STRONGEST FIRST HALF PERFORMANCE SINCE 2008
- Profit before taxation and highlighted items increased by 60% to £4.0m on 10% revenue growth
- Reward from long-term digital resources strategy: benefitting from the accelerated shift by universities to digital learning
- Resilient Consumer demand - revenue up 17%
- Strong financial position, with £44.1m cash at 31/8/20
- Well positioned for future growth opportunities through acquisitions and investment in new content, boosted by our equity raise in April 2020
- Interim dividend of 1.28p, in line with last year
2
FINANCIAL HIGHLIGHTS
Change | Change CER3 | |||
H1 £m | 2020/21 | 2019/20 | % | % |
Revenue | 78.3 | 71.3 | 10% | 10% |
Pre-tax profit margin | 5.2% | 3.5% | ||
Pre-tax profit | 4.0 | 2.5 | 60% | 66% |
Effective tax rate2 | 17.3% | 17.7% | ||
Diluted EPS | 4.13p | 2.66p | 55% | 62% |
Net cash | 44.1 | 20.1 | 119% | 125% |
Interim dividend per share | 1.28p | 1.28p | - | |
Notes:
- The above results are adjusted by excluding highlighted items, comprising legal and professional costs relating to acquisitions (£0.1m) and amortisation of acquired intangible assets (£0.9m), which are shown on slide 29
- The effective tax rate is the adjusted rate used to calculate adjusted EPS. The reported rate in the period is 23.6% (2019/20: 25.6%)
- CER is results at constant exchange rates calculated by applying monthly average exchange rates for 2019/20 to the monthly results for 2020/21
3
RESULTS
BY PUBLISHING DIVISION
H1 Revenues as % total:
£m
Revenues H1 2020/21
Revenues H1 2019/20
Change %
Profit before tax H1 2020/21
Profit before tax H1 2019/20
Change %
Profit margin H1 2020/21
Profit margin H1 2019/20
Success of diversified portfolio strategy
62%38%
Consumer | Non-Consumer | |
48.6 | 29.7 | |
41.4 | 29.9 | |
17% | (1)% | |
2.7 | 1.4 | |
0.6 | 1.8 | |
321% | (21)% | |
5.6% | 4.9% | |
1.6% | 6.1% | |
Notes:
1. The above results are adjusted by excluding highlighted items of £1.0m, comprising legal and professional costs relating to acquisitions and amortisation of acquired intangible assets, which are shown on slide 29
4
REVENUE
BY SUB-DIVISION
H1 £m | 2020/21 | 2019/20 | Change % |
Adult | 18.8 | 16.1 | 16% |
Children's | 29.8 | 25.3 | 18% |
Total Consumer | 48.6 | 41.4 | 17% |
Academic & Professional | 20.1 | 19.9 | 1% |
Special Interest | 9.6 | 10.0 | (4)% |
Total Non-Consumer | 29.7 | 29.9 | (1)% |
Total revenue | 78.3 | 71.3 | 10% |
Excellent Adult performance with strong backlist sales
Excellent Children's results with front and backlist success
Demand for digital content with Digital Resources up 47%
H1 2020/21 | H1 2019/20 | ||
Special Interest | Special Interest | ||
12% | Adult | 14% | Adult |
24% | 23% | ||
Academic & | |||
Professional | Academic & | ||
26% | Professional | ||
28% | |||
Children's | Children's | ||
Children's | Children's | ||
38% | 35% | ||
38% | 35% | ||
5
DIVERSIFIED REVENUE
H1 £m | 2020/21 2019/20 | Change % | |
57.7 | 56.6 | 2% | |
E-books | 11.0 | 7.0 | 57% |
Audio | 1.0 | 0.4 | 139% |
BDR and other digital | 5.6 | 3.8 | 47% |
revenues | |||
Digital | 17.6 | 11.2 | 56% |
Total book sales | 75.3 | 67.8 | 11% |
Rights and services | 3.0 | 3.5 | (14)% |
