REG - BloomsburyPublishing - Audited Preliminary Results
23/05/2024 07:00
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RNS Number : 5499P Bloomsbury Publishing PLC 23 May 2024
BLOOMSBURY PUBLISHING PLC
("Bloomsbury" or "the Company")
Audited Preliminary Results for the year ended 29 February 2024
Success of portfolio of portfolios strategy leads to exceptional sales up 30%
and profits up 57% with full year dividend up 25%
Revenue and profit for 2024/25 upgraded
Bloomsbury Publishing Plc (LSE: BMY), the leading independent publisher, today
announces audited results for the year ended 29 February 2024.
Commenting on the results, Nigel Newton, Chief Executive, said:
"We had an outstanding year at Bloomsbury with exceptional trading leading to
the highest revenue and profit in Bloomsbury's 37 year history. Our sales are
up £79m, an increase of 30% from £264m to £343m. Profit is up £18m, an
increase of 57% from £31m to £49m. This dramatic increase arises from our
entrepreneurial diversification strategy which has forged a portfolio of
portfolios combining consumer and academic publishing across formats,
territories and subject areas, a resilient model delivering long-term success.
Consumer revenue growth was 49%. Recent success has been principally driven
by the increasing demand for fantasy fiction. Sarah J. Maas is a publishing
phenomenon and we are very fortunate to have signed her up with her first book
14 years ago. Her books have captivated a huge audience, supported by major
Bloomsbury promotional campaigns, driving strong word of mouth recommendation,
particularly through social media channels.
Bloomsbury Digital Resources increased sales to £27m and remains on course to
achieve its target of c.£37m turnover in 2027/28 though Non-Consumer sales
were slightly down by 4% to £93.4 million. Bloomsbury is well placed, despite
the end of US government COVID relief funding, to capitalise on the continued
structural shift to digital learning and is confident in the long-term growth
opportunities of the Non-Consumer division given the significant growth
projections for higher education. The World Bank estimates that globally there
will be 380 million higher education students by 2030, up from 220 million
students in 2021, which itself more than doubled the enrolment figures from
2000.
In recognition of this performance and in accordance with our progressive
dividend policy, the Board recommends a final dividend of 10.99 pence per
share, taking our full year dividend to 14.69 pence per share, an increase of
25% year on year.
Trading for 2024/25 is expected to be slightly ahead of current consensus
expectation(1). Expectations for 2024/25 reflect the exceptional performance
in 2023/24, and that we are not expecting to publish a new Sarah J. Maas title
in the year ending 28 February 2025. Last week, we won five awards at the
British Book Awards including Children's Publisher of the Year. Today we
launch Bloomsbury 2030, setting out our vision for the Company over the next
six years.
Bloomsbury has a clear strategy. Our strong cash generation and balance sheet
enables us to continue investing in innovative content and authors, as well as
capitalising on emerging opportunities. As a result of these strengths, the
genius of our authors and the skill of our people worldwide at our unique
combination of literary and scholarly publishing, we remain confident in
Bloomsbury's ability to deliver continued success."
Note
1. The Board considers consensus market expectation (before this
publication) for the year ending 28 February 2025 to be revenue of £283.6m
and profit before taxation and highlighted items of £35.4m.
