Bloomsbury Publishing Plc (LON:BMY) expects that its full-year performance will be in line with expectations following an encouraging first-half performance, with the second half, traditionally higher in revenue, to bring in even better results than previous years.
The book publisher said the growth will be driven by its “strong” consumer list, having released the illustrated Harry Potter and the Goblet of Fire by J.K. Rowling and Jim Kay this month, ahead of the peak festive period.
In the non-consumer division, October is the peak period for academic title sales, with the Sunday Times bestseller The Madness of Crowds by Douglas Murray out as the first audiobook in the audio division.
The London-based group expects a “small charge” for this year on some US titles printed in China, following increased US tariffs, and said it is “closely monitoring this and working to mitigate the impact for this year and going forward.”
For the six months ended 31 August, Bloomsbury's revenue and pre-tax profit before highlighted items were both lower year-on-year at £71.3mln and £2.5mln, respectively.
Cash at the end of the period was £20.1mln, up 15% compared to last year, and the firm hiked its interim dividend by 6% to 1.28p..
“Our strong financial position and good cash generation, with a £3.1 million increase in cash since 31 August 2018, give us significant opportunities for further acquisitions and investment in organic growth,” said Bloomsbury's chief executive Nigel Newton in a statement.
“With a proposed interim dividend increase of 6%, we are on track to deliver our 25th year of consecutive dividend growth,” he added.