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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Bloomsbury Publishing plc    BMY   GB0033147751

BLOOMSBURY PUBLISHING PLC

(BMY)
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Bloomsbury Interim Results: 'Record first half earnings performance'

10/27/2020 | 09:29am EST

BLOOMSBURY PUBLISHING PLC

("Bloomsbury" or "the Company")

Unaudited Interim Results for the six months ended 31 August 2020

Record first half earnings performance

Interim dividend declared

Bloomsbury, the leading independent publisher, today announces unaudited results for the six months ended 31 August 2020.

Commenting on the results, Nigel Newton, Chief Executive, said:

"Bloomsbury experienced excellent trading in the first half with year-on-year profit growth of 60% to £4.0 million. This has delivered our highest first half earnings since 2008 and exceeded the Board's expectations.

Online book sales and e-book revenues were significantly higher.

The Consumer division had an excellent performance with 17% revenue growth and a £2.1 million increase in profit before tax and highlighted items to £2.7 million. Stand-out bestsellers during the period included Why I'm No Longer Talking to White People about Race, Crescent City: House of Earth and Blood, White Rage, Humankind and Such A Fun Age.

In the Non-Consumer division, our strategy of developing online academic resources, conceived five years ago, meant we were well placed to benefit from the accelerated shift by academic institutions to digital products to support remote learning. We saw 47% growth in sales of Bloomsbury Digital Resources as a result.

Bloomsbury is in a strong financial position, with net cash of £44.1 million at 31 August 2020, as a result of excellent trading in the first half and the swift measures taken by the Board to control costs and strengthen Bloomsbury's balance sheet. The strength of our financial position meant that we continued to operate effectively, invest in new content, and build a strong pipeline of authors and titles. Bloomsbury is well positioned for the future, with sufficient working capital and significant headroom for acquisitions opportunities.

In light of our strong financial position and the importance of our dividend policy, we are resuming an interim dividend of 1.28 pence per share, in line with last year.

I would like to thank our staff, authors, illustrators, distributors and suppliers for their resilience, initiative and determination. They continue to be motivated, adaptable and effective, which is demonstrated by the strength of our first half performance. This, together with the strength of our publishing strategy supported by our solid financial position, gives me confidence in Bloomsbury's future performance."

Financial Highlights

· Revenues increased by 10% to £78.3 million (2019: £71.3 million)

- Profit before taxation and highlighted items1 grew by 60% to £4.0 million (2019: £2.5 million)

· Profit before taxation grew by £1.7 million to £3.0 million (2019: £1.3 million)

· Diluted earnings per share, excluding highlighted items1, grew by 55% to 4.13 pence (2019: 2.66 pence)2

· Diluted earnings per share grew by 131% to 2.87 pence (2019: 1.24 pence)2

· Net cash of £44.1 million at 31 August 2020, up £24.0 million from last year (2019: £20.1 million)

· Interim dividend of 1.28 pence per share (2019: 1.28 pence per share)

Operational Highlights

Consumer Division

- Consumer revenue growth of 17% to £48.6 million (2019: £41.5 million)

- Consumer profit before taxation and highlighted items1 increase of £2.1 million to £2.7 million (2019: £0.6 million)

- Excellent Adult Trade performance, with revenue up 16% to £18.8 million (2019: £16.2 million) and profit before taxation and highlighted items1 of £1.1 million (2019: £0.1 million loss)

- Excellent Children's Trade performance, with revenue up 18% to £29.8 million (2019: £25.3 million) and profit before taxation and highlighted items1 of £1.7 million (2019: £0.8 million)

· Strong sales of Sarah J. Maas front and backlist titles; Harry Potter sales were robust; encouraging growth in other Children's titles

Non-Consumer Division

- Non-Consumer revenues of £29.7 million (2019: £29.9 million)

- Resilient Academic & Professional performance, with Non-Consumer revenue within 1% of 2019 and profit before taxation and highlighted items1 of £1.4 million (2019: £1.8 million)

- Bloomsbury Digital Resources ("BDR") revenues up 47% to £5.6 million

- Strong growth in BDR products and Academic e-books, offset by an expected reduction in print sales

Note

1 Highlighted items comprise amortisation of acquired intangible assets and legal and other professional costs and restructuring costs relating to ongoing and completed acquisitions.

2 Restatement of earnings per share due to bonus issue of shares in the period.

For further information, please contact:

Bloomsbury Publishing Plc

Nigel Newton, Chief Executive

nigel.newton@bloomsbury.com

Penny Scott-Bayfield, Group Finance Director

penny.scott-bayfield@bloomsbury.com

Hudson Sandler

+44 (0) 20 7796 4133

Dan de Belder / Hattie Dreyfus

bloomsbury@hudsonsandler.com

.

(C) 2020 M2 COMMUNICATIONS, source M2 PressWIRE

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Sales 2021 162 M 220 M 220 M
Net income 2021 7,75 M 10,5 M 10,5 M
Net cash 2021 41,1 M 55,9 M 55,9 M
P/E ratio 2021 30,6x
Yield 2021 2,79%
Capitalization 235 M 319 M 320 M
EV / Sales 2021 1,20x
EV / Sales 2022 1,09x
Nbr of Employees 722
Free-Float 95,2%
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Average target price 300,00 GBX
Last Close Price 289,00 GBX
Spread / Highest target 10,7%
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Managers and Directors
NameTitle
John Nigel Newton Chief Executive Officer & Executive Director
Richard Peter Lambert Non-Executive Chairman
Penelope Samantha Juliette Scott-Bayfield Group Finance Director & Director
John Anthony Warren Senior Independent Non-Executive Director
Steven Richard Hall Independent Non-Executive Director
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