Total revenue | 78.3 | 71.3 | 10% |
Rights &
services
4%
Digital
Strong demand for Consumer titles in print
Growth in e-books across Consumer and Academic
Demand for digital content with Digital Resources up 47%
Rights & services 13%
Strategic
22%
Digital
10%
investmentH1 2020/21 in Digital
Children's Print
xx%74%
FY14/15
Children's
35% Print
77%
6
STRONG BALANCE SHEET
£m | 31.8.20 | 31.8.19 |
Goodwill & acquired intangibles | 58.9 | 59.1 |
Internally generated intangibles | 7.9 | 7.2 |
Property, plant & equipment | 1.8 | 2.0 |
Tax balances: deferred & current | 1.6 | 1.8 |
Working capital (ex tax) | 47.7 | 54.3 |
Retirement benefit obligations | (0.1) | (0.2) |
Net impact of IFRS 16 | (1.5) | (1.3) |
US government loan | (1.3) | - |
Other | (0.5) | 0.2 |
114.5 | 123.1 | |
Net cash | 44.1 | 20.1 |
Net assets | 158.6 | 143.2 |
Tight control of stock continues to deliver: inventory reduces by £3.7m, 14%
Includes £25.1m advances and £26.4m inventory
Net adjustment from IFRS 16 implementation
US Government loan under the Paycheck Protection Program
Strong cash generation and £8.0m equity raise in April
7
CASHFLOW
H1 2020/21 £m
2.7
8.044.1
6.9 (1.9)
(1.4)
(1.5)
31.3
Opening | EBITDA | Tax | Capex | Acquisitions | Equity raise Other Working Closing balance | |
balance 29 Feb | Capital | 31 Aug |
H1 2019/20 £m
4.7 (0.6) (1.4)
(0.3) (5.1)
27.6 | (4.8) | |||
20.1
Opening | EBITDA | Tax | Capex | Acquisitions | Dividends Other Working Closing balance | |
balance 28 Feb | Capital | 31 Aug |
Royalty payments
-
H1 2020/21 of £10.4m
(H1 2019/20: £10.9m) - H2 2020/21 of £8.9m
(H2 2019/20: £7.2m)
Advances
- H1 2020/21 advances of £5.7m (H1 2019/20: £6.3m)
8
USING OUR STRONG FINANCIAL POSITION
PRIORITIES
- Investing for growth: o Acquisitions
- Bloomsbury Digital Resources
- New content
- Maintaining a robust balance sheet
- Dividends supported by strong cash cover
PROGRESS
Two acquisitions integrated
and actively considering opportunities
£0.5m capex in H1 2020/21 (H1 2019/20: £0.6m)
£5.7m invested in advances in period (H1 2019/20: £6.3m)
Cash of £44.1m at 31.8.20
Interim dividend of 1.28p
9
NON-CONSUMER: ACADEMIC &
PROFESSIONAL
Revenue - H1 £m | 2020/21 | 2019/20 | Change % | BDR revenues | |
grow | |||||
Core A&P | 13.3 | 14.9 | (10)% | ||
47% | |||||
Digital Resources (BDR) | 5.6 | 3.8 | 47% | ||
Children's Education | 1.2 | 1.2 | -% | ||
Total A&P | 20.1 | 19.9 | 1% | ||
Operating Profit - H1 £m | Resilient A&P: | ||||
2020/21 | 2019/20 | Change % | |||
digital growth | |||||
Core A&P | 0.4 | 1.5 | (76)% | ||
offsets reduced | |||||
Digital Resources (BDR) | 1.2 | 0.1 | 937% | ||
print sales | |||||
Children's Education | 0.3 | 0.3 | (10)% | ||
Total A&P | 1.9 | 1.9 | (1)% | ||
10
BLOOMSBURY DIGITAL RESOURCES
GROWING B2B DIGITAL REVENUES
H1 2020/21 achievements
Established products:
- Platform with highest contribution increases margin to 82%, up from 78%
- Digital customer retention rate maintained above 90%
Partnerships:
-
Taylor & Francis: two modules launched
and Human Kinetics: launched product with new module launching in H2 - New partnerships include Yale University Press, Liverpool University Press and the Stratford Festival