For further information, please contact:
Bloomsbury Publishing Plc
Tamsin Garrity, Head of Investor Relations tamsin.garrity@bloomsbury.com
Hudson Sandler +44 (0) 20 7796 4133
Dan de Belder / Hattie Dreyfus / Emily Brooker bloomsbury@hudsonsandler.com
Financial Highlights
2023/24 2022/23 2021/22 '24 vs '23 '24 vs '22
Revenue £342.7m £264.1m £230.1m 30% 49%
Profit before taxation and highlighted items(1) £48.7m £31.1m £26.7m 57% 82%
Profit before taxation £41.5m £25.4m £22.2m 63% 87%
Adjusted diluted earnings per share 46.62p 30.56p 25.94p 53% 80%
Diluted earnings per share 39.11p 24.54p 20.33p 59% 92%
Net cash £65.8m £51.5m £41.2m 28% 59%
Final dividend per share 10.99p 10.34p 9.40p 6% 17%
Total dividend per share 14.69p 11.75p 10.74p 25% 37%
Operational Highlights
Consumer Division
● Consumer revenue growth of 49% to £249.2m (2022/23: £166.7m)
● Consumer profit before taxation and highlighted items(1) up 108% to £37.8m
(2022/23: £18.1m)
● Commercial and literary success across the portfolio with exceptional
performance from sales of Sarah J. Maas' titles, up 161%, Katherine Rundell,
Samantha Shannon and continued strong sales of Harry Potter, 26 years since
first publication
Non-Consumer Division
● Non-Consumer revenue was £93.4m (2022/23: £97.4m)
● Non-Consumer profit before taxation and highlighted items(1) was £9.9m
(2022/23: £13.1m)
● Academic & Professional revenue was £70.5m (2022/23: £75.7m) and profit
before taxation and highlighted items(1) was £9.3m (2022/23: £12.4m)
● Bloomsbury Digital Resources ("BDR") revenue growth of 2% to £26.6m (2022/23:
£26.2m)
● Reiterate BDR target to achieve c.£37m of turnover with 40% organic revenue
growth over five years to 2027/28.
Note
(1) Highlighted items comprise amortisation of acquired intangible assets and
legal and other professional costs relating to ongoing and completed
acquisitions and restructuring costs.
Disclaimer
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.
Chief Executive's statement
Overview
Bloomsbury, the literary and scholarly publisher, achieved the highest revenue
and profit in its 37 year history in the year ended 29 February 2024.
Bloomsbury delivered revenue growth of 30% to £342.7m (2022/23: £264.1m).
Group profit before taxation and highlighted items increased 57% to £48.7m
(2022/23: £31.1m). Profit before taxation increased by 63% to £41.5m
(2022/23: £25.4m). The highlighted items of £7.3m (2022/23: £5.7m) consist
of the amortisation of acquired intangible assets of £4.9m (2022/23: £5.2m),
one-off legal and other professional fees relating to acquisitions and
restructuring costs of £2.3m (2022/23: £0.5m). The effective rate of tax for
the year was 22.2% (2022/23: 20.3%). The adjusted effective rate of tax,
excluding highlighted items, was 21.0% (2022/23: 18.9%).
Diluted earnings per share, excluding highlighted items, grew 53% to 46.62p
(2022/23: 30.56p). Including highlighted items, profit before tax increased
to £41.5m (2022/23: £25.4m) and diluted earnings per share grew 59% to
39.11p (2022/23: 24.54p). The Board recommends a 6% increase in our final
dividend to 10.99p per share, taking our full year dividend to 14.69p per
share, an increase of 25% year on year.
We have once again demonstrated the extraordinary upside potential of consumer
publishing with Sarah J. Maas. Consumer revenue growth was 49%, outperforming
the UK trade market which was up 4% and the US trade market which was down
0.3% in 2023 (UK Publishers Association and Association of American Publishers
respectively, figures by value).
In Non-Consumer, Bloomsbury Digital Resources ("BDR") increased its sales by
2% to £26.6m against a backdrop of more normalised post COVID higher
education market. Our academic customer renewal rate remained at industry
leading levels of 90%. Critically, notwithstanding this market normalisation,
we remain confident in the long-term trends. BDR remains on course to achieve
its target of 40% organic revenue growth in the five years to 2027/28 to
deliver c.£37m turnover.
We have purposefully pursued a strategy of diversification across consumer and
academic publishing and within those have diversified across formats and
territories. This strategy has created a portfolio of portfolios - a model
that provides resilient growth and cash generation. We continue to focus on
capital allocation to accelerate the flywheel of Bloomsbury:
(1) Fortifying our existing business by investing in our Company, authors
and employees;
(2) Enhancing the diversification of our business to drive future
profitability, organically and through acquisitions; and,
(3) Retaining a strong balance sheet while rewarding shareholders through
our dividend.
Our diversification across formats has ensured expanding publishing through
digital channels, and we continue to expand our academic as well as consumer
markets. Our international revenues are 77% of total revenue. In Academic
subject areas, we provide resources across the Humanities, Social Sciences,
Visual Arts, and Performing Arts. Our Consumer lists are increasingly diverse,
with a sizeable presence in specific areas of non-fiction as well as
bestselling award-winning fiction lists for adults and children.
