Bloomsbury expects to beat profit guidance as Maas fuels 'exceptional' performance

In a year-end trading update for the 12 months to 28th February 2022, Bloomsbury said it expected revenue to be “comfortably ahead” and profit “materially ahead” of its previously upgraded market expectations, hitting £212.5m and £22.3m respectively.

The year-end figures are forecast to surpass guidance issued on 26th January where revenue was expected to hit £197.1m and profit before tax £20.1m. The figures would represent a jump on last year’s record results, up 16% on 2021’s £19.2m profits with revenue rising 15% from £185.1m.

Bloomsbury said it had been driven by exceptional February trading in the consumer division, especially the release of Sarah J Maas’ Crescent City: A House of Sky and Breath. Other frontlist highlights included What I Wish People Knew About Dementia by Wendy Mitchell, Violeta by Isabel Allende, and The Leviathan by Rosie Andrews. Strong backlist sales continued, in particular for Harry Potter, Maas and Madeline Miller’s TikTok hit, Song of Achilles.

Nigel Newton, c.e.o, said: “Bloomsbury’s excellent performance demonstrates the strength and resilience of our business and the successful execution of our digital and acquisition strategy. In February, the final month of our financial year, Bloomsbury delivered exceptional sales, in part driven by Sarah J Maas’ new title, Crescent City: House of Sky and Breath, which was a global number one bestseller.

“Alongside this strong performance, we successfully mitigated ongoing print supply chain challenges, including printing titles earlier than usual and being flexible about where we print. We remain confident in the strength and resilience of our business and our long-term strategy.”

The company also singled out the performance of its Bloomsbury Digital Resources division focusing on academic content. It said it had beaten its original launch target set in 2016 of generating £15m in sales and £5m in profit by this financial year. The division is set for a "new era of growth" in the US following the recent acquisition of ABC-CLIO.

Preliminary results for the year are expected in May.