'Robust' Bloomsbury looks to academic growth

'Robust' Bloomsbury looks to academic growth

Bloomsbury has announced an 11.5% rise in turnover to £103.2m (up from £92.6m in 2011) for the year ending 29th February 2012. Total continuing turnover was up 16.9% to £97.4m (£83.3m). Pre-tax profit was up 13.6% to £4.8m (£4.3m). Pre-tax profit before acquisition costs, restructuring and relocation costs and a loss on disposal of German subsidiary Bloomsbury Verlag was up 25.2% to £9.4m (£7.5m). Continuing pre-tax profit before those costs was up 53% to £12.1m (£7.9m).

The company cited 159% growth of e-book sales to a total of £5.7m (up from £2.2m in 2011). Meanwhile Bloomsbury's Academic & Professional business grew its contribution of Continuing Group sales to 24% (up from 17% in 2011). 

The year included the acquisition of academic publisher Continuum for £19.2m, and the sale of the loss-making Bloomsbury Verlag for €2.6m. 

Chief executive Nigel Newton said 2011/12 had been "a transformational year for the Group as we continue to see the benefit of our One Global Bloomsbury strategy". The acquisition of Continuum had "significantly enhanced our academic business as we continue to focus on robust renewable revenue streams," Newton added, saying that the academic business would be "a key driver of future growth."

The Bloomsbury chief concluded that the publisher was "in a very healthy position in this dynamic market place" and had a "robust and balanced business" at a time when the traditional books industry was undergoing a revolution.

Highlights from the 2012 trade list include a new Howard Jacobson novel, Zoo Time, a J K Rowling Hogwart's Library box set, as well as the latest offerings from William Boyd, Kate Summerscale, Ben Macintyre and Frances Wilson.