Bloomsbury share price dips as publisher feels the chill of last year’s blockbusters

 
Michael Bow
Follow Michael
Bloomsbury's pre-tax profits fell to £500,000 (Source: Getty)
Publisher Bloomsbury yesterday said last year’s success of Khaled Hosseini’s bestselling novel And The Mountains Echoed overshadowed this year’s results.

The publisher reported a fall in turnover to £46.6m for the year ending 31 August 2014, from £49.2m in 2013 when Hosseini’s book sold by the bucketload.

Pre-tax profits also fell to £500,000 this year, down from £1.1m in the prior period.

The group said a strong pipeline of future projects revolving around its Harry Potter franchise, including future films, a stage play and new book editions of the popular series, would help the group recover.

Chief executive Nigel Newton said: “We have continued to make strong progress in developing Bloomsbury as a wholly integrated trade and academic publisher.

“We expect results to continue to be significantly second-half weighted, as in the past.”

Academic and professional publishing was a bright spot for the firm, with revenues up 30 per cent. Shares in the company fell 3.74 per cent in trading yesterday, dipping to 154.25p a share.

Related articles