Publishing Technology Surges on China Agreements: London MoverPeter Woodifield
Publishing Technology Plc, which serves more than 400 trade and academic publishers and helped with the distribution of every Harry Potter novel, headed for an eight-year high after the company boosted its links with China.
The shares gained for a third day in London, rising as much as 2 percent to 392.5 pence, and traded at 387.5 pence at 12:31 p.m., which would be the highest closing price since 2005. The Oxford, England-based company’s stock has quadrupled in 12 months for the second-best performance among the 95 companies in the FTSE AIM Technology Index.
Publishing Technology and China National Publications Import & Export Corp. introduced an e-reading platform at last week’s Beijing International Book Fair. The site already carries more than 200,000 titles from more than 300 publishers of academic content.
“The risks to numbers are firmly on the upside, as we have not included any significant contribution from China in them,” Rob Sanders, an analyst at Westhouse Securities, said in a note Aug. 30. Sanders raised his 12-month share-price estimate 32 percent to 475 pence and maintained a buy recommendation.
George Lossius, chief executive officer of Publishing Technology, was appointed to the China Book International Advisory Board, which gives guidance on exporting Chinese content to other countries, the company said on Aug. 30. The U.K. company also formed a partnership with China Law Press to build a sales, marketing and distribution system.
Publishing Technology clients include HarperCollins, Oxford University Press and the United Nations, according to its website. The company was formed in 2007 when Ingenta Plc, an Internet library for research journals, bought software supplier Vista International.