Last checked at 27 Jun 2008 07:21
Bloomsbury Publishing Plc
AGM statement
At today's AGM of Bloomsbury Publishing Plc, Nigel Newton, Chief Executive, will make the following statement:
"As we reported in our Interim Management Statement dated 16th May, the Group's operating performance for the period has been encouraging and is in line with management's expectations.
The remarkable success story for Bloomsbury in the first six months of 2008 has been the incredible growth in the popularity of the books of Khaled Hosseini. A year after its first publication, A Thousand Splendid Suns was still the highest selling book in the UK for the first six months of 2008. It won the Richard & Judy Best Read of The Year award in March. The Bloomsbury editions of The Kite Runner and A Thousand Splendid Suns between them have sold four million copies since publication.
Our authors have achieved much recognition in the period, with Hugh Fearnley-Whittingstall and Sarah Raven winning two major cookery book prizes, The Michael Smith Award for Work on British Food and The Cookery Book of the Year.
JK Rowling won the Outstanding Achievement Award at the British Book Awards. Harry Potter has now sold over 400 million copies in all editions from its publishers worldwide.
Neil Gaiman's Odd and the Frost Giants, is the UK's number two children's paperback best seller in 2008.
The company is particularly anticipating the publication on 4th August of Mary Ann Shaffer's remarkable novel The Guernsey Literary and Potato Peel Pie Society, set in London and Guernsey in 1946. It has received extraordinary advance quotes from critics and should make a big impact.
Sheila Hancock's Just Me will be a major launch in September this year, following her number one Bloomsbury bestseller, The Two of Us.
Bloomsbury USA continues to operate in a difficult market and we are managing the cost base to enable it to operate more efficiently. The new imprint, Bloomsbury Press, has made a good start, led by the publication of Brian Fagan's The Great Warming: Climate Change and the Rise and Fall of Civilizations.
Berlin Verlag continues to build on previous years' successes. Die Wohlgesinnten by Jonathan Littell was published in late February and was one of Germany's major books in the first quarter. Sales for this title are strong and we have received significant press and media coverage. Berlin's paperback list is performing well with continued success from 1000 Strahlende Sonnen (A Thousand Splendid Suns) and Drachenläufer (The Kite Runner).
Following the successful commissioning of the Qatar Finance database, new projects are under negotiation in the Middle East.
Financial position
As a result of a tougher book acquisition policy, the cost control programme in progress across the Group and lower than expected returns for credit of unsold books, cash flow has been strong in the year to date. Cash held at 30th June is expected to be in excess of £50m.
Outlook for 2008
As previously reported, the Group continues to make progress in all areas. The measures that we are taking to improve efficiency, streamline systems, and innovate in both publishing and marketing are already delivering positive results. Company acquisitions are very much at the forefront of the Group's growth strategy. We have a strong balance sheet which puts us in a good position to take advantage of opportunities as they arise."
For further information, please contact:
Nigel Newton, Chief Executive, Bloomsbury Publishing Plc +44 (0) 20 7494 6015
Daniel de Belder / Rosanne Perry, Bell Pottinger +44 (0) 20 7861 3232