No shocks in Bloomsbury results

19-09-2006

Book and magazine publishing firm Bloomsbury has announced that interim half-year results for the six months ending June 20th 2006 were largely in line with expectations, boosted by strong growth in its US and German operations.

The company, which publishes the Harry Potter series of books, says that its pre-tax profit has increased to £4.22 million, 3.4 per cent more than 2005's value of just over £4 million.

Group revenue was up 6.5 per cent to £37.66 million, with Bloomsbury claiming that its "strong" publishing lists for the remainder of the year and into 2007 had seen future title investment rise 39.4 per cent to £31.24 million.

Nigel Newton, Bloomsbury chairman, explained that today's results had been anticipated, predicting a "satisfactory outcome" for the year overall.

"Bloomsbury has made good progress in the first six months of 2006. Our international businesses are clearly established and performing well. The benefits of our prior investment in authors and new business initiatives are coming through as planned," he said.

"The group's publishing programme for the second half of the year is one of the strongest to date and includes books from some of our bestselling authors and potential bestsellers from new authors. The second half has started well with trading in line with our expectations, and the board remains confident of a satisfactory outcome to the year."

Earnings per share for the firm stand at 4.1p, an increase of 2.3 per cent.


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