logo-loader

Bloomsbury ups profit target again as lockdown reading revival continues

Published: 07:54 24 Mar 2021 GMT

Bloomsbury Publishing PLC -

Bloomsbury Publishing PLC (LON:BMY) upgraded its profits expectations for a second time after an unexpected surge in demand for books in February.

Revenue is now expected to be ‘ahead’ and profit ‘significantly ahead’ of upgraded market expectations for the year ending 28 February 2021, the publisher said in a statement.

Consensus forecasts for the year prior to today's update were revenues of £171mln and profit of £14.8mln.

Nigel Newton, chief executive, added: "The popularity of reading during lockdown is a ray of sunshine in an otherwise very dark last year.

“February, the final month of our financial year, saw an exceptional sales performance for Bloomsbury as the surge in reading continued.”

Newton cautioned that the company was not sure if this renewed desire to read will continue once Coronavirus (COVID-19) lockdowns are eased but medium and long-term expectations remain unchanged, he added.

Consumer titles drove the upgrade with best-selling author Sarah J Mass releasing a new novel, A Court of Silver Flames, which was published on 16 February 2021, and is already number one in both the New York Times and The Times bestseller lists.

Other frontlist bestsellers included OutlawedWe Are Bellingcat and Piranesi, winner of Audiobook of the Year 2021 while Harry Potter continues to sell well alongside two other Sarah J. Maas titles, Song of Achilles and Dishoom.

In non-fiction, online learning requirements boosted the academic business while video streaming boosted drama online.

Net cash was £54mln as of 28 February 2021.

 

Bloomsbury Publishing credits Sarah J Maas novels amid stronger performance

  Bloomsbury Publishing PLC (LSE:BMY) Head of Investor Relations Tamsin Garrity joined Proactive's Stephen Gunnion with details of a trading update the publishing firm had to release after it became evident its full-year revenue and profit would be well ahead of analysts'...

on 15/2/24