New products:
- Delivered 2 new products and 2 new modules in the first half
- On track to deliver a further 4 new modules in the second half
17% growth in subscription revenues to £2.1m,
now
36%
of total platform revenues
Revenue (£m)
6.0
5.0
4.0
3.0
2.0
1.0
0.0
FY16 H1 | FY17 H1 | FY18 H1 | FY19 H1 | FY20 H1 | FY21 H1 |
11
BLOOMSBURY DIGITAL RESOURCES
STRATEGICALLY POSITIONED FOR THE ACCELERATED SHIFT TO DIGITAL LEARNING
Increased rate of revenue growth:
- 47% YOY revenue growth for H1 2020/21
- 32% YOY revenue growth for 2019/20 full year
Increased demand:
- 1,382 institutions trialled products in H1 2020/21
- 498 institutions trialled products in the 2019/20 full year
An increase of 297% in the number of new customers acquired YTD compared to last year
12
NON-CONSUMER: SPECIAL INTEREST
- Total revenues of £9.6m (H1 2019/20: £10.0m)
- Key titles in the period include Wisden, the RSPB Guides, Reeds Nautical Almanac and the Field Guides to the Caterpillars of Great Britain
- New, more focused publishing strategy focusing on wildlife, nautical, wellness, games and military history, developing direct relationships with those communities
- Publishing in H2, the fifth edition of the RSPB Handbook of British Birds and the paperback edition of The Madness of Crowds by Douglas Murray
13
CONSUMER DIVISION: ADULT TRADE
Excellent results | Bestsellers |
- Revenues grow 16% to £18.8m (H1 2019/20: £16.2m)
- Profit of £1.1m (H1 2019/20: loss of £(0.1)m)
- Strong front and backlist sales
- Such a Fun Age and Apeirogon longlisted for the Booker Prize
- The Lives of Lucian Freud: Fame and The Haunting of Alma Fielding longlisted for the Baillie Gifford prize
- Raven Books, our crime and thriller imprint, shortlisted for the second year in a row by the Crime Writers Association
- Sunday Times bestseller Humankind by Rutger Bregman
- Sunday Times bestseller Such a Fun Age by Kiley Reid
- Number one Sunday Times bestseller list for seven weeks: Reni Eddo-Lodge'sWhy I'm No Longer Talking to White People about Race
- New York Times bestseller White Rage by Carol Anderson
14
CONSUMER DIVISION: CHILDREN'S TRADE
Excellent
results
Harry Potter
Sarah J. Maas
- Revenue growth of 18% to £29.8m (H1 2019/20: £25.3m)
- Profit of £1.7m (H1 2019/20: £0.8m)
- Sales of Harry Potter titles remain strong with first half sales 1% higher than last year
- Harry Potter and the Philosopher's Stone was the 5th bestselling Children's title on Nielsen BookScan in the UK, 23 years after first publication
- New titles for H2: Quidditch Through the Ages and Fantastic Beasts: The Wonder of Nature
- 4 more illustrated titles under contract with 4 more House editions to come
- Sarah J. Maas sales grew by 131%, with the release of Crescent City in March 2020. No new titles in the first half last year
- Crescent City: House of Earth and Blood was a New York Times and Sunday Times bestseller
- After A Court of Silver Flames - publishing in February 2021 - we have
4 future titles contracted, plus 2 novellas | 15 |
ENVIRONMENAL
GOAL: Continue to switch to renewable energy across all sites, with the goal of Net Zero emissions in line with the Paris Agreement.
