Bloomsbury Publishing Plc (LON:BMY) has revealed that its performance for the year ended 29 February 2020 is in line with the expectations of its board although the Harry Potter books publisher pointed out that it is unclear how coronavirus will affect its numbers in the current year.
In a pre-close trading update for the 12 months to 29 February 2020, the leading independent publisher said its financial position is strong with net cash of £31mln as at 29 February 2020, after paying £1.2mln for the acquisition of Oberon Books Ltd in December 2019.
READ: Bloomsbury acquires drama publisher Oberon Books
The group noted that its Non-Consumer Academic and Professional division had a strong performance, with both revenue and margin growth.
It said Bloomsbury Digital Resources has grown to have over 1,100 academic institutions buying direct, with major products this year included the National Theatre Video Collection on Drama Online, and Bloomsbury Professional's Tax Online service with the ICAEW.
The company noted that its Consumer division delivered many bestsellers in the second half including Harry Potter and the Goblet of Fire Illustrated Edition by J.K. Rowling with Jim Kay, Sarah J. Maas' Crescent City: House of Earth & Blood - which since the period end has gone to Number 1 on the New York Times Bestseller list - Tom Kerridge's Lose Weight & Get Fit, Dishoom: From Bombay with Love, Three Women by Lisa Taddeo and the worldwide bestseller The Anarchy by William Dalrymple.
The group pointed out that it is unclear how coronavirus will affect its numbers as it is early in the new financial year which ends on 28 February 2021.
Bloomsbury noted that while there is disruption to bookshops, online retailers and academic institutions, on the other hand, reading books, including print books, is likely to be popular at home, so Ebook and audiobook downloads will be available for people to order from home.
The group said it will provide an update with its final results expected on 20 May 2020.