Regulatory announcements

Unaudited Preliminary Results for the fourteen months ended 28 February 2011

26 May 2011

Bloomsbury Publishing Plc has changed its year end to 28 February 2011, as previously reported. The Group today announces fourteen month results for the period ended 28 February 2011. Interim results for the twelve months ended 31 December 2010 were announced on 28 February 2011

Financial highlights

The highlights for the fourteen months ended 28 February 2011 include:

  • Revenue of £103.4 million for the 14 months ended 28 February 2011 (12 months ended 31 December 2009: £87.2 million)
  • Pre-tax profit of £4.2 million (2009: £7.1 million)
  • Pre-tax profit adjusted for highlighted items* £7.7 million (2009: £7.7 million)
  • Basic earnings per share of 3.02 pence (2009: 6.77 pence)
  • Earnings per share adjusted for highlighted items* 7.70 pence (2009: 7.56 pence)
  • Net cash of £36.9 million (2009: £35.0 million)
  • Board recommended final dividend of 0.28p per share for the two month period from 1 January 2011 to 28 February 2011 - subject to shareholder approval at the AGM

*Highlighted items comprise goodwill impairment, amortisation of intangible assets, acquisition costs, aborted acquisition costs, restructuring and relocation costs

Operating highlights

  • Bloomsbury's e-book sales increased to £1.5 million in 2010 (2009: £0.08 million). Sales in January to March 2011 were £1.1 million
  • Launch of Bloomsbury Australia in January 2011, immediately earnings enhancing
  • Acquisition of Bristol Classical Press and Duckworth Academic in November 2010
  • Appointment of two new Non Executive Directors in 2010 and a new Group Finance Director in 2011
  • Appointment of a Group Sales and Marketing Managing Director, a Managing Director of the new Children's and Educational division and a new Managing Director of Berlin Verlag
  • Bestsellers across the Group included:
    • Eat, Pray, Love - Elizabeth Gilbert
    • The Finkler Question - Howard Jacobson - winner of the 2010 Man Booker Prize
    • Operation Mincemeat - Ben Macintyre
    • Suspicions of Mr Whicher - Kate Summerscale
  • Major online initiatives included:
    • Berg Fashion Library Online
    • Public Library Online in new territories
    • Winston Churchill Archives digitisation
  • Implemented on 1 March 2011 One Global Bloomsbury - four worldwide publishing divisions: Adult; Children's & Educational; Academic & Professional; and Information, now form the basis of the Group's structure

Commenting on the results and prospects for Bloomsbury, Nigel Newton, Chief Executive, said:

"This is an exciting time for Bloomsbury: demand for digital delivery, including e-books, is increasing significantly; it will change the publishing business model creating one worldwide market. The recent organisation change is already bringing benefits to the Group, enabling us to better exploit that worldwide market as a global publisher in print and digital. We have a strong balance sheet and an excellent management team, so are well placed to exploit future opportunities as we enter our 25th anniversary year."

For further information, please contact:

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

Daniel de Belder/Rosanne Perry, Pelham Bell Pottinger
020 7861 3232

 

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