H1 Progress:
- Appointed a Head of Sustainability, working with the Executive Committee Sponsor, to oversee green initiatives across Bloomsbury worldwide
- Our focus in H2 is to establish our targets to reduce Scope 1, 2 and 3 emissions. Scope 1 and 2 emissions are already being measured and we have appointed Trucost to further measure Scope 3 emissions
- Introduced our long-term flexible working policy to reduce emissions from staff travel
Resource use:
- Digital growth
- FSC paper
- Corporate support of Woodland Trust and Reforest'Action
Emissions:
- Better & more thorough measurement of supplier and internal usage
- Wider use of Print-on- demand technology: over 25,000 Bloomsbury titles
Innovation:
- Digital - BDR services allow millions of students access without using paper
16
SOCIAL
Bloomsbury's core business of publishing books to inform, educate and inspire is itself a social good
Workforce
- More employee communication , including Town Halls and employee voice meetings worldwide
- Support for transition to remote and flexible working
- Long-termflexible working strategy
- Improved Gender Pay Gap statistics
Diversity and Inclusion
- Expanded our Diversity and Inclusion ("D&I") networks globally
- Working in partnership with the Black Writers' Guild to increase diversity in staff and authors
- With our staff, we are working on recruitment, staff engagement, training and our networks
- With our publishing, we are proud to publish diverse voices and are working on our publishing strategy to improve our policy and practices
Community
- Published The Book of Hopes: Words and Pictures to Comfort, Inspire and Entertain Children, edited by Katherine Rundell. Free online, with a donation from the sale of each book going to NHS Charities Together
- Donated 10% of the sales of Reni Eddo-Lodge'sWhy I'm No Longer Talking to White People About Race between BTEG and Inquest, during Waterstones' Book of the Month
- National Literacy Trust - three year partnership
- Dishoom Partnership
Product Responsibility
- Award winning, highest standards of publishing, digital and print
- Best Education Publisher, IPG Awards, for the second year in a row
17
GOVERNANCE
Employees
- Focus on employee engagement; NEDs attend employee voice meetings
- Commitment to prioritising employee safety and welfare during the coronavirus pandemic
- Strategic HR initiatives including increased investment in staff development and focus on promoting diversity and inclusion within our workforce
Coronavirus
- Commitment to increased stakeholder engagement at Board and Senior Manager level
- Commitment to fair and ethical dealing with suppliers including supporting suppliers through the challenges of the coronavirus pandemic
Board
- Fully compliant with the UK Corporate Governance Code
- Commitment to board diversity and ongoing improvement in this area; 33% of Board members are women
Sustainability
- Acceleration of sustainability initiatives; increased focus on climate risks and TCFD recommendations
- Investment in community through charitable partnerships
Suppliers
- Commitment to high standards of ethical business conduct reflected in our contracts with suppliers
- Ongoing and frequent engagement with key suppliers, managed by Heads of relevant functional divisions
- Strengthened various supplier processes and controls
18
RESILIENCE OF PUBLISHING
- Well positioned for consumer shift to online purchasing
- Multi-platformapproach: ebooks, audio and print
- Popularity of reading in home-centred life
- Bloomsbury Digital Resources - academic content purposed for remote learning
- Strength of our IP and backlist
- Resilience in our staff and supply chain - delivering print and digital products
- Shift to more targeted and cost effective marketing, with less travel, fewer book fairs and conferences
19
LONG TERM GROWTH STRATEGY
Non-Consumer
- Grow Bloomsbury's portfolio in Non-Consumer publishing.
H1 Progress: Delivered 47% growth in Non-Consumer digital revenues
- Achieve BDR revenue of £15 million and profit of £5 million for 2021/22.
H1 Progress: Delivered £5.6m BDR revenue, up 47%, and £1.2m profit, up £1.1m
Consumer
- Discover, nurture, champion and retain high quality authors and illustrators in our Consumer division, while looking at new ways to leverage existing title rights.
H1 Progress: UK and US bestsellers across front and backlist titles
- Grow our key authors through effective publishing across all formats alongside strategic sales and marketing.
H1 Progress: Sales of Sarah J. Maas titles increased by 131%
-
As the originating publisher of J.K. Rowling's Harry Potter, to ensure that new children discover and read it for pleasure every year.
H1 Progress: Sales of Harry Potter titles remain healthy and the paperback edition of Harry Potter and the Philosopher's Stone was the fifth bestselling children's book of the year-to-date
International Expansion
- Expand international revenues and reduce reliance on UK market.
H1 Progress: Delivered overseas revenue of 67% of Group revenue; 70% of Academic BDR sales are international
20
LONG TERM GROWTH STRATEGY CONT.
Employee Experience and Engagement, Diversity and Inclusion
- To be an attractive employer for all individuals seeking a career in publishing regardless of background or identity.
- Focus on targeted initiatives to create an environment that nurtures talent, stimulates creativity and collaboration, is respectful of difference and supports well-being.
