(NewsDirect)
Bloomsbury Publishing PLC (LSE:BMY) GroupFinance Director Penny Scott-Bayfield speaks to Thomas Warner fromProactive after the independent publishing house released a tradingupdate for 2023.
Scott-Bayfield saysthat Bloomsbury expects its revenue and profit to significantlyexceeded market expectations for the year to 29 February 2029, withrevenues likely to surpass £274 million and profits £33million.
She explains some of thereasons for the company's strong performance, particularly in thefantasy sector, attributing some of the success to the books of SarahJ. Maas. Her 15 titles have become an important part of the Bloomsburyportfolio. Scott-Bayfield also highlights the impact of social mediaon the publishing industry, citing 'BookTok' on TikTok as amajor positive influence, comparable to the Harry Potter phenomenon.This social media presence has attracted a younger audience andrejuvenated certain market segments.
Additionally, she discussesthe company's strategic shift away from a heavy reliance onChristmas sales. This diversification, including successful titleslike those by Sarah J. Maas that are often bought for personal userather than as gifts, reflects the strength and balance ofBloomsbury's portfolio.
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