BLOOMSBURY PUBLISHING PLC

RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2021

2020/21 - A STEP CHANGE

Excellent results - highest sales ever and highest profit before tax since 2006

Revenue up 14% - significantly outperforming the industry's 2% growth*

Third profit upgrade for 2020/21, and guidance increased for 2021/22

Bestsellers - numerous frontlist and backlist titles became bestsellers, key zeitgeist genres striking a chord with readers during lockdown

People - attracted and hired some of the top talent in the publishing industry; appointed Baroness Lola Young to our Board of Directors

Dividend - increased final dividend by 10% and proposed a special dividend of 9.78 pence per share

  • The popularity of reading has been a ray of sunshine in an otherwise very dark year. "

*Publishers Association: 2020 Market up 2%

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EXCELLENT RESULTS

  • Revenue of £185.1m, highest ever, and 14% growth year-on-year*
  • 22% increase in profit before taxation and highlighted items to £19.2m
  • Excellent Consumer performance - revenue up 22%*
  • Academic market shift to digital learning: success and validation of long-term Bloomsbury Digital Resources strategy
  • Final dividend of 7.58p, up 10%
  • Special dividend of 9.78p
  • Future growth through acquisitions - Red Globe Press completed post year end

*Publishers Association: 2020 market up 2% year-on year and consumer market up 7% year-on-year

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FINANCIAL HIGHLIGHTS

Change

Change

£m

2020/21

2019/20

%

CER3 %

Revenue

185.1

162.8

14%

14%

Pre-tax profit margin

10.3%

9.6%

Pre-tax profit

19.2

15.7

22%

23%

Effective tax rate2

20.1%

19.0%

Diluted EPS

18.68p

16.23p

15%

16%

Net cash

54.5

31.3

74%

76%

Full year dividend per share4

8.86p

8.17p

8%

Special dividend per share

9.78p

-

-

Notes:

1.

The above results are adjusted by excluding highlighted items, comprising legal and professional costs relating to acquisitions and restructuring costs (£1.3m), amortisation of acquired intangible assets

(£1.8m) and a £1.3m US Government PaycheckProtection Program grant, which are shown on slide 34

2.

The effective tax rate is the adjusted rate used to calculate adjusted EPS. The reported rate in the period is 21% (2019/20: 21%)

3.

CER is results at constant exchange rates calculated by applying monthly average exchange rates for 2019/20 to the monthly results for 2020/21

4

4.

The 2019/20 value comprises the cash interim dividend of 1.28p and a bonus issue with a value equivalent to 6.89p

RESULTS BY PUBLISHING DIVISION

Success of unique diversified strategy - Consumer and academic publishing

64%

36%

£m

Consumer

Non-Consumer

Revenues 2020/21

118.3

66.8

Revenues 2019/20

96.8

66.0

Change %

22%

1%

Profit before tax 2020/211

14.2

5.4

Profit before tax 2019/201

8.9

6.7

Change %

61%

(19%)

Profit margin 2020/21

12%

8.1%

Profit margin 2019/20

9.2%

10.2%

Note:

1. The above results are adjusted by excluding highlighted items of £1.8m, comprising legal and professional costs relating to acquisitions and restructuring costs, amortisation of acquired intangible assets and a US Government Paycheck Protection Program grant, which are shown on slide 34

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Bloomsbury Publishing plc published this content on 02 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 June 2021 13:46:04 UTC.