Bloomsbury is proud to have been recognised for our work on diversity by the
Small Cap Network by winning the Diversity, Inclusivity and Engagement Award.
In recognition of our progress on sustainability, Bloomsbury received the IPG
Sustainability Award and the LBF's inaugural Sustainability Initiative Award.
Consumer Division
The Consumer division consists of Adult publishing (fiction, non-fiction and
lifestyle) and Children's publishing (picture books, young fiction and
non-fiction, pre-school and illustrated non-fiction titles). The Consumer
division generated revenue growth of 49% to £249.2m (2022/23: £166.7m).
Profit before taxation and highlighted items increased by 108% to £37.8m
(2022/23: £18.1m). Profit before taxation increased by 110% to £37.4m
(2022/23: £17.8m).
Bloomsbury has again demonstrated the success and huge upside of consumer
publishing. The success of Sarah J. Maas continues with her 16(th) book with
Bloomsbury, Crescent City: House of Flame and Shadow, which became a global
No.1 bestseller on publication on 30 January 2024 and drove sales in her
backlist titles. Sarah J. Maas' sales grew by 161% year on year, cementing her
position as a publishing phenomenon. Desire by readers to immerse themselves
in the interwoven worlds Sarah J. Maas has created, has driven sales across
the Throne of Glass and A Court of Thorns and Roses (ACOTAR) series as well as
the most recent Crescent City series. This, alongside Bloomsbury's
innovative marketing, has enabled Sarah J. Maas' work to reach a wider
audience.
Harry Potter title sales remain strong, 26 years after first publication,
showing the enduring appeal of this classic series. Harry Potter and the
Philosopher's Stone was the No.1 bestselling Children's book of the year for
the first time since 2002 (UK Nielsen Bookscan). The Bloomsbury curated The
Harry Potter Wizarding Almanac was a No.1 Sunday Times Bestseller, a No.1 New
York Times Bestseller and was published in 37 languages with international
publishers.
Commercial and literary recognition for our authors continued, notably with:
● Katherine Rundell's Impossible Creatures being crowned Waterstones Book of the
Year 2023 and was a Sunday Times Bestseller.
● Louise Kennedy's Trespasses won the McKitterick Prize, the British Book Awards
Book of the Year - Debut Fiction and was a Times Bestseller.
● Ann Patchett's Tom Lake was a Sunday Times Bestseller.
● International No.1 bestseller Samantha Shannon's success with the 10(th)
anniversary reissue of The Bone Season, alongside continued success of The
Priory of the Orange Tree and A Day of Fallen Night.
● Poppy Cooks' The Actually Delicious Air Fryer Cookbook was a Sunday Times
Bestseller.
● Tom Kerridge's Pub Kitchen was a Sunday Times Bestseller.
● Isabella Tree's The Book of Wilding was a Sunday Times Bestseller.
● Peter Frankopan's The Earth Transformed was a No.2 Sunday Times Bestseller and
The Times Best History Book of 2023.
● Tan Twan Eng's The House of Doors was chosen as Book of the Year 2023 by the
Financial Times, New Statesman, New Yorker and Washington Post and was a
Sunday Times Bestseller.
● Ghosts: The Button House Archives companion book to the BBC TV series was an
instant Sunday Times Bestseller.
● Kidada E. Williams' I Saw Death Coming was longlisted for the US National Book
Award in Non-fiction and shortlisted for the Museum of African American
History's Stone Book Award.
● Johann Hari's Stolen Focus was the winner of the Porchlight Business Book
Award, chosen as one of the best books of the year by the Wall Street Journal,
Financial Times, New York Post and was a New York Times Bestseller.
● Trang Thanh Tran's She is a Haunting was a New York Times Bestseller.
● Martha Mumford and Cherie Zamazing's bestselling Bunny Adventures series in
which we published We're Going on a Ghost Hunt and We're Going to a Birthday
Party in 2023.
Non-Consumer Division
The Non-Consumer division consists of Academic & Professional, including
BDR, and Special Interest. Revenues in the division were £93.4m (2022/23:
£97.4m). Profit before taxation and highlighted items for the Non-Consumer
division was £9.9m (2022/23: £13.1m). Profit before taxation was £5.3m
(2022/23: £8.2m).
