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20th March 2003
Preliminary Results for the Year Ended 31 December 2002
London, 20 March 2003: Bloomsbury Publishing Plc is pleased
to announce preliminary results for the year ended 31 December 2002.
STRONG RESULTS CONFIRM BENEFITS OF BROADER PORTFOLIO
AND PREVIOUS INVESTMENT
Highlights
- Turnover increased 11.3% to £68.02m (2001, £61.14m);
sales of Adult titles increased 62.3% to £17.2m (2001, £10.6m)
and of Reference titles increased 36.6% to £12.7m (2001, £9.3m).
- Pre-tax profit before goodwill amortisation increased
18.9% to £11.12m (2001, £9.35m).
- Basic earnings per share before goodwill amortisation increased 20.2% to 46.17p (2001, 38.41p).
- Strong operating cash flows of £12.01m (2001, £12.51m).
Net Cash balances increased 23.8% to £18.58m (2001, £15.01m).
- Dividend increased by 13.8% to 7.17p (2001, 6.30p).
- Investment in future titles at the year end up 55.5%
at £11.09m (2001, £7.13m).
- Four acquisitions made in 2002, all performing to expectation.
- Future prospects - new hardbacks from Margaret Atwood,
Sophie Dahl and Ben Schott and paperbacks from Donna Tartt, Ethan
Hawke and Jeffrey Eugenides projected to drive further growth
in 2003. JK Rowling's Harry Potter and the Order of the Phoenix is set to meet huge levels of demand from readers.
Commenting on the results and prospects for Bloomsbury, Nigel Newton,
Chairman, said:
"The 2002 publishing programme for Bloomsbury was one of our
strongest. Not only did we achieve bestsellers with works by established
authors including Joanna Trollope's Girl From The South and
Donna Tartt's The Little Friend but our ongoing strategy
to identify talented new authors showed notable success with Schott's
Original Miscellany by Ben Schott.
The levels of cash being generated from Bloomsbury's operations
was driven by the strength of our publishing programme. At the end
of the year, the Group had increased its net cash balances by 23.8%
to £18.58m (2001, £15.01m).
During 2003, the Group's strong balance sheet and cash flow
will support increased investment in the Group's portfolio to drive
both organic and acquisition-led growth. The Group is currently
performing to the Board's expectations and 2003 is expected to show
further growth, supported by continued strong cash generation. We
look forward to the future with confidence. "
For further information, please contact:
Tim Spratt/Charles Palmer
Financial Dynamics |
020 7831 3113 |
Sandy Karon, PA to the Chairman,
Bloomsbury Publishing Plc |
020 7494 6015 |
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