Bloomsbury Publishing PLC on Wednesday reported a rise in yearly revenue and profit, as it continues to implement its digital strategy.

For the year that ended February 28, the London-based publisher’s pretax profit was up 15% at £25.4 million from £22.2 million. Revenue was similarly up 15% at £264.1 million from £230.1 million.

‘These results demonstrate the strength of our strategy to publish for both the consumer and the academic markets, unusual in our industry, and to grow digital revenues while expanding globally. In challenging economic times, readers are turning to books as affordable as they cut back on more expensive forms of diversion.’ Chief Executive Nigel Newton said.

Bloomsbury’s Non-Consumer division grew by 19%, whilst the Consumer division revenue grew by 12%.

Bloomsbury Published declared a final dividend of 10.34 pence per share, up 10% from the previous year of 9.40 p per share. This took the total dividend for financial 2023 to 11.75p, a 9% increase from 10.74p the prior year.

Looking forward, the company said that ‘trading for 2023/24 has started in line with the board’s expectations’.

The company said its ‘digital strategy continues apace and despite the economic uncertainty, readers continue to turn to books. Bloomsbury is on solid foundations, with significant financial resources available to augment organic growth and invest in future acquisitions’.

Bloomsbury Publishing was trading 1.2% higher at 415.37 pence in London on Wednesday.

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