Gino D'Acampo's new cookbook helps Bloomsbury upgrade profits outlook
The launch of celebrity chef Gino D’Acampo’s new family cookbook has helped publisher Bloomsbury hike its full-year sales and profit outlook after it notched up a strong festive season.
Shares in the group jumped more than 12% higher as it said profits were set to be “materially” ahead of market expectations for the year to February 28.
It comes after solid trading in the firm’s consumer division, for both adult and children’s titles, with standout best-sellers including Gino’s Italian Family Adventure.
Sales were also boosted by strong demand for existing titles, such as the much-loved Harry Potter series, Madeline Miller’s Song Of Achilles, Samantha Shannon’s The Priory Of The Orange Tree and Susanna Clarke’s Piranesi.
This has meant group sales for the year are set to be “comfortably” ahead of the £197.1 million currently expected in the City, according to the firm.
Market expectations had seen underlying pre-tax profits reaching £20.1 million for the year.
It comes after Bloomsbury posted record sales and profits in the first half, with the group revealing book retailers had been stocking up early to avoid any Christmas disruption.
This helped revenues leap 29% higher to £100.7 million in the half-year to August 31.
Its latest update also saw the group announce it had reached a “major milestone” in its digital resources business, which supplies universities and other academic institutions.
It said it achieved the goal announced when the division was set up in 2016 for it to make £15 million of sales and £5 million of profit by 2021-22.
“Six years later we have done exactly that,” Bloomsbury said.
“Achieving this key long-term strategic goal, building high margin, quality revenues, demonstrates the strength and successful execution of our digital strategy.”