LONDON, Jan. 9, 2003 (PRIMEZONE) -- Bloomsbury Publishing Plc ("Bloomsbury" or "the Company") (Other OTC:BMBYF) (LSE:BMY) is pleased to announce that it expects the Company's results for the year ended December 31, 2002, which will be announced on March 20 to be slightly ahead of market consensus expectations.
Christmas trading proved strong for both Bloomsbury and its subsidiary, A & C Black. In Bloomsbury, bestsellers included Donna Tartt's The Little Friend, and Schott's Original Miscellany, which was widely acclaimed as the publishing sensation of 2002. BUSINESS: The Ultimate Resource, launched in September 2002, has exceeded expectations in both book sales and licensing revenues. New titles from the database are due out in 2003. The film of Harry Potter and the Chamber of Secrets was released on November 15, 2002 and sales of the books in the series increased in line with our expectations in the U.K. and export markets.
In October the recently acquired Whitaker's Almanack was published for the first time under the A&C Black imprint. Sales for 2002 exceeded both our budget, and 2001 sales levels. A three-year electronic licensing deal has also been agreed for Whitaker's Almanack which will be published on-line through the ProQuest information management service, KnowUK, used by public libraries and educational institutions around the world.
On January 2, 2003 A&C Black acquired the educational business of Andrew Brodie Publications ("ABP") for 520,000 pounds and an additional 220,000 pounds payable, dependent on targeted turnover for 2003. With approximately 60 titles in print, ABP has been publishing photocopiable resource books for teachers, and workbooks for the school and home market since 1992.
Jill Coleman, A&C Black's Managing Director, said: "We are delighted with this acquisition, the company's fourth in 12 months. The list has an excellent reputation and will sit very well alongside our own educational publishing, strengthening our backlist."
Nigel Newton, Bloomsbury's Chief Executive, said: "We are delighted with the progress that has been made across all divisions of our business, and especially in reference. The focus of the group is identifying properties with long-term backlist potential. With the five acquisitions we have made in the last twelve months and the strength of our publishing list we will continue to build a valuable library of content that will generate cash for the business for many years to come."