H1 Progress:
- Expanded our Diversity and Inclusion ("D&I") networks globally and appointed Baroness Young to advise Bloomsbury on further improving our practices:
- Staff: focus on recruitment, staff engagement, training and networks;
- Publishing: focus on diverse voices and our publishing strategy.
- Employee engagement: more and more frequent communication
- Led and supported our transition to remote and flexible working and, with staff, designed our long- term strategy for flexible working
Sustainability
- Continue to switch to renewable energy across all sites, with the goal of Net Zero emissions in line with the Paris Agreement.
H1 Progress: We appointed a Head of Sustainability, working with the Executive Committee Sponsor, to oversee green initiatives across Bloomsbury worldwide
21
2020/21: RECENT TRADING AND OUTLOOK
- Continued to trade well during the first six weeks of the second half
- Strong financial position with net cash of £44.1m
- Actively considering acquisition opportunities in line with our long-term growth strategy
- Sufficient working capital to be able to fulfil our long-term goals and deliver our growth strategy
- Well placed to benefit from increased demand for our digital resources and e- books
- We are confident about the future of publishing. The short-term is difficult to predict because of the pandemic
22
STRONG H2 PUBLISHING LIST
23
APPENDICES
24
ADJUSTED SEGMENTAL ANALYSIS
H1 2020/21
Children's | Adult | Total | Special | Total Non- | ||||||
£'000 | Trade | Trade | Consumer | A&P | Interest | Consumer | Total Group | |||
Print Sales | 25,222 | 14,152 | 39,374 | 81% | 10,430 | 7,883 | 18,313 | 62% | 57,687 | 74% |
Digital Sales | 3,391 | 4,401 | 7,792 | 16% | 8,569 | 1,264 | 9,833 | 33% | 17,625 | 22% |
Rights & Services | 1,154 | 283 | 1,437 | 3% | 1,084 | 454 | 1,538 | 5% | 2,975 | 4% |
Total revenue | 29,767 | 18,836 | 48,603 | 100% | 20,083 | 9,601 | 29,684 | 100% | 78,287 | 100% |
% of total | 38% | 24% | 62% | 26% | 12% | 38% | 100% | |||
UK | 16,223 | 11,318 | 27,541 | 57% | 15,940 | 7,174 | 23,114 | 78% | 50,655 | 65% |
US | 10,785 | 5,860 | 16,645 | 34% | 3,808 | 1,788 | 5,596 | 19% | 22,241 | 28% |
Australia | 2,175 | 1,377 | 3,552 | 7% | 215 | 614 | 829 | 3% | 4,381 | 6% |
India | 584 | 281 | 865 | 2% | 120 | 25 | 145 | -% | 1,010 | 1% |
Total revenue | 29,767 | 18,836 | 48,603 | 100% | 20,083 | 9,601 | 29,684 | 100% | 78,287 | 100% |
Gross margin | 13,765 | 9,631 | 23,396 | 13,069 | 4,771 | 17,840 | 41,236 | |||
Gross margin % | 46% | 51% | 48% | 65% | 50% | 60% | 53% | |||
Marketing and distribution | (3,824) | (2,647) | (6,471) | (1,945) | (1,426) | (3,371) | (9,842) | |||
Contribution pre admin | 9,941 | 6,984 | 16,925 | 11,124 | 3,345 | 14,469 | 31,394 | |||
Administrative expenses | (8,212) | (5,887) | (14,099) | (9,273) | (3,640) | (12,913) | (27,012) | |||
Operating profit/(loss)1 | 1,729 | 1,097 | 2,826 | 1,851 | (295) | 1,556 | 4,343 | |||
Operating profit/(loss) % | 6% | 6% | 6% | 9% | (3%) | 5% | 6% | |||
PBTA2 | 1,678 | 1,054 | 2,732 | 1,779 | (337) | 1,442 | 4,036 | |||
Notes:
