Bloomsbury Publishing posts highest-ever H1 sales and profits

Bloomsbury Publishing backed its full-year expectations on Wednesday as it reported its highest ever first-half sales and profits.

In the six months to the end of August, profit before tax and items related to acquisitions and restructuring costs rose 23% to £15.9m, while revenue grew 22% to £122.9m.

Chief executive Nigel Newton said: "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 non-consumer division saw revenue growth of 24% to £46.6m, while the consumer division saw growth of 21% to £76.3m.

Bloomsbury said it was lifting its interim dividend by 5% 1.41p a share.

The Harry Potter publisher said that given the strength of its H1 performance, it remains confident of achieving market expectations for the year ending 28 February 2023 of revenue of £242.6m and profit before tax and acquisition-related items of £26.9m.

The company said its financial position was "strong", with net cash of £41.5m. "This gives us significant opportunities for further acquisitions and investment in organic growth," it said.