Non-Consumer Division: Academic & Professional
Academic & Professional revenues were £70.5m (2022/23: £75.7m) and
profit before taxation and highlighted items was £9.3m (2022/23: £12.4m).
Profit before taxation was £4.9m (2022/23: £7.8m).
Bloomsbury Academic focuses on Humanities and Social Sciences (HSS), including
Drama and Visual Arts with a strong digital offering. Our strategy means that
we have been well placed to capitalise on the market growth, which was
particularly strong through the pandemic, as Academic Institutions pivoted at
pace to digital learning. As we communicated in the 2023/24 interim results,
US Academic Institutions had received one-off benefits of additional
government funding during the pandemic, a funding environment that has since
normalised. BDR revenue has grown from £6.3m in 2018/19 to £26.6m in
2023/24. While the funding environment for Academic Institutions has evolved,
we remain confident in the structural shift to digital learning.
BDR revenues were £26.6m with growth of 2% (2022/23: 41%). Our BDR growth
strategy continues to build high margin, high quality, repeatable digital
revenue from our market leading Academic & Professional IP. We reiterate
our BDR target to reach c.£37m of sales with 40% organic revenue growth over
the five years to 2027/28.
Bloomsbury author Jon Fosse won The Nobel Prize in Literature in 2023. We are
proud to publish six collections of his plays in the UK and US, making him the
eighth Nobel Prize winner on Bloomsbury's Methuen Drama list, joining Peter
Handke, Dario Fo, Toni Morrison, Wole Soyinka, Luigi Pirandello, John
Galsworthy and George Bernard Shaw.
Non-Consumer Division: Special Interest
Special Interest revenue increased by 6% to £22.9m (2022/23: £21.7m) and
profit before taxation and highlighted items was £0.6m (2022/23: £0.6m).
Regular publications such as Wisden Cricketers' Almanack and Reeds Nautical
Almanac remain loved by enthusiasts.
Prizes include:
· The 2023 Wainwright Prize for Nature Writing, awarded to The Flow:
Rivers, Water and Wildness by Amy-Jane Beer.
· Waterstones Best Books of 2023 in European Politics, awarded to The
War Came To Us: Life and Death in Ukraine by Christopher Miller.
· Waterstones Best Book of 2023 in Sport, awarded to 1923: The Mystery
of Lot 212 and a Tour de France Obsession by Ned Boulting.
Cash and Financing
Bloomsbury's cash generation was strong with cash at the year-end of £65.8m
(2023: £51.5m) and cash conversion increased to 110% (2022/23: 107%).
The Group has an unsecured revolving credit facility with Lloyds Bank Plc. The
facility comprises a committed revolving credit facility of £20 million, and
an uncommitted incremental term loan facility of up to £20 million. At 29
February 2024, the Group had no draw down (2023: £nil) of this facility.
Acquisitions
Bloomsbury has a successful track record in strategic acquisitions, with 33
completed since inception. We are actively targeting and assessing further
acquisition opportunities in line with our long-term growth strategy,
particularly in Academic.
Dividend
Bloomsbury has a progressive dividend policy aiming to keep dividend earnings
cover in excess of two times, supported by strong cash cover. The Board is
recommending a final dividend of 10.99 pence per share, totalling £9.0m.
Together with the interim dividend, this makes a total dividend for 2023/24 of
14.69 pence per share, a 25.0% increase on the 11.75 pence value of the
dividend for 2022/23 and a 36.8% increase versus 2021/22.
Subject to Shareholder approval at our AGM on 16 July 2024, the final dividend
will be paid on 23 August 2024 to Shareholders on the register on the record
date of 26 July 2024.
Including the proposed 2023/24 final dividend, over the past ten years, the
dividend per share has increased at a compound annual growth rate of 9.7%.
Future Publishing
Our publishing list for 2024/25 is strong and includes:
· Stuart Turton's The Last Murder at the End of the World, published on
28 March 2024.
· Johann Hari's new title Magic Pill: The Extraordinary Benefits and
Disturbing Risks of the New Weight Loss Drugs, published on 2 May 2024.
