Headline: Bloomsbury Sees 32% Revenue Surge and 7% Stock Price Increase in H1 2024
LONDON - Leading independent publisher Bloomsbury Publishing Plc (LSE: BMY) reported a 32% increase in revenue, reaching £179.8 million, for the six-month period ending August 31, 2024. The company also noted a 50% rise in pre-tax profit and highlighted items, amounting to £26.6 million, marking its fifth consecutive double-digit growth in the year's first half. Bloomsbury Publishing's shares rose over 7% by 13:20 London time.
The publisher attributes these strong results to the successful implementation of the "Bloomsbury 2030 vision," focusing on growth, portfolio expansion, and employee engagement. This strategic plan led to several significant developments, including the acquisition of Rowman & Littlefield, which notably strengthened Bloomsbury's academic portfolio.
In the consumer segment, Bloomsbury experienced a 47% revenue increase, driven by the ongoing popularity of fantasy fiction and the impact of various bestsellers, ranging from cookbooks to novels. The company's success in the consumer market was recognized with the 2024 Children's Publisher of the Year award at the British Book Awards and also won the British Book Award for Export.
The academic segment reported a 6% revenue increase; the integration of Rowman & Littlefield is progressing smoothly, with sales meeting targets. Bloomsbury Digital Resources (BDR) showed a 2% growth, and this growth 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 climbed the global publishing rankings, moving from 51st place in 2020 to currently being the 39th largest publisher worldwide.
Despite the strong performance, the company noted a 14% decline in organic revenue in the Academic and Professional sector, mainly due to budget constraints in the UK and US and a transition from print to digital format.
Following robust first-half results and positive trading performance in September and October, Bloomsbury anticipates that its full-year trading for 2024/25 will exceed current market expectations.
Financial highlights include an increase in interim dividend per share from 3.70p to 3.89p and a reduction in net cash from £39.1 million to £9.7 million. Bloomsbury's press release confirms these figures and emphasizes the company's ongoing growth trajectory and market position.