Bloomsbury Publishing ramps up quarterly revenue

11th Jul 2013 11:27

Bloomsbury Publishing said it is trading in line with management expectations as it reported a sharp increase in quarterly revenue. The Harry Potter book publisher said revenues were up by 19% in the three months ended May 31st 2013 year on year after growth across the group. The Adult division performed well with growth of 21% year on year following the early success of And the Mountains Echoed by Khaled Hosseini, which was released in May. Half of the sales of this title in the period were e-books. Paul Hollywood's Bread and How to Bake, also performed well. In India it published its first trade title: The Captainship - First Gen Entrepreneurs edited by Anya Gupta. Print title revenues increased by 16% and contributed the majority of the year on year increase in total revenues. There was also a 31% increase in digital title revenues and a 25% increase in rights and services revenues. Bloomsbury's two acquisitions made during the 2012/13 financial year, Fairchild Books and Applied Visual Arts Publishing, together contributed 1% of the 19% year on year increase in group total revenues in the period. At June 30th 2013 the group had net cash of £8.5m versus £10.0m the same time a year earlier.CJ