10% dividend increase for Bloomsbury following “outstanding” year

Publishing house Bloomsbury has announced a dividend increase after an “outstanding” annual performance.

In its audited preliminary results for the year ending February 28 2021, the company saw a double digit year-on-year profit growth.

The firm’s consumer division delivered profit before tax and highlighted items of £14.2m, up by 61 per cent, while Bloomsbury Digital Resources in its non-consumer division achieved growth of 49 per cent with revenues of £12.4m.

As a result of the growth, the Bloomsbury board has proposed a 10 per cent increase in its final dividend.

Nigel Newton, Bloomsbury chief executive, commented: “The popularity of reading has been a ray of sunshine in an otherwise very dark year.

“In an outstanding year for Bloomsbury, we delivered record results with sales up 14 per cent to £185.1m compared to the industry which was up 2 per cent.

He continued: “Our profit before tax and highlighted items of £19.2m showed an increase of 22 per cent over the prior year. These results are ahead of expectations and represent our third upgrade this year.

“These performances demonstrate the strength and resilience of our strategy of publishing for both the general and academic market.

“In light of our strong financial position and cash generation, and the importance of delivering attractive shareholder returns in accordance with our dividend policy, the Board proposes an increase of 10 per cent to our final dividend.”