15 June 2022
Highest ever sales and profit
Bloomsbury, the leading independent publisher, today announces audited results for the year ended 28 February 2022. ahead of expectations.
Commenting on the results, Nigel Newton, Chief Executive, said:
“Bloomsbury achieved its highest ever results with sales up 24% to £230.1 million and profits up 40% to £26.7 million. Sales were up 41% and profits up 70% from two years ago. Both the Consumer and Non-Consumer divisions gave outstanding
and resilient performances, highlighting Bloomsbury’s unique strength in combining general and academic publishing.
The question on all of our minds was: would the pandemic surge in reading continue? We now know the answer: reading has become a reacquired habit and continues to thrive. The pandemic made us all re-evaluate how we spend our time and this has resulted
in an increase in sales of books that enable us to explore our hobbies and personal interests such as cooking, fitness, history and reading novels for enlightenment and escape. Our Academic sales have benefitted from the structural shift to online
learning. Our success continues to this date with good sales for Bloomsbury’s first quarter. The surge in reading, which seemed to be one of the only rays of light in the darkest days of the pandemic is perhaps now being revealed as permanent,
with the simple act of reading shedding light and giving joy to millions of people.
The Consumer division revenue grew by 25%, continuing the momentum of last year, and achieved a 25% increase in profit before tax and highlighted items1 to £17.8 million. The Non-Consumer division saw 23% revenue growth and a 68% increase
in profit before tax and highlighted items1 to £9.1 million. Consumer revenue was 53% higher and Non-Consumer revenue 24% higher than two years ago. Bloomsbury Digital Resources (“BDR”) outperformed the target set six
years ago of £15 million of sales and £5 million of profit, with sales of £18.6 million, up 50% on last year, and profit of £6.8 million, up £3.9 million on last year. Following this success, we have set ambitious new
growth targets for BDR.
Supporting our strong organic growth, we made three acquisitions during the year of ABC-CLIO LLC, the Red Globe Press list and Head of Zeus Limited.
In recognition of our strong performance and in line with our progressive dividend policy, the Board proposes a 24% increase in our final dividend to 9.40 pence per share.Trading for 2022/23 has started in line with the Board’s expectations. Bloomsbury plans to invest robustly in continued organic growth and further acquisitions based on our strong financial position and proven strategy.”
To view a full version of the results in
|2021/22||2020/21||2019/20||Growth 2021/22 vs 2020/21||Growth 2021/22 vs 2019/20|
|Revenue||£230.1 million||£185.1 million||£162.8 million||24%||41%|
|Organic revenue2||£212.7 million||£185.1 million||£162.8 million||15%||31%|
|Profit before taxation and highlighted items1||£26.7 million||£19.2 million||£15.7 million||40%||70%|
|Profit before taxation||£22.2 million||£17.3 million||£13.2 million||28%||68%|
|Adjusted diluted earnings per share||25.94 pence||18.68 pence||16.23 pence||39%||60%|
|Diluted earnings per share||20.33 pence||16.71 pence||13.40 pence||22%||52%|
|Net cash||£41.2 million||£54.5 million||£31.3 million||(24)%||32%|
|Final dividend||9.40 pence per share||7.58 pence per share||Bonus issue, value equivalent to 6.89 pence per share||24%||36%|
1 Highlighted items comprise amortisation of acquired intangible assets and legal and other professional costs relating to ongoing and completed acquisitions and restructuring costs. (2020/21 also included a grant under the US Government Paycheck Protection Program.)
2 Organic revenue for 2021/22 is defined as total revenue of £230.1m less revenue attributable to the acquisitions of HoZ, RGP and ABC-CLIO in the year. Organic profit for 2021/22 is defined as total profit before taxation and highlighted items of £26.7 million less profit attributable to the acquisitions of HoZ, RGP and ABC-CLIO in the year.
For further information, please contact:
Bloomsbury Publishing Plc
|Nigel Newton, Chief Executive|
Penny Scott-Bayfield, Group Finance Director
+44 (0) 20 7796 4133
|Dan de Belder / Hattie Dreyfus||[email protected]|
Certain statements, statistics and projections in this announcement are or may be forward looking. By their nature, forward‑looking statements involve a number of risks, uncertainties or assumptions that may or may not occur and actual results or events may differ materially from those expressed or implied by the forward-looking statements. Accordingly, no assurance can be given that any particular expectation will be met and reliance should not be placed on any forward-looking statement. Accordingly, forward-looking statements contained in this announcement regarding past trends or activities should not be taken as representation that such trends or activities will continue in the future. You should not place undue reliance on forward-looking statements, which are based on the knowledge and information available only at the date of this announcement’s preparation.
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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Annual General Meeting
Preliminary announcement for the year ended 28 February 2023