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27 Jun 2008 07:21
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Bloomsbury Publishing Plc
AGMΒ statement
At today'sΒ AGMΒ of Bloomsbury Publishing Plc,Β Nigel Newton,Β 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 remarkableΒ success story forΒ BloomsburyΒ in the first six months of 2008 has been the incredible growth in the popularity ofΒ the books of Khaled Hosseini. AΒ year after its first publication, AΒ Thousand Splendid Suns wasΒ stillΒ the highest selling book in theΒ UKΒ for the first six months ofΒ 2008. ItΒ won the Richard & Judy BestΒ ReadΒ of The Year awardΒ in March. TheΒ BloomsburyΒ editions ofΒ The Kite Runner and A Thousand Splendid SunsΒ between them have sold four million copiesΒ since publication.
Our authors have achieved much recognition in the period, with Hugh Fearnley-WhittingstallΒ and Sarah RavenΒ winning two major cookery book prizes,Β The Michael Smith Award for Work on British FoodΒ andΒ The Cookery Book of the Year.Β Β
JK RowlingΒ wonΒ theΒ Outstanding Achievement AwardΒ at the British Book Awards. Harry Potter has now sold over 400 millionΒ copies in all editions from its publishers worldwide.
Neil Gaiman's Odd and the Frost Giants, is theΒ UK'sΒ 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 novelΒ The Guernsey Literary and Potato Peel Pie Society,Β set inΒ LondonΒ andΒ GuernseyΒ in 1946. It has received extraordinary advance quotes from critics andΒ shouldΒ make a big impact.
Sheila Hancock'sΒ Just Me will be a major launch inΒ September this year, following her number one Bloomsbury bestseller, The Two of Us.
BloomsburyΒ USAΒ continues to operate in a difficult market and we are managing the cost base to enable it to operateΒ moreΒ 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.Β Die WohlgesinntenΒ by Jonathan Littell was published in late February andΒ wasΒ one ofΒ Germany's major books in the first quarter. Sales for this title are strong and weΒ have receivedΒ significantΒ press and media coverage.Β Berlin's paperback list is performing well with continued success fromΒ 1000 Strahlende Sonnen (A Thousand Splendid Suns)Β andΒ DrachenlΓ€ufer (The Kite Runner).
Following the successful commissioning of the Qatar FinanceΒ database, new projects are under negotiation in theΒ Middle East.Β
FinancialΒ 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 strongΒ in theΒ year to date.Β Cash held at 30thΒ June is expected to be in excess of Β£50m.
Outlook for 2008
As previously reported,Β the Group continues to make progress in all areas. The measures that we are taking toΒ improve efficiency, streamline systems, and innovate in both publishing and marketingΒ are already delivering positive results. Company acquisitions are very much at the forefront of the Group's growth strategy. We have aΒ 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)Β 20 7494 6015
Daniel de Belder / Rosanne Perry, Bell Pottinger +44 (0)Β 20 7861Β 3232
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