Bloomsbury resumes dividend after “highest first half earnings since 2008”
London publisher Bloomsbury Publishing has announced the resumption of its dividend following “excellent performance” in the first half of 2020.
The publishing house has seen a year-on-year profit increase of 60 per cent - its highest first half earnings since 2008.
The firm, which saw its profit increase to £4m, has attributed the growth to a surge in online book sales, with bestsellers including ‘Why I’m No Longer Talking to White People about Race’ and ‘White Rage’.
As a result of the increase, Bloomsbury has announced it will resume an interim dividend of 1.28 pence per share.
Nigel Newton, Bloomsbury chief executive, commented: “Bloomsbury experienced excellent trading in the first half with year-on-year profit growth of 60 per cent to £4m. This has delivered our highest first half earnings since 2008 and exceeded the board’s expectations.
“Bloomsbury is in a strong financial position, with net cash of £44.1 million at 31 August 2020, as a result of excellent trading in the first half and the swift measures taken by the Board to control costs and strengthen Bloomsbury’s balance sheet.
“The strength of our financial position meant that we continued to operate effectively, invest in new content, and build a strong pipeline of authors and titles.
“Bloomsbury is well positioned for the future, with sufficient working capital and significant headroom for acquisitions opportunities.”
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