Bloomsbury Publishing Plc CEO Nigel Newton Reflects on Exceptional Year and Upgraded Forecasts
London, UK
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May 24, 2024 11:50 AM Eastern Daylight Time
Bloomsbury Publishing Plc Chief Executive Officer Nigel Newton joined Steve Darling from Proactive to share exciting news about the company's outstanding performance, marked by a remarkable 57% rise in annual profits. Bolstered by strong sales of titles from acclaimed authors like Sarah J Maas, Katherine Rundell, and Samantha Shannon, as well as the enduring popularity of the Harry Potter series, Bloomsbury Publishing is experiencing a surge in success.
Maas, whose latest book 'Crescent City: House of Flame and Shadow' soared to the bestseller list in January, achieved an impressive 161% growth in sales, contributing significantly to the 49% jump in revenues from Bloomsbury's consumer division.
Overall, the publisher's revenues surged by 30% to £342.7 million in the 12 months ended February 29, resulting in pre-tax profits of £48.7 million. Shareholders are set to benefit from a dividend of 39.11p per share, marking a substantial 59% increase compared to the previous year.
Buoyed by its exceptional performance, Bloomsbury is confident in exceeding current consensus expectations for revenue and profit in the 2024/25 fiscal year. With a robust cash balance of £65.8 million, the company is well-equipped to invest in its business, authors, employees, and organic growth initiatives.
Having completed 33 acquisitions since its inception, Bloomsbury remains actively engaged in seeking further opportunities, particularly in the realm of academic publishing. Newton attributes the company's success to the exceptional talent of its authors, the dedication of its global workforce, and its unique blend of literary and scholarly publishing.
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