Bloomsbury upgrades full-year expectations again

Harry Potter publisher Bloomsbury has upgraded its full-year revenue and profit expectations again as it hailed "exceptional" trading in the consumer division.

The company had already said in an update in January that annual revenue was set to be comfortably ahead of market expectations and profit materially ahead.

It said on Wednesday that full-year revenue is expected to be comfortably ahead and profit materially ahead of upgraded market expectations. Current consensus expectations for the year ending 28 February 2022 are for revenue of £212.5m and pre-tax profit of £22.3m.

Bloomsbury hailed exceptional February trading in the consumer division, as Sarah J. Maas’ new novel, Crescent City: A House of Sky and Breath instantly became a number one global bestseller.

Chief executive Nigel Newton said: "Bloomsbury’s excellent performance demonstrates the strength and resilience of our business and the successful execution of our digital and acquisition strategy.

"In February, the final month of our financial year, Bloomsbury delivered exceptional sales, in part driven by Sarah J. Maas’ new title, Crescent City: House of Sky and Breath, which was a global number one bestseller.

"Alongside this strong performance, we successfully mitigated ongoing print supply chain challenges, including printing titles earlier than usual and being flexible about where we print. We remain confident in the strength and resilience of our business and our long-term strategy."

At 0815 BST, the shares were up 6.5% at 388.66p.