· Samantha Shannon's new title The Mask Falling, the latest in the Bone
Season series, published on 9 May 2024.
· Gillian Anderson's new title Want to be published on 5 September
2024.
· The Golden Road: How Ancient India Transformed the World by William
Dalrymple, the co-host of the chart topping Empire podcast, will be published
on 12 September 2024.
· Harry Potter: A new illustrated gift book Christmas at Hogwarts will
be published on 15 October 2024, with text drawn directly from Harry Potter
and the Philosopher's Stone.
· Hugh Fearnley-Whittingstall's How to Eat 30 Plants A Week, published
on 9 May 2024.
· Tom Kerridge Cooks Britain, accompanying the TV series, will be
published on 6 June 2024.
· The new Bunny Adventures book by Martha Mumford and Cherie Zamazing
Hooray! It's our First Day will be published on 4 July 2024.
Bloomsbury 2030
Bloomsbury 2030 is the next stage of our ambitious growth strategy. To achieve
further success, we will focus on our growth, our portfolio and our people. To
drive our growth, we will use our strong financial position to fund further
acquisitions focused on Academic and US opportunities with digital potential.
Within our portfolio, we aim to become the most successful independent
Academic publisher in Humanities and Social Sciences, focusing on digital
publishing and resources, as well as building more brand authors and
continuing to discover, nurture, champion and retain high-quality authors and
illustrators. Our people goal is to be the best place to work in publishing
through an industry-leading focus on professional development programs,
training, systems and work practices.
Our strategy remains to invest in high value intellectual property and digital
channels, publish works of excellence and originality, and grow our
diversified portfolio of content and services across our Consumer and Academic
Divisions alongside international market expansion to build quality revenues
and increase earnings.
Board Changes and Evaluation
As announced today, Sir Richard Lambert has given notice of his intention to
retire as Chairman and step down as Director of the Company with effect from
the conclusion of the Annual General Meeting on 16 July 2024. John Bason,
current Independent Non-Executive Director, will succeed Richard as Chairman,
subject to re-election as director. Nigel Newton commented, "Sir Richard
Lambert has been an exceptional Chairman over the last seven years. We are
immensely grateful for his insight, sage and generous counsel and support,
which have helped Bloomsbury achieve so much during his tenure. Richard will
be succeeded by John Bason, subject to shareholder approval. John joined the
Board two years ago and brings a depth of financial and business knowledge to
help Bloomsbury reach its ambitious goals."
The Board conducts an annual formal evaluation of its performance. For
2023/24, this was an externally-facilitated evaluation, conducted by Value
Alpha Ltd, an independent advisory firm. The review's key findings were that
'Board and committee performance are strong; boardroom behaviours are
exemplary; the Board's governance approach successfully delivers effective
oversight; and, in overall terms, the Board's performance and effectiveness is
high.'
Current trading & Outlook
Trading for 2024/25 is expected to be slightly ahead of the current consensus
expectation(1).
Bloomsbury has six new books contracted with Sarah J. Maas, as announced in
March 2023. We are not expecting to publish a new title in the year ending 28
February 2025. Announcements regarding any new publication date will be made
by Bloomsbury in tandem with Sarah J. Maas announcing the date to her readers.
The Board is confident in the medium and long-term strategy for Consumer and
investing in Academic & Professional Publishing, with the benefits of
digital content. We continue to execute our strategy of diversification across
formats, territories and markets and our portfolio of portfolios strategy. Our
authors, customers, consistent performance, and the scale and resilience of
our business continue to underpin the confidence we have in the future.
Note
1. The Board considers consensus market expectation (before this
publication) for the year ending 28 February 2025 to be revenue of £283.6m
and profit before taxation and highlighted items of £35.4m.
Strategy Targets and Performance in 2023/24
Bloomsbury's long-term growth strategy remains to invest in high value
intellectual property and digital channels, publish works of excellence and
originality, and grow our diversified portfolio of content and services across
our Consumer and Non-Consumer Divisions to build quality revenues and increase
earnings. Bloomsbury is committed to playing its part in shaping a more
sustainable, equitable and inclusive world, and this commitment informs our
strategic priorities. We are focused the following long-term strategic
objectives to deliver against our strategy:
· Non-Consumer
o Goal: Grow Bloomsbury's portfolio in Non-Consumer publishing.
