Bloomsbury Publishing PLC (LON:BMY) has traded in line with expectations in the first four months of its financial year, with both divisions growing revenues.
Group revenues in the four months to the end of June were up 3.7% on the same period of last year, and would have been up 7.1% had exchange rates stayed the same.
Excluding IB Tauris, which was acquired on April 30 of this year, revenues were up 2.1% year-on-year, or up 5.5% on a constant currency basis.
READ: Bloomsbury Publishing causes brokers to upgrade their estimates again
Both the Consumer and Non-Consumer divisions grew revenues in the period, with a particularly strong result in the Adult division, Bloomsbury said.
Top selling titles in the period included A Court of Frost and Starlight by Sarah J Maas, the Harry Potter series by JK Rowling, Norse Mythology by Neil Gaiman, The Guernsey Literary and Potato Peel Pie Society by Mary Ann Shaffer and Annie Barrows and Circe by Madeline Miller.
The publisher said Tom Kerridge's Fresh Start will be published in December 2018 and will be accompanied by a six-part BBC Two television series of the same name. Tom Kerridge's Lose Weight for Good, which was also accompanied by a TV series, was a significant title for Bloomsbury last year, the company noted.
Partnership with YOOX Net-a-porter to make archive fashion footage available
The publisher also announced today a partnership with YOOX NET-A-PORTER GROUP (YNAP) to make rare fashion show footage pre-dating the rise of digital formats available to the educational market for the first time.
YNAP has been digitising fashion footage from the period between 1979 and 2003 and adding descriptors and tags, while also working closely with key fashion institutions to support student learning. The footage will be accompanied by hundreds of exclusive, scholarly articles providing essential context.
“The period covered by the archive saw the disruptive impact of innovative designers such as the Antwerp Six, Rei Kawakubo and Hussein Chalayan; it spans more than two decades of London, Paris, New York and Milan runway shows and includes absolutely priceless footage, such as Alexander McQueen's 1992 Jack the Ripper graduate show, Jean Paul Gaultier's controversial 'Rabbi Chic' show, extraordinary Westwood and rare Galliano, as well as the radical Belgian Martin Margiela,” said Kathryn Earle, the managing director of Bloomsbury Digital Resources.
“Alongside a rapidly growing suite of products that contribute to Bloomsbury's digital strategy, this archive will be an absolute jewel in our fashion offering," she added.
Numis Securities, which has a ‘buy’ rating on the stock and a 275p price target, said it was an encouraging update on what is traditionally the quietest period of the year for Bloomsbury.
“All in, another encouraging update for the group, following a strong set of full year results. Q1 is a small quarter; however, this good performance and two positive pieces of new news bode very well for the year, firmly underpinning forecasts with risk on upside,” Numis said.
Shares in Bloomsbury were down 4p at 238p towards the close of trading.