Bloomsbury Publishing PLC (LSE:BMY) has promised a 5% dividend increase and more acquisitions as it reported its highest-ever first-half sales and profits.
The consumer and academic publisher reported revenues of £122.9mln for the six months ended 31 August 2022, up 22% on last year, of which organic revenue contributed 12% growth.
Profit before tax and acquisition-related items jumped by 23% to £15.9mln, while statutory pre-tax profit (PBT) climbed by 17% to £12.9mln.
Revenue and reported profits were respectively 57% and 327% higher than two years ago, and the board expressed confidence in meeting full-year expectations, which are for revenue of £242.6mln and underlying PBT of £26.9mln.
Bloomsbury chief executive Nigel Newton said the results “demonstrate the strength and resilience of our strategy of publishing for both the consumer and academic markets, our growth of digital revenues and our global diversification”.
As through the coronavirus pandemic, he suggested that in the cost-of-living crisis, “books remain an affordable treat. Reading offers a form of escapism and an ideal – and inexpensive – therapy for dealing with the stresses and strains of day-to-day life.”
Consumer publishing sales grew by 21% to £76.3mln and underlying profit by 6% to £8.9mln, with sales of books for grown-ups rising by 7% and for children up 30%.
Titles from Sarah J Mass saw a 45% sales jump, while sales for Harry Potter books rose by 35% in their 25th anniversary year.
Non-consumer revenue grew by 24% to £46.6mln, with organic revenue growth of 2%, while underlying PBT leapt by 54% to £7.1mln.
Academic & Professional publishing profit rocketed up 85% to £6.6mln on sales 38% higher, helped by the acquisitions of ABC-CLIO and Red Globe Press, while the Bloomsbury Digital Resources arm more than doubled profit to £6.6mln on revenue growth of 69%.
The company had net cash of £41.5mln in the bank at the half-year end.
“This gives us significant opportunities for further acquisitions and investment in organic growth,” said CEO Newton, noting that further investment was planned in both.
An interim dividend of 1.41p per share was also proposed, up from 1.34p a year ago.