1 Operating profit/(loss) includes £39,000 share of joint venture loss which is not allocated by division.
2 PBTA includes £99,000 of central net interest expense which are not allocated by division.
25
ADJUSTED SEGMENTAL ANALYSIS
H1 2019/20
Children's | Adult | Total | Special | Total Non- | ||||||
£'000 | Trade | Trade | Consumer | A&P | Interest | Consumer | Total Group | |||
Print Sales | 22,405 | 12,832 | 35,237 | 85% | 12,973 | 8,399 | 21,372 | 72% | 56,609 | 79% |
Digital Sales | 1,747 | 2,817 | 4,564 | 11% | 5,764 | 936 | 6,700 | 22% | 11,264 | 16% |
Rights & Services | 1,128 | 538 | 1,666 | 4% | 1,129 | 673 | 1,802 | 6% | 3,468 | 5% |
Total revenue | 25,280 | 16,187 | 41,467 | 100% | 19,866 | 10,008 | 29,874 | 100% | 71,341 | 100% |
% of total | 35% | 23% | 58% | 28% | 14% | 42% | 100% | |||
UK | 15,455 | 8,622 | 24,077 | 58% | 14,811 | 6,932 | 21,743 | 73% | 45,820 | 64% |
US | 6,496 | 5,518 | 12,014 | 29% | 4,473 | 2,089 | 6,562 | 22% | 18,576 | 26% |
Australia | 2,301 | 1,253 | 3,554 | 9% | 245 | 855 | 1,100 | 4% | 4,654 | 7% |
India | 1,028 | 794 | 1,822 | 4% | 337 | 132 | 469 | 1% | 2,291 | 3% |
Total revenue | 25,280 | 16,187 | 41,467 | 100% | 19,866 | 10,008 | 29,874 | 100% | 71,341 | 100% |
Gross margin | 11,299 | 7,274 | 18,573 | 13,345 | 4,911 | 18,256 | 36,829 | |||
Gross margin % | 45% | 45% | 45% | 67% | 49% | 61% | 52% | |||
Marketing and distribution | (3,665) | (2,600) | (6,265) | (2,179) | (1,335) | (3,514) | (9,779) | |||
Contribution pre admin | 7,634 | 4,674 | 12,308 | 11,166 | 3,576 | 14,742 | 27,050 | |||
Administrative expenses | (6,753) | (4,768) | (11,521) | (9,297) | (3,548) | (12,845) | (24,366) | |||
Operating profit/(loss) | 881 | (94) | 787 | 1,869 | 28 | 1,897 | 2,684 | |||
Operating profit/(loss) % | 3% | (1%) | 2% | 9% | 1% | 6% | 4% | |||
PBTA1 | 792 | (143) | 649 | 1,831 | (5) | 1,826 | 2,515 | |||
Notes:
- PBTA includes £40,000 of central net interest income which is not allocated by division.
- The Content Services division has been moved into the Special Interest division, with digital projects moved to the Academic & Professional
division. 2019/20 comparatives have been restated on the same basis. | 26 |
ADJUSTED SEGMENTAL ANALYSIS
H1 2020/21 AT CONSTANT EXCHANGE RATES
Children's | Adult | Total | Special | Total Non- | ||||||
£'000 | Trade | Trade | Consumer | A&P | Interest | Consumer | Total Group | |||
Print Sales | 25,177 | 14,131 | 39,308 | 81% | 10,427 | 7,877 | 18,304 | 62% | 57,612 | 74% |
Digital Sales | 3,336 | 4,374 | 7,710 | 16% | 8,567 | 1,264 | 9,831 | 33% | 17,541 | 22% |
Rights & Services | 1,143 | 282 | 1,425 | 3% | 1,088 | 455 | 1,543 | 5% | 2,968 | 4% |
Total revenue | 29,656 | 18,787 | 48,443 | 100% | 20,082 | 9,596 | 29,678 | 100% | 78,121 | 100% |
% of total | 38% | 24% | 62% | 26% | 12% | 38% | 100% | |||
UK | 16,223 | 11,318 | 27,541 | 57% | 15,940 | 7,174 | 23,114 | 78% | 50,655 | 65% |
US | 10,562 | 5,750 | 16,312 | 34% | 3,794 | 1,760 | 5,554 | 18% | 21,866 | 28% |
Australia | 2,250 | 1,420 | 3,670 | 7% | 222 | 635 | 857 | 3% | 4,527 | 6% |
India | 621 | 299 | 920 | 2% | 126 | 27 | 153 | 1% | 1,073 | 1% |
Total revenue | 29,656 | 18,787 | 48,443 | 100% | 20,082 | 9,596 | 29,678 | 100% | 78,121 | 100% |
Gross margin | 13,725 | 9,569 | 23,294 | 13,035 | 4,765 | 17,800 | 41,094 | |||
Gross margin % | 46% | 51% | 48% | 65% | 50% | 60% | 53% | |||
Marketing and distribution | (3,813) | (2,638) | (6,451) | (1,949) | (1,433) | (3,382) | (9,833) | |||
Contribution pre admin | 9,912 | 6,931 | 16,843 | 11,086 | 3,332 | 14,418 | 31,261 | |||
Administrative expenses | (8,132) | (5,830) | (13,962) | (9,178) | (3,591) | (12,769) | (26,731) | |||
Operating profit/(loss)1 | 1,780 | 1,101 | 2,881 | 1,908 | (259) | 1,649 | 4,491 | |||
Operating profit/(loss) % | 6% | 6% | 6% | 10% | (3%) | 6% | 6% | |||
PBTA2 | 1,729 | 1,058 | 2,787 | 1,836 | (302) | 1,534 | 4,183 | |||
Notes:
- Operating profit/(loss) includes £39,000 share of joint venture loss which is not allocated by division.
