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Bloomsbury publishes strong trading update

The group had net cash of close to £30m at the year-end
March 20, 2019

Shares in Bloomsbury Publishing (BMY) were marked up on a positive trading update for the year to 28 February 2019. The group expects results to be in line with management’s expectations. Its non-consumer academic and professional business “continues its strong performance” with organic revenue and margin growth, and the acquisition of I.B. Tauris. The special interest division saw the release of the international bestseller In the Closet of the Vatican by Frédéric Martel in February. Bloomsbury’s consumer business also published a number of bestsellers in the second half.

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Net cash ended at around £27m at the period-end – £3m ahead of broker Numis’s estimate. Analysts expect adjusted pre-tax profits of £14m for 2019, with EPS of 14.2p, against £13.2m and 13.9p in 2018.