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Independent publisher Bloomsbury said it expected profit for 2022 to top market expectations after the publisher reported annual results that exceeded its expectations and unveiled a special dividend.
For the year ended 28 February 2022, Bloomsbury expected revenue to be ahead and profit to be comfortably ahead of market expectations for £177.5 million and £17.4 million, respectively.
The company proposed a special dividend of 9.78 pence per share, and hiked its final dividend by 10%.
For the year ended 28 February 2021, pre-tax profit was up 31% as revenue rose 14% to £17.3 million.
The better-than-expected performance was led by its consumer division, with adjusted pre-tax profit up by 61% to £14.2 million, with excellent revenue growth of 22% across the adult and children's divisions.
'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,' the company said.
At 9:15am: (LON:BMY) Bloomsbury Publishing PLC share price was 0p at 258p