Deutsche Bank has raised its target price for Bloomsbury Publishing PLC (LSE:BMY) shares from 753p to 852p, reflecting a stronger-than-expected performance in the first half of the fiscal year.
Bloomsbury reported revenue of £179.8 million for the first half, marking a 32% increase year-over-year, largely driven by strong consumer sales, up 47%.
The success of author Sarah J. Maas’s latest release, which lifted her book sales by 102% year-over-year, significantly contributed to these results.
Although Bloomsbury’s non-consumer division showed only modest growth of 3%, partly supported by the Rowman & Littlefield acquisition, the publisher’s overall adjusted profit before tax rose by 50% to £26.6 million.
Deutsche Bank maintains a “buy” rating, citing Bloomsbury’s resilient consumer demand despite softer results in non-consumer markets.
In morning trading the shares were off 14p at 740p, but have risen 15% in the past week and are up 58% year to date.