Bloomsbury, the leading independent publisher, today announces unaudited results for the six months ended 31 August 2022.
Commenting on the results, Nigel Newton, Chief Executive, said:
“Bloomsbury achieved very strong results in the first half with year-on-year revenue growth of 22% to £122.9 million and profit growth of 23% to £15.9 million. These are our highest ever first half sales and profits. These results demonstrate the strength and resilience of our strategy of publishing for both the consumer and academic markets, our growth of digital revenues and our global diversification.
Throughout this cost of living crisis, books remain an affordable treat. Reading offers a form of escapism and an ideal – and inexpensive – therapy for dealing with the stresses and strains of day-to-day life.
The success of Bloomsbury Digital Resources (“BDR”) accelerated, with revenue growth of 69% driven by organic and acquired assets. This drove the Non-Consumer division’s revenue growth of 24% and a 54% increase in profit before tax and highlighted items1 to £7.1 million. Resilient demand saw the Consumer division revenue grow by 21%, achieving a 6% increase in profit before tax and highlighted items1 to £8.9 million.
Our financial position is strong, with net cash of £41.5 million. This gives us significant opportunities for further acquisitions and investment in organic growth.
In recognition of our performance and in line with our dividend policy, we are announcing a 5% increase in our interim dividend to 1.41 pence per share.
details at: https://www.bloomsbury-ir.co.uk/media/press_releases/2022/261022