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Bloomsbury Publishing mark 'occasion for joy' after issuing first ever profit upgrade in its history

Nigel Newton, Chief Executive of Bloomsbury Publishing PLC (LON:BMY), talks to Proactive London's Katie Pilbeam after the firm lifted market guidance after an overall strong performance.

He explains that the firm is announcing its 'first ever profit upgrade that Bloomsbury has issued in all its years of being public since 1994'.

The Harry Potter publisher has raised revenue and profit expectations for the year to the end of February 2021.

The city is already forecasting revenue of £161.8 million and profit before taxation and highlighted items of £12.1 million.

Newton explains what is driving this performance and some of the areas they're working on to seize upon this demand, such as the strategy of developing digital resources.

He says escapist reading has been popular for people feeling 'locked up', with a section on the website called 'comfort reading'.... 'books that make you feel good when you're feeling overwhelmed by it all'.

Cooking is still in demand, as people are at home preparing meals three times a day, with 'Dishoom', subtitled 'From Bombay with Love', the first ever cookbook from the much-loved Indian restaurant, by Shamil Thakrar, Kavi Thakrar and Naved Nasir.

And with homeschooling a current challenge for many households, home education is doing very well for Bloomsbury. And the social justice movement is on people's book list with both 'Why I'm No Longer Talking to White People About Race' by Reni Eddo-Lodge. And 'Such a Fun Age' by Kiley Reid which addresses this issues, in the 'lighter context of fiction'.

Newton has a suggestion 'pertinent for all viewers of Proactive', 'Leading Organizational Change in Times of Crisis' by Keith Leslie. A former partner at both Deloitte and McKinsey, Leslie explores the corporate consequences of the worldwide pandemic, and analyses how leaders can adapt and improve to ensure the continued livelihood and prosperity of their organization and employees in the wake of crises.

 

Quick facts: Bloomsbury Publishing PLC

Price: 265 GBX

LSE:BMY
Market: LSE
Market Cap: £218.66 m
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