Bloomsbury Publishing reported a 16 per cent rise in pre-tax profits to £9.8m helped by strong sales of ebooks and a shift to higher margin academic and professional publishing.
In results for the year to the end of February, group revenues rose 1 per cent to £98.5m, below consensus expectations of a climb to £103m, as the positive sales impact from sales of Harry Potter novels continues to fade.
Nigel Newton
Bloomsbury is expanding internationally, with the launch of Bloomsbury India today (21st September).
The New Delhi-based company will publish both Indian and international authors, in fiction and non-fiction.
In November 2012, it will release the first Wisden India Cricketers' Almanack 2012, which will be followed in December by Return of a King: The Battle for Afghanistan by William Dalrymple, whose previous book Nine Lives was a number one bestseller in India, according to the publisher.
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
Bloomsbury's US subsidiary, Bloomsbury Publishing Inc, has completed the purchase of academic publisher Fairchild Books, acquiring the company for $6.5m (4m) from Fairchild Fashion Media. New York-based Fairchild publishes textbooks and educational resources for fashion, merchandising, retailing and interior design students. Its parent company is Fairchild Fashion Media, a unit of magazine publisher Cond Nast. Following the acquisition, the business will be managed by Kathryn Earle, Bloomsbury's head of visual arts, and will report in to Bloomsbury's Academic & Professional division. For the year ended 31st December 2011, Fairchild Books generated net profit before tax of $706,000 (440,797) and