbury's long-term growth strategy is aimed at diversifying into digital channels and building quality revenue. The company said it benefited from recent changes, including the accelerated shift to digital products, to support remote learning and consumer demand for titles across multiple platforms.
The company has declared an interim dividend of 1.28 pence per share, in line with the interim dividend for the six months ended August 2019.
"They [staff] continue to be motivated, adaptable and effective, which is demonstrated by the strength of our first half performance. This, together with the strength of our publishing strategy supported by our solid financial position, gives me confidence in Bloomsbury's future performance," said Chief Executive Nigel Newton.
Bloomsbury shares were trading 15% higher in London on Tuesday at 242.00 pence each.
By Evelina Grecenko; [email protected]
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