- PBTA includes £99,000 of central net interest expense which is not allocated by division.
3 | Constant exchange rate results for overseas subsidiaries are calculated using the monthly average exchange rate for | 27 |
the same period last year. |
ADJUSTED INCOME STATEMENT
Change | Change | |||
H1 £m | 2020/21 | 2019/20 | % | CER% |
Revenue | 78.3 | 71.3 | 10% | 10% |
Gross profit | 41.2 | 36.8 | 12% | |
Gross profit margin % | 52.7% | 51.6% | ||
Marketing and distribution costs | (9.8) | (9.8) | 1% | |
Marketing and distribution costs as % | ||||
revenue | 12.6% | 13.7% | ||
Administrative expenses | (27.1) | (24.3) | 11% | |
Operating profit | 4.3 | 2.7 | 62% | |
Operating profit margin % | 5.5% | 3.8% | ||
Net finance income | (0.3) | (0.2) | ||
Profit before tax | 4.0 | 2.5 | 60% | 66% |
Note:
1 The adjusted income statement excludes highlighted items of £1.0m: £0.9m for the amortisation of acquired intangible assets and £0.1m for legal and other professional costs relating to ongoing acquisitions, which are shown on slide 29
28
HIGHLIGHTED ITEMS
H1 2020/21
Amortisation of acquired intangible assets
£0.9m
H1 2019/20
Amortisation of acquired intangible assets
£0.9m
Legal and professional costs relating to acquisitions
£0.1m
Legal and professional costs relating to acquisitions
£0.3m
Total
£1.0m
Total
£1.2m
29
BLOOMSBURY DIGITAL RESOURCES: KEY
VERTICALS
Drama Online
Aurora Metro Books
BBC Drama Films & Documentaries
Core Collection
L.A. Theatre Works
Maxine Peake as Hamlet
Nick Hern Books Modern Plays
Shakespeare in the
Present
Shakespeare's Globe on Screen
Shakespeare's Heroes and Villains: Steve Berkoff
Stage on Screen
The Classic Spring Oscar Wilde Collection
The Donmar Shakespeare Trilogy
The Hollow Crown
The National Theatre Collection
The RSC Live Collection
Bloomsbury | Visual Arts | Screen Studies | ||
Fashion Central | ||||
Berg Fashion Library | Bloomsbury Applied | Screen Studies (Core | ||
Visual Arts | Collection) | |||
Bloomsbury Fashion | Bloomsbury Architecture | Screen Studies: BFI | ||
Film | ||||
Library | ||||
Classics | ||||
Fairchild Books Library | ||||
Bloomsbury Design | ||||
Screen Studies: BFI | ||||
Fashion Photography | Library | |||
Film | ||||
Archive | ||||
Bloomsbury Medieval | ||||
Studies Collection | ||||
Bloomsbury Fashion | ||||
Studies | ||||
Video Archive | ||||
Fairchild Books Interior | ||||
Design Library | ||||
Theology and Religion Online
T&T Clark Theology Library
T&T Clark Jesus Library
International
Encyclopedia of
Surrealism
30
BLOOMSBURY'S SUPPORT FOR NOT-FOR-PROFIT ORGANISATIONS
LEVERAGING OUR ACQUISITIONS
Acquisition | Year | Contributing to the following Bloomsbury Digital Resources |
Zed | 2020 | Bloomsbury Collections |
Oberon | 2019 | Bloomsbury Collections |
IB Tauris | 2018 | Bloomsbury Collections |
Family Law | 2016 | Bloomsbury Professional Online |
Hart | 2013 | Bloomsbury Collections; International Arbitration; Bloomsbury |
Professional Online | ||
AVA | 2012 | Bloomsbury Applied Visual Arts; Fairchild Books Library |
Fairchild | 2012 | Fairchild Books Library |
Bloomsbury Collections; Bloomsbury Encyclopaedia of | ||
Continuum | 2011 | Philosophers; Bloomsbury Education & Childhood Studies; |
Bloomsbury Popular Music; Screen Studies; Bloomsbury CPD for | ||
Teachers. | ||
