Latest news with #NigelNewton
Times
23-05-2025
- Business
- Times
Bloomsbury shares fall after profit dip despite Harry Potter hopes
The Harry Potter and Sarah J Maas publisher has reported weaker annual profits despite a rise in sales, sending its shares sharply lower. Bloomsbury Publishing, in a rare year without the release of a new book by Maas, reported that profit before tax fell by 22 per cent to £32.5 million in the 12 months to the end of February while sales rose by 5 per cent to a better-than-expected £361 million. Despite no formal update on when Maas's next title is to be published, Nigel Newton, the founder and chief executive of Bloomsbury, said a new book was 'expected, put it that way'. The shares were the worst performer on the FTSE 250 yesterday, closing down 127p, or 19.5 per cent, to 524p. The
Daily Mail
22-05-2025
- Business
- Daily Mail
Bloomsbury shares dive after publisher reports declining profits
Bloomsbury Publishing shares plunged on Thursday after the company posted lower annual profits despite growing turnover. Shares in the business plummeted 16 per cent to 547p by the early afternoon, making them the FTSE 250's worst performer by some distance. The publisher of Harry Potter and the popular Sarah J. Maas books revealed its pre-tax profits decreased by 22 per cent to £32.5million in the year ending 28 February. Profits in its consumer arm fell to £31million, having more than doubled to £37.4million in the previous 12 months thanks to soaring demand for Sarah J Maas titles. Bloomsbury's overall revenue still tipped up by 5 per cent to £361million thanks to the takeover of academic publisher Rowman & Littlefield, which contributed £19.8million in sales during the year. Described as a 'game-changer' by Nigel Newton, Bloomsbury's founder and chief executive, the £65million acquisition was the largest in the firm's history. It has also helped compensate for budgetary pressures impacting the UK and US higher education markets. More British universities are recording financial deficits owing to National Insurance contribution hikes and overseas student numbers falling following new restrictions on bringing dependents. Meanwhile, US colleges are struggling with declining enrolment levels, partly caused by lower birth rates. Combined with sales of print academic books dropping because of the shift towards digital learning, Bloomsbury's academic and professional organic revenues slipped by 10 per cent in the last fiscal year. Amidst subdued trade in the UK and the US, Bloomsbury is shifting its attention to Asia. The company intends to open an office in Singapore later this year to try and capitalise on the continent's soaring student population. The World Bank predicts there will be 600 million higher education students globally by 2040, of which over 60 per cent will be in Asia. Newton said the focus on Asia means Bloomsbury will be 'well placed geographically and structurally to benefit from student growth alongside the continued shift to digital learning.' He added that the company expected trading for the 2026 financial year to align with consensus forecasts, with turnover totalling £349.2million and profits before tax and highlighted items rising to £45.1million. Among the Bloomsbury books due for release in the coming months include the crime novel A Case of Life and Limb by Sally Smith, Celebrate: Joyful Baking All Year Round by Paul Hollywood, and the paperback version of Gillian Anderson's Want. Newton added: 'The resilience of demand for Bloomsbury titles and the excellent sales of our digital products demonstrate the strength of our long-term growth strategy, the publishing judgement of our editors, the reach of our sales and marketing and value of our content.'
The Independent
22-05-2025
- Business
- The Independent
Bloomsbury shares tumble after publisher reveals lower profits
Bloomsbury shares have slumped after the publishing firm revealed weaker profits despite selling more books over the past year. Shares in the Harry Potter publisher dropped by around 15% on Thursday morning. The company revealed that pre-tax profits slipped by 22% to £32.5 million for the year to February 28, compared with the previous year. Profits in the group's consumer books business declined for the year as bosses said it returned to 'a normalised level… following an exceptional performance' a year earlier. Meanwhile, Bloomsbury saw revenues rise by 5% to £361 million for the year, although this reflected slower growth than the previous year. The company said it benefited from expanding its consumer portfolio, which includes fantasy, cosy crime, cookery and other genres. It pointed towards a strong release list for the new financial year, including the paperback releases of books by Sarah J Maas and Gillian Anderson. Elsewhere, revenues in its non-consumer division, covering academic and professional publications, grew by 12% to £105 million. This division was boosted by the firm's acquisition of US publisher Rowman & Littlefield last year. On Thursday, founder and chief executive Nigel Newton also said that the business is pushing forward with opportunities to 'monetise academic content through AI deal in our authors' best interests'. Bloomsbury indicated it is still on track with its targets for the current financial year. Mr Newton added: 'Trading for 2025/26 is expected to be broadly in line with current consensus expectations in constant currency.'
