The UK-based Bloomsbury Publishing PLC (GB:BMY) expects its annual revenues and profits for FY24 to surpass its forecasted numbers. This growth is attributed to the strong performance of its consumer division, including fantasy fiction. The company stated that the readership for its fiction novels is growing, particularly by authors such as Sarah J. Maas and J.K. Rowling.
Solid Expectations
The current market consensus for annual revenue and pre-tax profit is £274.2 million and £32.9 million, respectively, for the full year ending in February 2024. The company expects its revenues to be “comfortably ahead” and the profits to be “materially ahead” of these estimates. The non-consumer division’s performance is expected to be in line with expectations.
The company will release another trading update in March 2024 for the full year, followed by its annual results on May 21, 2024.
Bloomsbury Publishing is a British global publishing company specializing in both fiction and non-fiction works. The company has gained tremendous popularity as the original publisher of J. K. Rowling’s Harry Potter series in the UK.
Riding High on Fantasy Novel Craze
The company remains optimistic about its fantasy genre, which is highly popular and going strong. It was further noted that the demand for J.K. Rowling’s Harry Potter books continues to be robust even after more than 25 years since their first release.
In the last few months, the company has seen a notable increase in demand for various books, including the Harry Potter Wizarding Almanac, the authorized companion to J.K. Rowling’s books, and the children’s Christmas book titled We’re Going on a Sleigh Ride.
The company’s share price was trading up by 5.6% as of writing. Year-to-date, the stock has experienced a gain of 2.7%.