Bristol Classical Press | 2010 | Bloomsbury Collections and forthcoming Classics product |
Bloomsbury Professional | 2009 | Bloomsbury Professional Online; Bloomsbury Collections |
Arden | 2008 | Drama Online |
Methuen | 2006 | Drama Online |
32
INTERIM DIVIDEND
Interim cash dividend in line with last year
0.60
Pence per share
1.21
0.89 0.94 0.98 1.02 1.06 1.10 1.15
0.66 0.70 0.75 0.78 0.81
1.28 1.28
30 Jun 05 | 30 Jun 06 | 30 Jun 07 | 30 Jun 08 | 30 Jun 09 | 30 Jun 10 | 31 Aug 11 | 31 Aug 12 | 31 Aug 13 | 31 Aug 14 | 31 Aug 15 | 31 Aug 16 | 31 Aug 17 | 31 Aug 18 | 31 Aug 19 | 31 Aug 20 |
6 months ended
Note: A one-off interim dividend of 3.91 pence per share was paid for the 12 month interim accounts ended 31 December 2010. These interim accounts were part of our transition from a December year end to a February year end.
33
BLOOMSBURY PUBLISHING
Innovative & | Rich in |
entrepreneurial | intellectual |
global publisher | property |
Growing | Editorial |
academic digital | and design |
revenues | excellence |
Strength of | Strong financial |
Harry Potter | position |
brand |
34
OTHER NOTES
All metrics and commentary in this presentation are at reported foreign exchange rates and include adjusting items unless stated otherwise
Adjusting items are highlighted in the financial statements and this presentation because in the opinion of the Directors, they provide additional understanding of the ongoing performance of the Group
The amortisation of acquired intangible assets has been highlighted in the financial results for the six months ended 31 August 2020
Certain financial data within this presentation has been rounded. All percentage movements are based on the results to the nearest thousand
35
INVESTOR RELATIONS CONTACTS
Nigel Newton | Chief Executive | Dan de Belder | |
Penny Scott-Bayfield| Group Finance | Hattie Dreyfus | |
Director | Hudson Sandler | |
50 Bedford Square | 25 Charterhouse Square | |
London | London | |
WC1B 3DP | EC1M 6AE | |
nigel.newton@bloomsbury.com | bloomsbury@hudsonsandler.com | |
penny.scott-bayfield@bloomsbury.com |
www.bloomsbury.com
www.twitter.com/bloomsburybooks www.facebook.com/bloomsburypublishing
www.youtube.com/bloomsburypublishing www.instagram.com/bloomsburypublishing
36
DISCLAIMER
The information in this presentation 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 presentation, or its contents, or otherwise arising in connection with this presentation.
This presentation does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase any shares in the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or investment decisions relating thereto, nor does it constitute a recommendation regarding the shares of the Company.
Certain statements, statistics and projections in this presentation 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 presentation 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 presentation's preparation.
The Company does not undertake any obligation to update or keep current the information contained in this presentation, 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 presentation 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 presentation.
37
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Bloomsbury Publishing plc published this content on 27 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2020 08:34:05 UTC