Bloomsbury posts 32% revenue growth in first half of 2024, shares jump 7%

LONDON - Bloomsbury Publishing Plc (LSE: BMY), a prominent independent publisher, has reported a 32% increase in revenue to £179.8 million for the six months ending on August 31, 2024. The company has also seen a 50% rise in profit before taxation and highlighted items, reaching £26.6 million, marking its fifth consecutive double-digit growth in the first half of the year.

Shares of Bloomsbury Publishing jumped over 7% by 1:20 PM London Time.

The publisher attributes these strong results to the successful execution of its "Bloomsbury 2030 vision," which focuses on growth, portfolio expansion, and employee engagement. This strategic plan has led to several significant developments, including the acquisition of Rowman & Littlefield, which has considerably bolstered Bloomsbury's academic portfolio.

In its consumer division, Bloomsbury experienced a 47% revenue surge, driven by the sustained popularity of its fantasy fiction titles and a diverse array of bestsellers, from cookbooks to novels. The company's achievements in the consumer market were recognized with the Children's Publisher of the Year 2024 award at the British Book Awards, where it also won the British Book Award for Export.

The academic division reported a 6% revenue increase, with the integration of Rowman & Littlefield progressing smoothly and sales meeting targets. Bloomsbury's Digital Resources (BDR) saw a 2% growth, which is expected to accelerate with the inclusion of Rowman & Littlefield's leading titles.

Amidst these positive developments, Bloomsbury was admitted to the FTSE 250 on August 1, 2024, and has climbed the global publishing ranks, now standing as the 39th largest publisher worldwide, up from 51st in 2020.

Despite the positive performance, the company noted a 14% decline in organic revenue within the Academic & Professional sector, primarily due to budgetary constraints in the UK and US and a shift from print to digital formats.

Following the robust first-half results and favorable trading in September and October, Bloomsbury anticipates that the full-year 2024/25 trading will surpass current market expectations.

The financial highlights also reveal an interim dividend per share increase to 3.89p, up from 3.70p in the previous year, and a decrease in net cash from £39.1 million to £9.7 million.

Bloomsbury's press release statement confirms these figures and highlights the company's continued growth trajectory and market position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Source: Investing.com