Regulatory announcements

Preliminary Results for the Year Ended 31 December 2009

29 March 2010

2009 saw a strong performance by the Group despite difficult trading conditions.

Financial highlights

The highlights for 2009 include:

  • Revenue of £87.22m (2008: £99.95m - publication of HP7 Paperback and The Tales of Beedle the Bard)
  • Adjusted pre-tax profit of £7.71m (2008, £11.85m - publication of HP7 Paperback)*
  • Basic earnings per share of 6.77p (2008, 10.67p - publication of HP7 Paperback), adjusted basic earnings per share of 7.56p (2008, 10.96p)*
  • Profit from Bloomsbury USA of £0.45m before central cost recharges (2008: £0.38m)
  • Net cash of £35.04m (2008: £51.91m)
  • Final dividend per share increased 5% to 3.65p (2008: 3.47p). Full year dividend per share increased by 5% to 4.43p (2008: 4.22p)

* adjusted figures are stated before the amortisation of intangibles and impairment of goodwill.

Operating highlights

  • Profits ahead of consensus market forecasts achieved in difficult trading conditions and against high comparatives including paperback release of HP7 in 2008
  • Strong sales driven by an excellent publishing programme including River Cottage Everyday by Hugh Fearnley Whittingstall, The Suspicions of Mr Whicher by Kate Summerscale, The Guernsey Literary and Potato Peel Pie Society by Mary Ann Shaffer and Annie Barrows, Ordinary Thunderstorms by William Boyd and The Fat Duck Cookbook by Heston Blumenthal
  • Strong pipeline of releases for 2010 including launch of newly designed edition of Harry Potter on 1st November
  • Strengthened academic publishing division with acquisitions of Tottel Publishing and Hodder Education Humanities list

Nigel Newton, Chief Executive, said:

"This is a strong set of results, ahead of consensus market forecasts achieved under difficult trading conditions, and demonstrates the strength of our portfolio. We have further strengthened our academic division with the two new acquisitions. Trading has been excellent in the first quarter of 2010 with a range of new bestsellers (including the Number 1 bestseller Operation Mincemeat) and a major six-figure rights deal concluded in January.

The two Qatar management services partnerships will have an important year in 2010. Three major movies, Nanny McPhee; Eat, Pray, Love; and Harry Potter and the Deathly Hallows Part One, will drive further sales of these proven bestsellers in 2010. The success of Bloomsbury's Public Library Online initiative and other Bloomsbury innovations will see us at the forefront of the digital opportunity. The marketplace will remain rocky in 2010 and will continue to throw the unexpected at all businesses but I am confident that Bloomsbury is as well positioned as it could be to prosper in this environment with our high hit rate in trade publishing, our expansion in academic and professional publishing, our strong balance sheet and our entrepreneurial mission. "

For further information, please contact:

Nigel Newton, Chief Executive, Bloomsbury Publishing Plc
020 7494 6015

Daniel de Belder, Bell Pottinger
020 7861 3232

 

 

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