15 March 2023
Revenue comfortably ahead and profit materially ahead of expectations
Bloomsbury Publishing Plc (LSE: BMY), the leading independent publisher, today announces a year-end trading update for the 12 months ending 28 February 2023.
Revenue is now expected to be over £260 million and profit before taxation and highlighted items is expected to be some £30 million for the year ended 28 February 2023.* This follows strong trading at the end of the year.
Commenting on the results, Nigel Newton, Chief Executive of Bloomsbury, said:
“Bloomsbury’s unique position in combining consumer and academic publishing combined with our investment in high quality content and company acquisitions has enabled us to achieve excellent trading for the year. We have seen strong demand for our titles - in print, ebook and audio - and continued digital growth. Two of our strongest performances in the year have come from very disparate ends of our publishing strategy - fantasy novels on the one hand and academic digital resources on the other - showing how well our balanced consumer and academic portfolio is working in practice.
Throughout a year which has been characterised by rising inflation and cost of living pressure, it is notable that reading remains hugely popular throughout the world with books regarded by many readers as an affordable pastime.”
Strong trading in the Consumer division was driven by both frontlist and core backlist titles. Samantha Shannon’s new novel, A Day of Fallen Night was published in February 2023 and became an instant bestseller worldwide. Other bestsellers included Johan Hari’s Stolen Focus and BAKE by Paul Hollywood. Strong backlist sales continued, in particular for Sarah J. Maas, as well as The Priory of the Orange Tree by Samantha Shannon, The Song of Achilles by Madeline Miller and Dishoom: From Bombay with Love by Shamil Thakrar, Kavi Thakrar and Naved Nasir.
On 11 March 2023, Peter Frankopan’s new title The Earth Transformed reached number two in the Sunday Times bestseller lists, and Samantha Shannon’s A Day of Fallen Night reached number one in the Sunday Times and number three in the New York Times bestseller lists.
We are particularly pleased to announce the signing this week of a further four book contract with Sarah J. Maas, on top of the three future books already under contract.
We achieved strong growth in Bloomsbury Digital Resources through leveraging our acquisition of ABC-CLIO and continued organic growth. ABC-CLIO brought to Bloomsbury a portfolio of digital academic resources, with a major presence in the US high school library market, and opportunities for accessing wider, international markets with their products. We are encouraged by the pipeline of further cross-selling and growth opportunities from ABC-CLIO. We have launched a new platform for our academic streaming content, Bloomsbury Video Library, with more than 2,000 films spanning a vast range of subjects.
We will provide further details about the year ending 28 February 2023 with our preliminary results announcement.
* The Board considers current consensus market expectations for the year ending 28 February 2023 to be revenue of £242.6 million and profit before taxation and highlighted items of £26.9 million.
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 / Amelia Craddock / Emily Booker||[email protected]|
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Annual General Meeting
Preliminary announcement for the year ended 28 February 2023