Trading Update
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Bloomsbury Publishing Plc (LSE: BMY), the leading independent publisher, is pleased to announce the following update on trading.
Revenue is now expected to be comfortably ahead and profit before taxation and highlighted items materially ahead of current market expectations* for the year ending 29 February 2024. This follows exceptionally strong trading in the Consumer division for a number of titles and particularly Sarah J. Maas' 15 titles. Bloomsbury has published all of Sarah J. Maas' books throughout the world and has seen excellent growth in the backlist. The Non-Consumer division continues to trade in line with current expectations.
Other important bestsellers in the Consumer division in the second half of the year to date include Ghosts, the companion book to the BBC television series, Poppy Cooks: The Actually Delicious Air Fryer Cookbook by Poppy O'Toole, Pub Kitchen by Tom Kerridge, The House of Doors by Tan Twan Eng in the US, the Harry Potter Wizarding Almanac, the official companion to J.K. Rowling's books, We're Going on a Sleigh Ride by Martha Mumford and Cherie Zamazing and the Waterstones Book of the Year 2023, Impossible Creatures by Katherine Rundell. Rundell's fantasy novel is the first children's book to win the prestigious award in six years.
Nigel Newton, Chief Executive, commented: "I am delighted to report a strong period of trading which is principally driven by the continued phenomenal demand for fantasy fiction. Bloomsbury has consistently built its success on the immense talent of our authors and the exceptional hard work of our teams who support them."
The Company will provide a further trading update on performance for the year ended 29 February 2024 in March 2024.
* The Board considers that the consensus market expectation for the year ending 29 February 2024 is currently revenue of £274.2 million and profit before taxation and highlighted items of £32.9 million.
The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
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