(via NewsDirect)
Bloomsbury Publishing Head of Investor Relations
Garrity credited the strong performance in part to the success of author
Initially forecasted to generate revenue of £291.4 million and a profit of £37.2 million, the updated figures now stand at £331 million in revenue and £47.5 million in profit, reflecting an improved margin from 12.8% to 14.3%. This surge in profitability is attributed to the strong sales of backlist (previously published) titles, which incur lower costs than new releases, thereby enhancing operational efficiency.
While the company's cash balance forecast remains unchanged for 2024, Garrity said stronger cashflows into the next financial year may be used for reinvestment in the business, dividends, and acquisitions.
Contact Details
+44 20 7989 0813
uk@proactiveinvestors.com
Copyright (c) 2024 TheNewswire - All rights reserved.
Copyright (c) 2024 TheNewswire - All rights reserved., source