26 October 2022
Record first half earnings
Interim dividend increased
Bloomsbury, the leading independent publisher, today announces unaudited results for the six months ended 31 August 2022.
Commenting on the results, Nigel Newton, Chief Executive, said:
“Bloomsbury achieved very strong results in the first half with year-on-year revenue growth of 22% to £122.9 million and profit growth of 23% to £15.9 million. These are our highest ever first half sales and profits. These results demonstrate the strength and resilience of our strategy of publishing for both the consumer and academic markets, our growth of digital revenues and our global diversification.
Throughout this cost of living crisis, books remain an affordable treat. Reading offers a form of escapism and an ideal – and inexpensive – therapy for dealing with the stresses and strains of day-to-day life.
The success of Bloomsbury Digital Resources (“BDR”) accelerated, with revenue growth of 69% driven by organic and acquired assets. This drove the Non-Consumer division’s revenue growth of 24% and a 54% increase in profit before tax and highlighted items1 to £7.1 million. Resilient demand saw the Consumer division revenue grow by 21%, achieving a 6% increase in profit before tax and highlighted items1 to £8.9 million.
Our financial position is strong, with net cash of £41.5 million. This gives us significant opportunities for further acquisitions and investment in organic growth.
In recognition of our performance and in line with our dividend policy, we are announcing a 5% increase in our interim dividend to 1.41 pence per share.
The strong first half performance means that we are confident of achieving the Board’s expectations for the year ending 28 February 2023.* The strength and resilience of Bloomsbury’s strategy and financial position means the Board is confident in its ability to achieve continued success. Bloomsbury plans to invest in further acquisitions and organic growth.”
|2022||2021||2020||Growth 2022 vs 2021||Growth 2022 vs 2020|
|Revenue||£122.9 million||£100.7 million||£78.3 million||22%||57%|
|Organic revenue2||£108.1 million||£96.3 million||£78.3 million||12%||38%|
|Profit before taxation and highlighted items1||£15.9 million||£12.9 million||£4.0 million||23%||295%|
|Profit before taxation||£12.9 million||£11.1 million||£3.0 million||17%||327%|
|Diluted earnings per share, excluding highlighted items1||15.30 pence||12.82 pence||4.13 pence||19%||270%|
|Diluted earnings per share||12.30 pence||10.41 pence||2.87 pence||18%||329%|
|Net cash||£41.5 million||£43.7 million||£44.1 million||(5)%||(6)%|
|Interim dividend||1.41 pence per share||1.34 pence per share||1.28 pence per share||5%||10%|
1 Highlighted items comprise amortisation of acquired intangible assets and legal and other professional costs relating to ongoing and completed acquisitions and restructuring costs.
2 Organic revenue for the half year is defined as total revenue of £122.9m (2021: £100.7m) less revenue attributable to the acquisitions of HoZ, RGP and ABC-CLIO.
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 / Amelia Craddock / Emily Brooker||[email protected]|
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.
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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Preliminary announcement for the year ended 28 February 2023