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Highlights
- Bloomsbury has recorded its highest ever H1 sales despite supply chain disruptions.
- Its year-on-year revenue grew by 29% to £100.7 million, and its profit grew by 225% to £12.9 million.
- The publishing house was able to reduce the impact of supply chain constraints on its business by printing early and boosting stock levels.
Despite supply chain disruptions, Bloomsbury has recorded its highest ever first half sales, with its year-on-year revenue growing by 29% to £100.7 million and its profit growing by 225% to £12.9 million. According to Nigel Newton, Chief Executive of the publishing house, the company was able to deliver such strong results because of its strategy of focusing on both consumer and academic markets and publishing for them while simultaneously increasing its digital revenues. The publishing house was able to reduce the impact of supply chain constraints on its business by printing early and boosting stock levels well in advance of Christmas and New Year’s peak.
According to the company, people have rediscovered the joy of reading during the lockdown phase of the pandemic. Record sales and profits were reported by the Harry Potter series publisher in the six months to the end of August 2021 due to the surging popularity of titles like Tom Kerridge’s latest cookbook, as cookery, fantasy, and escapism sold well during the coronavirus pandemic. Other bestsellers during the pandemic include Piranesi by Susanna Clarke, The Priory of the Orange Tree by Samantha Shannon, A Court of Silver Flames by Sarah J. Maas, and The Song of Achilles by Madeline Miller. The revenues in the first half were also boosted by customers ordering the books earlier as compared to previous years.
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The reading surge has led to a very strong performance by the publishing house, with consumer revenue jumping up by 29% to £62.9 million and non-consumer revenue jumping up by 27% to £37.7 million. In the first half, there was 23% organic revenue growth, while two complete acquisitions contributed around £4.4 million towards its total revenue. The company’s strong financial position has provided it with a doorway for further acquisitions and investment. The interim dividend offered by Bloomsbury rose by 5% to 1.34p per share on the back of its earnings per share increasing by 263% to 10.41p.
For the year ending 28 February 2022, a £19.3 million increase is forecasted in Bloomsbury’s profit after tax and its revenue is anticipated to touch £193.4 million. Based on the strong results, the firm was commended by analysts at Peel Hunt, stating that the company was protected from the negative impact of supply chain disruptions by increasing its investment in inventory by £10 million. The company was able to protect its investors during tough times and has delivered pleasing results, thus, making it a good option to enhance the investor portfolio.
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Share price performance
The UK-based global publishing house is listed on the main market of the London Stock Exchange since 1994. Its current market cap stands at £299.50 million. It has given a return of 47.98% in 1 year and its year-to-date return stands at 24.83% as of 28 October 2021.
Bloomsbury Publishing Plc’s shares were trading at GBX 367.00 as of 27 October 2021.
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