Non-Consumer publishing is characterised by higher, more predictable margins,
is less reliant on retailers and presents greater digital and global
opportunities.
Achieved 2023/24: Delivered £93.4m in Non-Consumer revenue.
o Goal: BDR target to achieve 40% organic revenue growth over the five years
from 2022/23 to 2027/28, to reach c. £37m turnover.
Achieved 2023/24: Delivered £26.6m revenue and 322% growth over five years.
· Consumer
o Goal: Discover, nurture, champion and retain high-quality authors and
illustrators, while championing new ways to leverage existing title rights.
Achieved 2023/24: Delivered 49% growth in Consumer Division revenue.
Bestsellers included Katherine Rundell's Impossible Creatures, Louise
Kennedy's Trespasses, Ann Patchett's Tom Lake, Samantha Shannon's 10(th)
anniversary reissue of The Bone Season, The Priory of the Orange Tree and A
Day of Fallen Night and Martha Mumford and Cherie Zamazing's Bunny Adventures
series.
o Goal: Grow our key authors through effective publishing across all formats
alongside strategic sales and marketing.
Achieved 2023/24: 161% growth in revenue from sales of Sarah J. Maas titles.
Sarah J. Maas' new title Crescent City: House of Flame and Shadow became a
global No.1 bestseller on publication on 30 January 2024 and drove sales in
her backlist titles. Bloomsbury has six new titles contracted.
o Goal: As the originating publisher of J.K. Rowling's Harry Potter series,
ensure that new children discover and read it for pleasure every year.
Achieved 2023/24: Harry Potter title sales remain strong, 26 years after first
publication. Harry Potter and the Philosopher's Stone was the UK's No.1
bestselling children's book of the year for the first time since 2002. The
Bloomsbury conceived The Harry Potter Wizarding Almanac was a No.1 Sunday
Times bestseller and a No.1 New York Times bestseller.
· International Expansion
o Goal: Expand international revenues. Continue our international growth and
take advantage of the biggest academic market in the US.
Achieved 2023/24: International revenues increased to 77% of Group revenue
(2022/23: 73%). US revenues increased to 56% of Group revenue (2022/23: 48%).
· Employee Experience and Engagement; Diversity, Equity and Inclusion
Our success is driven by the expertise, passion and commitment of our
employees, highlighting the importance of attracting, supporting and engaging
them. We value diversity of thought, perspectives and experience in shaping
our culture and strategy, driving our long-term success and informing the ways
in which we fulfil our social purpose.
o Goal: Be an attractive employer for individuals seeking a career in
publishing, regardless of background or identity, adding cultural value to our
business operations and performance.
o Goal: Focus on initiatives to create an environment that promotes
diversity, nurtures talent, stimulates creativity and collaboration, supports
well-being and is inclusive and respectful of difference.
o Goal: Implement Bloomsbury's Diversity, Equity and Inclusion Action Plan.
Achieved 2023/24: Won the Small Cap Network Diversity, Inclusivity and
Engagement Award
Achieved 2023/24: Bloomsbury rolled out its Career Framework initiative to all
employees in the US and UK, a transparent and fair pay and grading structure
underpinning our reward scheme and career progression programme.
Achieved 2023/24: All employees received a one-off £1,250 payment to share in
our exceptional performance, in addition to the groupwide bonus scheme.
Achieved 2023/24: Delivered a new comprehensive medical insurance plan for UK
employees.
Achieved 2023/24: Launched the Bloomsbury Writer's Mentorship Programme, to
support unpublished, underrepresented fiction writers. The programme is open
to people of colour, those from lower socio-economic backgrounds, those living
with a disability and those from the LGBTQ+ community. Proving the importance
of integrating with this community, Bloomsbury received 800 entries in the
first year and announced its first winner, Alice McCusker, in March 2024.
Achieved 2023/24: Launched the Bloomsbury Academic Writing Fellowship, open to
UK-based authors and researchers with African or African Caribbean heritage,
to uncover new authors and give new voices a platform. This was awarded to
Fellow Tionne Alliyah Parris who will receive an editorial mentorship, £1,000
financial support, practical resources and event and networking opportunities.
