19th May 2016 08:18
LONDON (Alliance News) - Book publisher Bloomsbury Publishing PLC on Thursday reported profit and revenue growth, driven by strong children's book sales, and outlined plans to move further into the business-to-business sector.
Pretax profit for the year to the end of February rose to GBP13.0 million from GBP12.1 million, helped by revenue growing to GBP123.7 million from GBP111.1 million.
Revenue for Bloomsbury's Children's & Educational books grew 57% to GBP41.8 million. Sales of Harry Potter books doubled thanks to the publication of an illustrated edition of 'Harry Potter and the Philosopher's Stone'. Sales for author Sarah J Maas also nearly tripled. A further illustrated Harry Potter and more Maas books are due in the new financial year, Bloomsbury noted.
Revenue in the Adult arm, meanwhile, grew 3.0% to GBP46.0 million, helped by the addition of Osprey Publishing and a focus on special interest niches of the market.
Academic & Professional revenue dipped to GBP32.7 million from GBP36.0 million against strong comparatives, while Bloomsbury Information revenue also fell.
Bloomsbury will pay a final dividend of 5.34 pence per share, takings its total dividend up to 6.4p from 6.1p.
Bloomsbury also announced the Bloomsbury 2020 strategic plan which will push the group further into business-to-business publishing. As part of the changes, it will reorganise itself from four divisions into two, namely Consumer and Non-Consumer.
"Bloomsbury has had a very good year with strong revenue and book sales growth, including a significant increase in digital sales," said Chief Executive Nigel Newton. "We have started the year in line with our expectations and look forward to publishing our strong list in the year ahead.
Bloomsbury shares were down 3.0% to 150.65p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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