BLOOMSBURY PUBLISHING PLC ("Bloomsbury" or "the Company")
Unaudited Interim Results for the six months ended
Record first half earnings performance
Interim dividend declared
Bloomsbury, the leading independent publisher, today announces unaudited results for the six months ended
Commenting on the results,
"Bloomsbury experienced excellent trading in the first half with year-on-year profit growth of 60% to £4.0 million. This has delivered our highest first half earnings since 2008 and exceeded the Board's expectations.
Online book sales and e-book revenues were significantly higher.
The Consumer division had an excellent performance with 17% revenue growth and a £2.1 million increase in profit before tax and highlighted items to £2.7 million. Stand-out bestsellers during the period included Why I'm No Longer Talking to White People about Race, Crescent City:
In the Non-Consumer division, our strategy of developing online academic resources, conceived five years ago, meant we were well placed to benefit from the accelerated shift by academic institutions to digital products to support remote learning. We saw 47% growth in sales of Bloomsbury Digital Resources as a result.
Bloomsbury is in a strong financial position, with net cash of £44.1 million at
In light of our strong financial position and the importance of our dividend policy, we are resuming an interim dividend of
I would like to thank our staff, authors, illustrators, distributors and suppliers for their resilience, initiative and determination. They continue to be motivated, adaptable and effective, which is demonstrated by the strength of our first half performance. This, together with the strength of our publishing strategy supported by our solid financial position, gives me confidence in Bloomsbury's future performance."
Financial Highlights
· Revenues increased by 10% to £78.3 million (2019: £71.3 million)
- Profit before taxation and highlighted items1 grew by 60% to £4.0 million (2019: £2.5 million)
· Profit before taxation grew by £1.7 million to £3.0 million (2019: £1.3 million)
· Diluted earnings per share, excluding highlighted items1, grew by 55% to
· Diluted earnings per share grew by 131% to
· Net cash of £44.1 million at
· Interim dividend of
Operational Highlights
Consumer Division
- Consumer revenue growth of 17% to £48.6 million (2019: £41.5 million)
- Consumer profit before taxation and highlighted items1 increase of £2.1 million to £2.7 million (2019: £0.6 million)
- Excellent Adult Trade performance, with revenue up 16% to £18.8 million (2019: £16.2 million) and profit before taxation and highlighted items1 of £1.1 million (2019: £0.1 million loss)
- Excellent Children's Trade performance, with revenue up 18% to £29.8 million (2019: £25.3 million) and profit before taxation and highlighted items1 of £1.7 million (2019: £0.8 million)
· Strong sales of
Non-Consumer Division
- Non-Consumer revenues of £29.7 million (2019: £29.9 million)
- Resilient Academic & Professional performance, with Non-Consumer revenue within 1% of 2019 and profit before taxation and highlighted items1 of £1.4 million (2019: £1.8 million)
- Bloomsbury Digital Resources ("BDR") revenues up 47% to £5.6 million
- Strong growth in BDR products and Academic e-books, offset by an expected reduction in print sales
Note
1 Highlighted items comprise amortisation of acquired intangible assets and legal and other professional costs and restructuring costs relating to ongoing and completed acquisitions.
2 Restatement of earnings per share due to bonus issue of shares in the period.
For further information, please contact:
nigel.newton@bloomsbury.com
penny.scott-bayfield@bloomsbury.com
+44 (0) 20 7796 4133
bloomsbury@hudsonsandler.com
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(C) 2020 M2 COMMUNICATIONS, source