Achieved 2023/24: Launched the Academic & Professional Widening Access
Fund pilot, to provide financial support for authors who may not otherwise be
able to publish with us.
Achieved 2023/24: Official partner of The Runnymede Trust's Lit in Colour
initiative, supporting the increase in students' access to books by writers of
colour and those from minority ethnic backgrounds, drawing on our
world-leading drama list from Methuen Drama. As official partner of the Lit in
Colour initiative, in November 2023 Bloomsbury launched 'The (Incomplete) Lit
in Colour Play List' with 57 plays from an eventual 172. Lit in Colour won
Outstanding Drama Initiative 2024 at the Music and Drama Education Awards.
· Sustainability
o Goal: Maximise our use of sustainable resources while seeking to reduce
carbon emissions in line with our science-based targets. We recognise our
responsibility to conserve the Earth's resources and we are committed to
monitoring and improving the environmental impact of our operations.
Achieved 2023/24: Bloomsbury is delighted to have received the IPG
Sustainability Award and the London Book Fair inaugural Sustainability
Initiative Award.
Achieved 2023/24: 77% reduction in Scope 1 and 2 emissions in four years.
Achieved 2023/24: Completed the CDP Climate Change questionnaire, receiving
the second highest score of B, demonstrating our coordinated response to
climate change.
Audited Consolidated Income Statement
FOR THE YEAR ENDED 29 FEBRUARY 2024
Year ended Year ended
29 February 28 February
2024 2023
Notes £'000 £'000
Revenue 2 342,651 264,102
Cost of sales (148,062) (119,191)
Gross profit 194,589 144,911
Marketing and distribution costs (49,769) (32,529)
Administrative expenses (104,171) (86,551)
Share of result of joint venture (46) (228)
Operating profit before highlighted items 47,856 31,286
Highlighted items 3 (7,253) (5,683)
Operating profit 40,603 25,603
Finance income 1,300 270
Finance costs (408) (458)
Profit before taxation and highlighted items 48,748 31,098
Highlighted items 3 (7,253) (5,683)
Profit before taxation 41,495 25,415
Taxation 4 (9,200) (5,171)
Profit for the year attributable to owners of the Company 32,295 20,244
Earnings per share attributable to owners of the Company
Basic earnings per share 6 39.77p 24.94p
Diluted earnings per share 6 39.11p 24.54p
Audited Consolidated Statement of Comprehensive Income
FOR THE YEAR ENDED 29 FEBRUARY 2024
Year ended Year ended
29 February 28 February
2024 2023
£'000 £'000
Profit for the year 32,295 20,244
Other comprehensive income
Items that may be reclassified to the income statement:
Exchange differences on translating foreign operations (4,677) 7,464
Items that may not be reclassified to the income statement:
Remeasurements on the defined benefit pension scheme 17 -
Other comprehensive income for the year net of tax (4,660) 7,464
Total comprehensive income for the year attributable to the owners of the 27,635 27,708
Company
Items in the statement above are disclosed net of tax.
