StockMarketWire.com - Bloomsbury Publishing said Tuesday first-half profits slipped owing to costs relating to the acquisition of IBT. The company also announced a new five-year contract with the Institute of Chartered Accountants in England and Wales.

The agreement would provide all employees of eligible ICAEW firms with full access to Bloomsbury's online tax and accountancy service.

For the six months ended 31 August, profit before tax rose fell to £1.6m from £1.7m a year earlier and revenue rose 4% to £75.3m.

Pre-tax profit before exceptional items, however, grew by 13% to £2.9m.

The results were boosted by strong performance in the company's adult trade performance, wich delivered a 22% rise in revenue.

The company's consumer and non-consumer divisions saw revenues increase 5% and 3% respectively.

Top selling titles also included Fresh Start by Tom Kerridge, Kingdom of Ash by Sarah J. Maas, The Tales of Beedle the Bard by J.K Rowling and two new books from Peter Frankopan, The Illustrated Silk Roads and The New Silk Roads.

The company said it was trading in line with the board's expectations for the full year.

'I am very pleased with the performance of our business over the last six months. Adjusted profit before tax is up 13%, driven by revenue growth of 4% and improved profitability in both segments of our business. Each of our territories achieved growth, and the Adult trade division delivered an outstanding performance, increasing revenues by 22%, as part of the turnaround we have been working towards in that division,' said Nigel Newton, Chief Executive of Bloomsbury Publishing. Story provided by StockMarketWire.com