21 May 2019
Bloomsbury today announces audited results for the year ended 28 February 2019.
Strong strategic delivery and earnings growth
Bloomsbury, the leading independent publisher, today announces audited results for the year ended 28 February 2019, ahead of expectations.
Commenting on the results, Nigel Newton, Chief Executive, said:
“Bloomsbury had a very strong year. Our results, with profits before tax and highlighted items up 9%, demonstrate the underlying strength, resilience and further potential of our global publishing strategy. Our Academic and Professional division delivered an outstanding performance with 13% revenue growth and profit before tax and highlighted items up £3.5 million. We had an exceptional result in our Adult division, where profit before tax and highlighted items grew by £1.1 million, in a year in which we had many novels, works of narrative non-fiction and cookery titles including Fresh Start by Tom Kerridge, hit the bestseller lists in our core publishing area.
A year ago, I announced the Bigger Bloomsbury strategy; we have delivered all seven initiatives, including improving our working capital by reducing inventories by £2 million and growing Academic and Professional digital resource revenue by 42%. These initiatives focus on our key growth drivers with targeted strategies across the Group to help grow our revenues and increase our margins over the next four years.
Our strong financial position and excellent cash generation, with cash of £27.6 million and cash conversion of 128%, give us great opportunities for further acquisitions and investment in organic growth. Our proposed dividend increase of 6% delivers our 24th year of consecutive dividend growth.”
To view a full version of the results in
Bigger Bloomsbury represents our seven key growth initiatives, announced in May 2018. During the year, we delivered all seven of these initiatives, with notable highlights including delivering excellent growth in Adult and Academic & Professional profitability, international growth and continued working capital improvement.
* Highlighted items comprise amortisation of acquired intangible assets and restructuring costs and legal and other professional fees relating to the acquisition of IBT.
For further information, please contact:
|Bloomsbury Publishing Plc||+44 (0) 20 7631 5630|
|Nigel Newton, Chief Executive
Penny Scott-Bayfield, Group Finance Director
|FTI Consulting||+44 (0) 203 727 1000|
|Charles Palmer / Dwight Burden / Leah Dudley||[email protected]|
Certain information in this announcement has not been audited or otherwise independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Company or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this announcement, or its contents, or otherwise arising in connection with this announcement.
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The Company does not undertake any obligation to update or keep current the information contained in this announcement, including any forward‑looking statements, or to correct any inaccuracies which may become apparent and any opinions expressed in it are subject to change without notice.
References in this announcement to other reports or materials, such as a website address, have been provided to direct the reader to other sources of information on Bloomsbury Publishing Plc which may be of interest. Neither the content of Bloomsbury’s website nor any website accessible by hyperlinks from Bloomsbury’s website nor any additional materials contained or accessible thereon, are incorporated in, or form part of, this announcement.
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