Bloomsbury Publishing Reports Record-Breaking Results, Expects Continued GrowthAccording to Bloomsbury Publishing PLC, it achieved "record results" and expects to increase revenues and earnings in the upcoming fiscal year.
on Jun 01, 2023
According to Bloomsbury Publishing PLC, it achieved "record results" and expects to increase revenues and earnings in the upcoming fiscal year.
In the year ending February 28, 2023, sales increased by 15% to £264.1 million, while underlying profit before tax increased by 16% to £31.1 million.
According to a release, forecasts for the current fiscal year call for sales to increase once again to £272.1 million and underlying pre-tax profit to increase to £32.2 million.
Nigel Newton, the CEO, expressed his happiness at the record-breaking results.
He said, "Readers are gravitating to books in hard times because they are inexpensive and because they are cutting back on more expensive sources of entertainment.
In addition, Bloomsbury stated that its online research and learning hub, Bloomsbury Digital Resources, continues to generate high-margin, recurring income.
This division's sales increased by 41% as a result of both organic growth and acquisitions.
In addition to the three novels currently under contract, which were previously revealed in March, the publisher said it had inked a second four-book contract with Sarah J. Maas, author of the "A Court of Thorns and Roses" series.
At £51.5 million, Bloomsbury reported a 25% rise in cash, and the company also increased its final dividend by 10% to 10.34p.