29 October 2019
Strong Non-Consumer growth and delivery of diversified strategy
Bloomsbury, the leading independent publisher, today announces unaudited results for the six months ended 31 August 2019.
The Group delivered an encouraging first half and performance is in line with the Board's expectations for the full year. Traditionally, sales of trade titles peak for Christmas and sales of academic titles at the beginning of the academic year in the Autumn. With our strong Consumer list in the second half, our sales are therefore expected to be even more second-half weighted than in previous years.
Commenting on the results, Nigel Newton, Chief Executive, said:
"Bloomsbury had an encouraging first half. The Academic & Professional division delivered an excellent performance with 9% revenue growth and profit before tax and highlighted items up £1.8 million. This included outstanding revenue growth of 73% from Bloomsbury Digital Resources, which has moved into profit. Drama Online is the premier reference resource in its field, and now includes our new partnership with the National Theatre.
The robust growth of the Non-Consumer division's revenue and profitability demonstrate the continued delivery of our diversified, international strategy. The Consumer division results are more heavily weighted to the second half this year, with our biggest titles, including the illustrated Harry Potter and the Goblet of Fire by J.K. Rowling and Jim Kay, published in October ahead of the peak Christmas period.
In Consumer, our very strong list for the second half, with 10 recent, current and potential bestsellers, includes William Dalrymple's The Anarchy, The Dutch House by Ann Patchett, the Dishoom cookbook, Tom Kerridge's new blockbuster in December, Lose Weight and Get Fit, and Sarah J. Maas' Crescent City: House of Earth and Blood. These follow bestsellers in the first half including Three Women by Lisa Taddeo, which was number one on the Sunday Times bestseller list for four weeks, and Mudlarking by Lara Maiklem.
Our strong financial position and good cash generation, with a £3.1 million increase in cash since 31 August 2018, give us significant opportunities for further acquisitions and investment in organic growth. With a proposed interim dividend increase of 6%, we are on track to deliver our 25th year of consecutive dividend growth.
The Group is performing in line with the Board's expectations for the full year."
To view a full version of the results in
* Highlighted items comprise amortisation of acquired intangible assets and legal and other professional costs and restructuring costs relating to ongoing and completed acquisitions.
** Exceptional comparator for the Consumer Division; last year included exceptional Cookery sales.
For further information, please contact:
|Bloomsbury Publishing Plc||+44 (0) 20 7631 5630|
|Nigel Newton, Chief Executive
Penny Scott-Bayfield, Group Finance Director
|Hudson Sandler||+44 (0) 20 7796 4133|
|Dan de Belder / Hattie Dreyfus||[email protected]|
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