Bloomsbury FY revenues 'significantly ahead' of already upgraded expectations

14th Feb 2024 07:35

(Sharecast News) - Publishing house Bloomsbury said on Wednesday that both revenue and profits had come in "significantly ahead" of upgraded expectations for the year ended 29 February.

Bloomsbury said full-year revenues and pre-tax profits were markedly higher than estimates of £291.4m and £37.2m, respectively.

The London-listed group stated its consumer division had delivered "exceptional growth", driven in part by the publication of Sarah J Maas' most recent novel, House of Flame and Shadow.

Chief executive Nigel Newton said: "I am overjoyed to report an exceptionally strong period of trading, principally driven by the increasing demand for fantasy fiction. Sarah J Maas is a publishing phenomenon and we are very fortunate to have signed her up with her first book 13 years ago.

"Her books have a huge audience which continues to grow backed by major Bloomsbury promotional campaigns, driving strong word of mouth recommendation, particularly through TikTok and Instagram channels."

As of 0900 GMT, Bloomsbury shares were up 7.83% at 530.0p.

Reporting by Iain Gilbert at Sharecast.com