(NewsDirect)
Bloomsbury Publishing Head of InvestorRelations Tamsin Garrity joined Proactive's Stephen Gunnion withdetails of a trading update the publishing firm had to release afterit became evident its full-year revenue and profit would be well aheadof analysts' expectations.
Garrity credited the strong performance in part to the successof author Sarah J. Maas's latest novel "House of Flame andShadow," coupled with growing popularity of her previousworks.
Initially forecasted togenerate revenue of £291.4 million and a profit of £37.2 million,the updated figures now stand at £331 million in revenue and £47.5million in profit, reflecting an improved margin from 12.8% to 14.3%.This surge in profitability is attributed to the strong sales ofbacklist (previously published) titles, which incur lower costs thannew releases, thereby enhancing operational efficiency.
Whilethe company's cash balance forecast remains unchanged for 2024,Garrity said stronger cashflows into the next financial year may beused for reinvestment in the business, dividends, andacquisitions.
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