PublishersLunch
Bloomsbury reported results for the six
months ending August 31, with continuing pre-tax profits falling 40 percent to
£0.9 million, even as sales rose 2 percent to £43.5 million. With recent
acquisitions the academic and professional division now comprises 28 percent of
company sales, though "academic sales peak at the beginning of the
academic year, in September and October."
Sales at the adult division were flat (and
down 5 percent before acquisitions), while children's and educational sales
fell 23 percent and operating profit in that segment disappeared, blamed on the
comparison to last year's Harry Potter sales tying in to the final movie.
eBook sales for the period grew 89 percent
to £4.5 million, comprising 10 percent of all sales and 15% of adult sales. The
company says: "With our Academic acquisitions over the last 16 months, our
global restructuring in 2011, our ongoing innovation in digital and our
continuing strong balance sheet, the Group continues to progress with its
strategy and is well positioned for the future." Bloomsbury's stock is
down over 5 percent today on the earnings decline.
No comments:
Post a Comment