Regulatory announcements

Bloomsbury Publishing Plc today announces six month results for the period ended 31 August 2011.

• The highlights for the six months ended 31 August 2011 include:

  • Turnover up 16% to £44.9 million (2010: £38.6 million)
  • Pre-tax profit, adjusted for highlighted items*, up 52% to £2.2 million (2010: £1.4 million)
  • Pre-tax profit of £0.3 million (2010: £0.8 million)
  • Interim dividend increased by 10% to 0.89 pence per share (2010: 0.81 pence)
  • Basic earnings per share, adjusted for highlighted items*, up 31% to 2.07 pence (2010: 1.58 pence)
  • Basic earnings per share of 0.30 pence (2010: 0.76 pence)

Operating highlights

• Unprecedented ebook sales growth
  • ebook sales in the six months to 31 August 2011 increased by 564% to £2.5 million (2010: £0.4m)
• Strengthened management team
  • Appointment of new Group Finance Director and Managing Director of new Children's & Educational division
• Significant development of Academic & Professional division
  • Acquisition of leading Academic publisher Continuum for cash consideration of £20.1 million
  • Purchase of National Archives Publishing programme backlist
  • Drama online project with Faber & Faber
  • Contract to publish PricewaterhouseCoopers Manual of Accounting series
  • Licensing deal with Practical Law Company
• Bestsellers across the Group:
  • The Finkler Question - Howard Jacobson
  • Eat Pray Love - Elizabeth Gilbert
  • Harry Potter series - JK Rowling
• Strong list for the second half
  • River Cottage Veg Everyday! - Hugh Fearnley-Whittingstall
  • Heston at Home - Heston Blumenthal
  • Pigeon English - Stephen Kelman
  • The Wombles - Elizabeth Beresford

* Highlighted items include amortization of intangible assets, acquisition costs, restructuring and relocation costs.

Commenting on the results, Nigel Newton, Chief Executive, said:

"We have enjoyed a strong first half to the year with both the UK and US performing above expectations. 2011 remains the year of the ebook, with our sales in the first half surging by 564%. Our early-mover advantage and the investment we have made, means we are well positioned to benefit from continued digital growth. Our Academic & Professional division was bolstered by the transforming acquisition of Continuum in July, providing us with more stable and predictable income streams.

We believe that our restructured business of one global Bloomsbury has a firm foundation and an excellent management team, which, combined with continuing ebook growth and our strong content, will enable us to deliver results in line with our expectations. In our 25th anniversary year, we believe our global strategy provides Bloomsbury with a firm foundation on which to continue to grow the business."

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