Although sales and earnings at Bloomsbury were relatively flat for the year ended February 28, 2015, compared to fiscal 2014, the company did make progress in easing its dependence on the “traditional book market,” company chief executive Nigel Newton reported in comments that accompanied the release of results.
Sales rose to 111 million pounds from 109.5 million pounds, and pre-tax earnings increased to 9.6 million pounds from 9.5 million pounds. The company’s academic and professional segment posted the biggest gain with revenue up 12%, to 36 million pounds. Acquisitions and a 35% rise in digital sales drove the increase, which offset a 4% drop in print sales.
The adult division (the core of Newton’s traditional book market) remained the biggest segment, but sales fell 10%, to 44.7 million pounds. Bloomsbury attributed this drop, in part, to extremely strong sales in fiscal 2014 of And the Mountains Echoed. E-book sales fell in the year in the segment, which the company also attributed partly to the fiscal 2014 sales of Echoed.
In December, Bloomsbury's adult division added the niche publisher Osprey to its ranks and the company added 1.6 million to revenue.
In the children’s and education segment, sales rose 12.7%to 26.6 million pounds led by the reissue of Harry Potter titles and a 15% increase in picture and activity books.
Overall, Newton said it was a good year for Bloomsbury in a changing market he said. He elaborated: “The year was characterized by the consistent development of the strategic aims of the business--in short, digital investment, a greater proportion of business generated from academic and professional publishing, a greater proportion of sales from nontraditional book retailers and a focus on marketing to discrete communities of interest."
