26 January 2022
Trading ahead of expectations
Bloomsbury Publishing Plc (LSE: BMY), the leading independent publisher, today gives a pre-year end trading update for the 12 months ending 28 February 2022.
Bloomsbury is pleased to announce that revenue is expected to be comfortably ahead and profit materially ahead of market expectations* for the year ending 28 February 2022.
Trading continued to be strong in the Consumer division, for both Adult and Children’s publishing.
A major milestone has been hit by Bloomsbury Digital Resources (“BDR”). We are delighted to announce that on 18 January 2022, we achieved the goal announced in May 2016 that we would create the BDR division which would generate £15 million of sales and £5 million of profit by the year ending 28 February 2022. Six years later we have done exactly that. Achieving this key long-term strategic goal, building high margin, quality revenues, demonstrates the strength and successful execution of our digital strategy.
BDR will benefit from the addition of further digital resources from the acquisition of ABC-CLIO LLC (“ABC-CLIO”). As previously announced, Bloomsbury completed the purchase of ABC-CLIO on 16 December 2021, for £17.3 million in cash. ABC-CLIO is an established academic publisher of reference, nonfiction, online curriculum and professional development materials in both print and digital formats for schools, academic libraries and public libraries, primarily in the USA. This acquisition is an excellent strategic fit with BDR and significantly accelerates the growth of Bloomsbury’s academic publishing in North America.
We will provide an update with our preliminary results in May 2022.
* The Board considers that the consensus market expectation for the year ending 28 February 2022 is currently revenue of £197.1 million and profit before taxation and highlighted items of £20.1 million.
For further information, please contact:
|Bloomsbury Publishing Plc|
|Nigel Newton, Chief Executive||[email protected]|
|Penny Scott-Bayfield, Group Finance Director||[email protected]|
|Hudson Sandler||+44 (0) 20 7796 4133|
|Dan de Belder / Hattie Dreyfus||[email protected]|
The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
The 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.
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Annual General Meeting
Preliminary announcement for the year ended 28 February 2023