Bloomsbury Publishing lifted its profit expectations again on Wednesday following an “exceptional” sales performance in February, as it continues to benefit from lockdown reading.
The company said revenue is expected to be ahead and profit significantly ahead of upgraded market expectations for the year ending 28 February 2021. “This surpasses the guidance provided in our statement on 29 January 2021,” it said.
Current consensus market expectations for the year are for revenue of £171m and profit before taxation and highlighted items of £14.8m.
Chief executive Nigel Newton said: “The popularity of reading during lockdown is a ray of sunshine in an otherwise very dark last year. February, the final month of our financial year, saw an exceptional sales performance for Bloomsbury as the surge in reading continued.
“We do not yet know how consumer behaviour will change as academic institutions, shops and leisure activities re-open and whether this popularity will continue as restrictions are lifted. We are confident, though, in the underlying strength of our business, the quality of our titles and content and our long-term strategy. Our medium and long-term expectations remain unchanged.”
At 0900 GMT, the shares were up 8% at 289.40p.
