Bloomsbury Publishing Head of Investor Relations Tamsin Garrity joined Proactive's Stephen Gunnion with details of a trading update the publishing firm had to release after it became evident its full-year revenue and profit would be well ahead of analysts' expectations.
Garrity credited the strong performance in part to the success of author Sarah J. Maas's latest novel "House of Flame and Shadow," coupled with growing popularity of her previous works.
Initially forecasted to generate revenue of £291.4 million and a profit of £37.2 million, the updated figures now stand at £331 million in revenue and £47.5 million in profit, reflecting an improved margin from 12.8% to 14.3%. This surge in profitability is attributed to the strong sales of backlist (previously published) titles, which incur lower costs than new releases, thereby enhancing operational efficiency.
While the company's cash balance forecast remains unchanged for 2024, Garrity said stronger cashflows into the next financial year may be used for reinvestment in the business, dividends, and acquisitions.
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