22 May 2018
Bloomsbury today announces audited results for the year ended 28 February 2018.
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As Bloomsbury continues to focus on quality revenues and building upon the strong momentum achieved last year, we have a number of key growth initiatives that, together with our acquisition of IBT, the Board expects will lead to our performance for 2019/20 onwards being well ahead of our previous expectations. The main initiatives are:
Commenting on the results, Nigel Newton, Chief Executive, said:
"I am delighted with the performance of our business over the last twelve months. It has been a great year that has put Bloomsbury in a very strong and exciting position. We have seen significant progress in both segments of our business.
In Consumer, we saw revenue growth of 20%, increasing across all territories, driven by Children's and Cookery titles. Tom Kerridge's Lose Weight for Good was a notable standout, selling the most copies in a week in January since records began. In the milestone twentieth anniversary year for Harry Potter we continued to demonstrate our ability to find inventive and engaging ways to bring the story to life for readers, publishing a House edition of Harry Potter and the Philosopher's Stone and the illustrated Harry Potter and the Prisoner of Azkaban and Fantastic Beasts and Where to Find Them. In Non-Consumer, our Academic & Professional division continues to benefit from the Bloomsbury 2020 strategic growth initiative as we look to accelerate digital revenues significantly and become a leading publisher in the B2B academic and professional market.
Bigger Bloomsbury marks the next exciting step in our growth, focussing on our key growth drivers with targeted strategies across the business to help grow our revenues and improve our margins over the next five years."
* Highlighted items comprise amortisation of acquired intangible assets and in the prior year other one-off significant non-cash charges and major one-off initiatives including legal and other professional costs relating to acquisitions and restructuring costs.
** Prior year divisional profits are amended to reflect a change in the allocation of central costs in order to provide a better understanding of underlying results. Group results are unaffected.
Forward-looking statements: Statements contained in this Annual Results Announcement are based on the knowledge and information available to the Company's directors at the date it was prepared and therefore the facts stated and views expressed may change after that date. By their nature, the statements concerning the risks and uncertainties facing the Company in this Annual Results Announcement involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. To the extent that this Annual Results Announcement contains any statement dealing with any time after the date of its preparation such statement is merely predictive and speculative as it relates to events and circumstances which are yet to occur. The Company undertakes no obligation to update these forward-looking statements.
For further information, please contact:
|Bloomsbury Publishing Plc||+44 (0) 20 7631 5630|
|Nigel Newton, Chief Executive
Wendy Pallot, Group Finance Director
|FTI Consulting||+44 (0) 203 727 1000|
|Charles Palmer / Dwight Burden / Emma Hall / Leah Dudley||[email protected]|
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Preliminary announcement for the year ended 28 February 2023