29 January 2021
Trading ahead of expectations
Bloomsbury Publishing Plc (LSE: BMY), the leading independent publisher, today gives a pre-year end trading update for the 12 months ending 28 February 2021.
Bloomsbury is pleased to announce that revenue is expected to be ahead and profit well ahead of market expectations* for the year ending 28 February 2021.
This follows continued strong trading in the Consumer division, for both Adult and Children’s publishing. Standout bestsellers in the second half to date include the new titles Eat Better Forever by Hugh Fearnley-Whittingstall, Outlawed, Joe Biden - American Dreamer and Humankind, as well as strong backlist sales of Harry Potter, Sarah J. Maas, Why I’m No Longer Talking to White People About Race, Such A Fun Age and Dishoom. Nielsen has estimated that the surge in reading has led to the volume of print books sold in the UK during 2020 growing by 5.2% compared with 2019.
Academic and Professional also continues to make good progress in line with our strategic objectives. Our strategy of developing digital resources means we are well placed to benefit from demand from academic institutions during lockdown.
This excellent performance during the global pandemic is testament to the resilience, initiative and determination of our staff, authors, illustrators, customers, distributors and suppliers, together with the strength of our publishing strategy, supported by our strong financial position.
We will provide an update with our preliminary results in June 2021.
Bloomsbury also announces that John Warren will step down from the Board at the conclusion of Bloomsbury’s 2021 AGM taking place in July 2021**. John Warren joined the Board in 2015 and is the Senior Independent Director and Chair of the Audit Committee. It is intended that John will be succeeded by Leslie-Ann Reed as Chair of the Audit Committee. The Board has also recently been strengthened by the appointment of Baroness Lola Young of Hornsey as a Non-Executive Director, announced in December.
Sir Richard Lambert, Chairman of Bloomsbury, said:
“On behalf of myself, the Chief Executive, Nigel Newton and the Board, I would like to thank John for his tremendous contribution to Bloomsbury during his five year tenure. John has been a wonderful colleague - rigorous, shrewd and good humoured. He will be much missed.”
* The Board considers that the consensus market expectation for the year ending 28 February 2021 is currently revenue of £161.8 million and profit before taxation and highlighted items of £12.1 million.
** This statement is made in accordance with paragraph 9.6.11(2) of the Listing Rules.
For further information, please contact:
|Bloomsbury Publishing Plc|
|Nigel Newton, Chief Executive||[email protected]|
|Penny Scott-Bayfield, Group Finance Director||[email protected]|
|Hudson Sandler||+44 (0) 20 7796 4133|
|Dan de Belder / Rebekah Chapman||[email protected]|
The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain
The information in this announcement has not been audited or otherwise independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Company or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this announcement, or its contents, or otherwise arising in connection with this announcement.
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