Bloomsbury Reports: Revenues up 36%

Bloomsbury reports this morning that revenues rose 36% for the first half 2007 boosted by Harry Potter and 37 other best sellers. The company also says that they expect the strong results to continue due to a good pipeline of new titles but that full year profit will be negatively impacted by an increased tax burden.

Reuters reports that the company's shares were trading down 0.6 percent at 170.5 pence at 0730 GMT, valuing the firm at 125.4 million pounds.

Reuters

Highlights from their press release:

• Six months Revenue up 36.5% to £51.41m (2006, £37.66m)
• Profit before investment income increased 7.6% to £3.25m (2006, £3.02m)
• Interim dividend up 6.1% to 0.70p (2006, 0.66p)
• Four electronic rights deals signed this year which included Bloomsbury ’s most important reference rights partnership to date for Finance: The Ultimate Resource with Qatar Financial Centre Authority
• Strong publishing lists for second half and into 2008
• Well positioned for further growth

Commenting on the results and prospects for Bloomsbury, Nigel Newton, Chairman, said: “This is a good set of results which puts us back on track following last year’s profit warning. Between April and June, Bloomsbury enjoyed one of the most sustained periods of publishing bestsellers in its history. Four major reference rights deals which had been in the pipeline have now been completed and will provide very important revenue streams going forward.We are also starting to see the benefits of the strategic approach which we outlined in my previous Chairman’s statement and our publishing programme for the second half of the year is very strong.”