Bloomsbury Publishing PLC (LSE:BMY) said it delivered “record results” and forecast revenues and profits to grow in the current financial year.
Sales were up 15% to £264.1mln in the year to 28 February 2023, while underlying profit before taxation grew 16% to £31.1mln.
Expectations for the current financial year are for revenues to grow once again to £272.1mln, and underlying pre-tax profit to climb to £32.2mln, according to a statement.
“We are delighted to have achieved these record results,” said chief executive Nigel Newton.
“In challenging economic times, readers are turning to books as affordable as they cut back on more expensive forms of diversion,” he added.
Bloomsbury added that Bloomsbury Digital Resources, its online research and learning centre, continues to deliver high-margin, repeatable revenues.
Sales in this division grew by 41%, driven by organic growth as well as acquisitions.
The publisher said it also signed a further four-book contract with Sarah J. Maas, author of the series 'A Court of Thorns and Roses', on top of the three books already under contract, as announced in March.
Bloomsbury reported a 25% increase in cash to £51.5mln, while the group hiked its final dividend by 10% to 10.34p.