Profits double as Bloomsbury turns to ebooks
SHARES in Bloomsbury jumped 6.6 per cent yesterday as the British publisher said its pre-tax profits from continuing operations more than doubled last year.
Continuing pre-tax profits were up 53 per cent to £12.1m, while total turnover grew 11.5 per cent to £103.2m.
Bloomsbury pointed to its “huge ebook growth” as a source of the income boost. Digital sales increased by 159 per cent to £5.7m, from £2.2m the year before.
Chief executive Nigel Newton said: “There is a fundamental shift happening from print to digital and from the high street to the internet.
“The decision to digitise our backlist several years ago continues to reap benefits.”
The group, famous for publishing the Harry Potter series, made €2.6m (£2.09m) from the sale of its loss-making German subsidiary and called 2011 “a transformational year”.
Its £19.2m acquisition of publisher Continuum during the year boosted its academic and professional publishing division, which generated £17.5m during the year, an increase of 22 per cent.
Bloomsbury’s academic and professional arm accounts for 24 per cent of continuing group sales.
Newton said: “At a time when the traditional books industry is undergoing a revolution, we have built a robust and balanced business with more predictable income streams.”
Bloomsbury said it has a strong trade list for the year ahead, including a new book from Hugh Fearnley-Whittingstall and Howard Jacobson’s latest offering, Zoo Time.