Bloomsbury profit to beat hiked expectations on Sarah J. Maas success
Proactive Investors – Bloomsbury (LON:) has announced full-year revenue and profit will come in far ahead of market expectations, which had previously already been upgraded in December.
Markets anticipate the publisher to report revenue of £291.4 million for the year to February 29, Bloomsbury said on Wednesday, alongside pre-tax profit of £37.2 million.
This comes after “exceptional growth” within the firm’s consumer division, driven partially by the release of contracted author Sarah J. Maas’s latest novel in January.
Expectations had previously been hiked in December and saw revenue and profit of £274.2 million and £32.9 million respectively.
“I am overjoyed to report an exceptionally strong period of trading, principally driven by the increasing demand for fantasy fiction,” chief executive Nigel Newton commented.
Bloomsbury said that the fantasy genre had recently become extremely popular globally, with Maas’s ‘House of Flame and Shadow’ reaching number one in multiple regions.
“Sarah J. Maas is a publishing phenomenon and we are very fortunate to have signed her up with her first book 13 years ago,” Newton added.
“Her books have a huge audience which continues to grow backed by major Bloomsbury promotional campaigns, driving strong word of mouth recommendation, particularly through TikTok and Instagram channels.”
Results for the year to February 29 will be released on May 23, Bloomsbury said.
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