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Bloomsbury eyes acquisitions

16.05.08 Anna Richardson

Bloomsbury Publishing reported "encouraging" financial performance "in line with expectations" for the period from 1st January to date, with potential company acquisitions "very much at the forefront" of the group's growth strategy.

In an interim management statement, the publisher said that cash flow had been stronger than expected, as a result of a tougher book acquisition policy, its cost control programme and lower than expected returns for credit of unsold books.

The trade publishing division in the UK saw "continued strong performances" from titles such as The Kite Runner by Khaled Hosseini. In the US, Bloomsbury USA continued "to operate in a difficult market" and the new imprint, Bloomsbury Press, had "made a good start", while Bloomsbury's German operation Berlin Verlag "continues to build on previous years' successes".

The company's specialist publishing division "continues to perform to management's expectations". Bloomsbury stressed that education was "core" to the division and that the acquisition of Featherstone Education on 31st March "extends our reach to the under seven age group, and to a wider range of customers"

The statement concluded that cost reducing measures were delivering positive results and the company had "a very strong balance sheet which puts us in a good position to take advantage of opportunities as they arise".

Financial Anna Richardson Bloomsbury

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