Bloomsbury Publishing (BMY) issued a trading update for the year ending February 29, 2024, setting full-year revenue and and profit before tax "significantly ahead of upgraded market expectations". The publisher noted that current market consensus is for revenue of £291.4m and profit before tax and highlighted items of £37.2m.
Growth was strongest in Bloomsbury's consumer division, driven in part by the publication of Sarah J. Maas' novel House of Flame and Shadow on January 30th, which reached number 1 in the US, UK, Australia and many other markets. This in turn triggered higher demand for the author's previous 15 books, which Bloomsbury has published thorughout the world. BMY has a further 6 titles under contract with Sarah J. Maas.
Bloomsbury also announced the appointment of Sabrina McCarthy as President of Bloomsbury US, effective beginning of April. She will also serve on Bloomsbury's global Executive Committee. McCarthy was previously Vice President and General Manager at Ingram Publisher Services, having overseen 6 distribution brands over the past 8 years.
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A highly positive update from Bloomsbury, setting revenue and profit expectations significantly ahead of previous consensus. The strong trading during the year to February 29 was mainly driven by increasing demand for fantasy fiction and blockbuster sales of Sarah J. Maas' latest novel plus continuing demand for her older titles. Maas' large audience is further bolstered by Bloomsbury's effective promotional campaigns, driving strong engagement on social media.
Bloomsbury's early bet on fantasy has paid off as the genre has become extremely popular around the world. In the UK, the fantasy and sci-fi genre has grown by 54% in the past 5 years according to Nielsen Bookscan. Bloomsbury publishes Sarah J. Maas and also fantasy and sci-fi bestselling authors Samantha Shannon, Cixin Liu, Susanna Clarke, and Alan Moore. Cixin Liu's Three Body Problem trilogy film adaptation is being released on Netflix on March 21st, produced by Game of Thrones' David Benioff and D.B. Weiss. Bloomsbury is also investing in fantasy writing through its newly launched Bloomsbury General list.
Today's update elicited a strong reaction from markets, sending BMY shares 9% higher in early trade. Bloomsbury will publish its preliminary results for the year ending February 29 on May 23, 2024.
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