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% | 2 |
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.