26 October 2023
Record first half
earnings
Fourth consecutive double-digit growth in revenue and
profit in the first half
Interim dividend increased
Bloomsbury Publishing Plc (LSE: BMY), the leading independent publisher,
today announces unaudited results for the six months ended 31 August
2023.
Commenting on the results, Nigel Newton, Chief Executive, said:
“Bloomsbury achieved our fourth consecutive double-digit growth in
revenue and profit in the first half. These are also our highest ever
first half results, with year-on-year revenue growth of 11% to £136.7
million and profit growth of 11% to £17.7 million. These results
demonstrate the strength of our strategy of publishing for both the
consumer and academic markets.
Fantasy is a huge and increasingly popular genre which has driven forward
our consumer division. Sales of Sarah J. Maas and Samantha Shannon grew
79% and 169% respectively in the period and demand for Harry Potter, 26
years after publication, remains strong.
The Consumer division revenue grew by 17%, achieving a 26% increase in
profit before tax and highlighted items1 to £11.2 million.
Bloomsbury Digital Resources (“BDR”) consolidated last year’s
exceptional growth and increased subscription revenue to 47%. The
Non-Consumer division’s resilient performance with 2% revenue growth and
£5.9 million of profit before tax and highlighted items1
continued to demonstrate the strength of our long term academic
strategy.
Since the period end, Bloomsbury author Jon Fosse won the most important
prize in the literary world, The Nobel Prize in Literature, becoming the
eighth Nobel Prize winner on Bloomsbury’s Methuen Drama list.
Bloomsbury’s successful strategy of diversifying across formats, markets
and territories has created a stronger and more balanced business and a
smoother earnings profile across the year. Recognising this, and in view
of a better balance between sales in the first and second halves of the
year than in the past when we were more heavily weighted to the second
half and the Christmas market, we are increasing the proportion of the
full year dividend paid at the interim. In line with this rebalancing
and our dividend policy, the Board has increased the interim dividend to
3.70 pence per share, compared to 1.41 pence per share for the six
months ended 31 August 2022. We maintain our overall dividend guidance
for the full year.
The strong first half performance means that we are confident of
achieving the Board’s expectations for the year ending 29 February
2024. Our strong financial position, with net cash of £39.1
million, gives us significant opportunities for further acquisitions and
investment in organic growth.
Note
The Board considers current consensus market expectation for the year ending 29 February 2024 to be revenue of £273.1 million and profit before taxation and highlighted items of £32.5 million.
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Financial Highlights
2023 | 2022 | 2021 | Growth 2023 vs 2022 |
Growth 2023 vs 2021 |
|
Revenue | £136.7 million | £122.9 million | £100.7 million | 11% | 36% |
Profit before taxation and highlighted items1 | £17.7 million | £15.9 million | £12.9 million | 11% | 37% |
Profit before taxation | £14.0 million | £12.9 million | £11.1 million | 8% | 26% |
Diluted earnings per share, excluding highlighted items1 | 17.47 pence | 15.30 pence | 12.82 pence | 14% | 36% |
Diluted earnings per share | 13.66 pence | 12.30 pence | 10.41 pence | 11% | 31% |
Net cash | £39.1 million | £41.5 million | £43.7 million | (6)% | (10)% |
Interim dividend | 3.70 pence per share | 1.41 pence per share | 1.34 pence per share | 162% | 176% |
Operational Highlights
Consumer Division
Non-Consumer Division
Notes
1 Highlighted items comprise amortisation of acquired intangible assets and legal and other professional costs relating to ongoing and completed acquisitions and restructuring costs.
For further information, please contact:
Bloomsbury Publishing Plc | |
Nigel Newton, Chief Executive | nigel.newton@bloomsbury.com |
Penny Scott-Bayfield, Group Finance Director | penny.scott-bayfield@bloomsbury.com |
Hudson Sandler | +44 (0) 20 7796 4133 |
Dan de Belder / Emily Brooker | bloomsbury@hudsonsandler.com |
The information in this announcement has not been audited or otherwise
independently verified and no representation or warranty, express or
implied, is made as to, and no reliance should be placed on, the
fairness, accuracy, completeness or correctness of the information or
opinions contained herein. None of the Company or any of its
affiliates, advisors or representatives shall have any liability
whatsoever (in negligence or otherwise) for any loss whatsoever arising
from any use of this announcement, or its contents, or otherwise arising
in connection with this announcement.
Certain statements, statistics and projections in this announcement are
or may be forward looking. By their nature, forward‑looking statements
involve a number of risks, uncertainties or assumptions that may or may
not occur and actual results or events may differ materially from those
expressed or implied by the forward-looking statements. Accordingly, no
assurance can be given that any particular expectation will be met and
reliance should not be placed on any forward-looking statement.
Accordingly, forward-looking statements contained in this announcement
regarding past trends or activities should not be taken as
representation that such trends or activities will continue in the
future. You should not place undue reliance on forward-looking
statements, which are based on the knowledge and information available
only at the date of this announcement’s preparation.
The Company does not undertake any obligation to update or keep current the information contained in this announcement, including any forward‑looking statements, or to correct any inaccuracies which may become apparent and any opinions expressed in it are subject to change without notice.
References in this announcement to other reports or materials, such as a website address, have been provided to direct the reader to other sources of information on Bloomsbury Publishing Plc which may be of interest. Neither the content of Bloomsbury’s website nor any website accessible by hyperlinks from Bloomsbury’s website nor any additional materials contained or accessible thereon, are incorporated in, or form part of, this announcement.
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