Bloomsbury AGM Trading Update

Bloomsbury announces its trading update for the four months ended 30 June 2020, ahead of the Company’s Annual General Meeting (“AGM”) at 12.00pm today.

Bloomsbury experienced strong trading for the first four months of its financial year, ahead of the Board’s expectations, with year-on-year sales growth of 18% during a period of unprecedented disruption caused by the coronavirus pandemic.

Our revenue and earnings are weighted towards the second-half, with sales of trade titles rising for Christmas and sales of academic titles being strongest at the beginning of the academic year in the Autumn.

Print revenues were 9% above last year’s sales, and digital revenues grew by 63% year-on-year. Digital revenues include academic digital products as well as e-books and audio books. E-book revenues were 53% higher than last year and Bloomsbury Digital Resources saw year-on-year growth of 60%.

Consumer division revenues were 28% ahead of last year, with strong print and e-book sales. Adult revenues grew by 29% and Children’s revenues by 27%. Bestsellers included the Harry Potter series by J.K. Rowling, Sarah J. Maas’ Crescent City: House of Earth and Blood, Why I’m No Longer Talking to White People About Race by Reni Eddo-Lodge, which has been the number one paperback Sunday Times bestseller for five weeks, White Rage by Carol Anderson, which reached number eight on the New York Times bestseller list, and Humankind by Rutger Bregman, which reached number two on the Sunday Times bestseller list.

Non-Consumer division revenue was 3% above last year, with Academic and Professional growth of 4%, with strong Academic digital growth in Bloomsbury Digital Resources and e-books, offset by significantly lower print sales. Special Interest revenue was in line with last year.

UK revenues were 16% higher than last year and US revenues grew by 38%. Sales in Australia were 1% below last year, and in India, the severe impact of government lockdowns resulted in revenues 70% below last year.
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