Publisher Bloomsbury set to beat profits guidance after global bestseller
Publishing group Bloomsbury said it was set to sail past profits and revenues expectations this morning as it felt the lift of a number of new fiction titles and a positive acquisition strategy.
The group said it was expecting the performance to be “materially ahead” of analysts’ consensus expectations of £212.5m revenue and pre-tax profits of £22.3m.
A number of new fiction titles had provided a profits boost, bosses said, with Sarah J Maas’ bestseller Crescent City: House of Sky and Breath driving revenues across the group.
“Bloomsbury’s excellent performance demonstrates the strength and resilience of our business and the successful execution of our digital and acquisition strategy, said boss Nigel Newton.
“In February, the final month of our financial year, Bloomsbury delivered exceptional sales, in part driven by Sarah J. Maas’ new title, Crescent City: House of Sky and Breath, which was a global number one bestseller.
“Alongside this strong performance, we successfully mitigated ongoing print supply chain challenges, including printing titles earlier than usual and being flexible about where we print. We remain confident in the strength and resilience of our business and our long-term strategy.”
The group said it had also delivered on its Bloomsbury Digital Resources strategy set out in 2016, with “high margin, high quality revenues” delivered through digital academic content and platforms.
The the firm had now beaten the target announced in May 2016 of generating £15m of sales and £5m of profit by the year ending 28 February 2022, Newton said.
Bosses are now gearing up for stateside growth this year through the acquisition of ABC-CLIO, which has major digital resources in the US high school library market, alongside “ambitious” organic growth.
The firm’s new TCG Books Play Collection is also expected to bolster digital growth this year. TCG Books is the largest independent trade publisher of drama in North America, with 18 winners of the Pulitzer Prize for Drama on its list.
Full results for the year are expected in May 2022.