Audited Consolidated Statement of Financial Position
AS AT 29 FEBRUARY
2024
29 February 28 February
2024 2023
Notes £'000 £'000
Assets
Goodwill 48,309 48,656
Other intangible assets 31,966 38,243
Property, plant and equipment 2,203 2,503
Right-of-use assets 7,559 9,126
Deferred tax assets 13,692 7,928
Trade and other receivables 7 790 934
Total non-current assets 104,519 107,390
Inventories 36,678 43,364
Trade and other receivables 7 164,796 112,819
Cash and cash equivalents 65,750 51,540
Total current assets 267,224 207,723
Total assets 371,743 315,113
Liabilities
Deferred tax liabilities 2,693 3,115
Lease liabilities 6,516 8,570
Provisions 534 334
Total non-current liabilities 9,743 12,019
Trade and other liabilities 151,979 111,620
Lease liabilities 2,388 2,082
Current tax liabilities 4,025 790
Provisions 1,157 764
Total current liabilities 159,549 115,256
Total liabilities 169,292 127,275
Net assets 202,451 187,838
Equity
Share capital 1,020 1,020
Share premium 47,319 47,319
Translation reserve 10,914 15,591
Other reserves 12,801 10,870
Retained earnings 130,397 113,038
Total equity attributable to owners of the Company 202,451 187,838
Audited Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 29 FEBRUARY 2024
Share capital £'000 Share premium £'000 Translation reserve Merger reserve £'000 Capital redemption reserve Share-based payment reserve £'000 Own shares held by EBT £'000 Retained Total equity £'000
£'000 £'000 earnings £'000
At 28 February 2022 1,020 47,319 8,127 1,803 22 9,492 (2,552) 103,738 168,969
Profit for the year - - - - - - - 20,244 20,244
Other comprehensive income
Exchange differences on translating foreign operations - - 7,464 - - - - - 7,464
Total comprehensive income for the year - - 7,464 - - - - 20,244 27,708
Transactions with owners
Dividends to equity holders of the Company - - - - - - - (8,752) (8,752)
Purchase of shares by the Employee Benefit Trust
- - - - - - (1,669) - (1,669)
Share options exercised - - - - - - 2,539 (2,273) 266
Deferred tax on share-based payment transactions - - - - - - - 81 81
Share-based payment transactions - - - - - 1,235 - - 1,235
Total transactions with owners of the Company - - - - - 1,235 870 (10,944) (8,839)
At 28 February 2023 1,020 47,319 15,591 1,803 22 10,727 (1,682) 113,038 187,838
Profit for the year - - - - - - - 32,295 32,295
Other comprehensive income
Exchange differences on translating foreign operations - - (4,677) - - - - - (4,677)
Remeasurements on the defined benefit pension scheme - - - - - - - 17 17
Total comprehensive income for the year - - (4,677) - - - - 32,312 27,635
Transactions with owners
Dividends to equity holders of the Company - - - - - - - (11,348) (11,348)
Purchase of shares by the Employee Benefit Trust - - - - - - (2,814) - (2,814)
Share options exercised - - - - - - 3,732 (3,321) 411
Share options cancelled - - - - - - - (636) (636)
Deferred tax on share-based payment transactions - - - - - - - (205) (205)
Share-based payment transactions - - - - - 1,013 - 557 1,570
Total transactions with owners of the Company - - - - - 1,013 918 (14,953) (13,022)
At 29 February 2024 1,020 47,319 10,914 1,803 22 11,740 (764) 130,397 202,451
Audited Consolidated Statement of Cash Flows
FOR THE YEAR ENDED 29 FEBRUARY 2024
Year ended Year ended
29 February 28 February
2024 2023
£'000 £'000
Cash flows from operating activities
Profit for the year 32,295 20,244
Adjustments for:
Depreciation of property, plant and equipment 852 659
Depreciation of right-of-use assets 2,052 2,114
Amortisation of intangible assets 10,434 9,687
Loss on disposal of property, plant and equipment 157 13
Loss on disposal on intangible assets 169 107
Finance income (1,300) (270)
Finance costs 408 458
Share of loss of joint venture 46 228
Share-based payment charges 1,807 1,601
Tax expense 9,200 5,171
56,120 40,012
Decrease/(increase) in inventories 4,927 (7,557)
(Increase) in trade and other receivables (54,383) (3,226)
Increase in trade and other liabilities 43,881 4,033
Cash generated from operating activities 50,545 33,262
Income taxes paid (12,929) (6,640)
Net cash generated from operating activities 37,616 26,622
Cash flows from investing activities
Purchase of property, plant and equipment (737) (818)
Purchase of intangible assets (5,097) (5,165)
Purchase of business, net of cash acquired - (72)
Purchase of rights to assets - (633)
Purchase of share in a joint venture (46) (183)
Interest received
1,266 253
Net cash used in investing activities (4,614) (6,618)
Cash flows from financing activities
Equity dividends paid (11,348) (8,752)
Purchase of shares by the Employee Benefit Trust (2,814) (1,669)
Proceeds from exercise of share options 411 266
Cancellations of share options (636) -
Repayment of lease liabilities (2,219) (2,226)
Lease liabilities interest paid (325) (390)
Net cash used in financing activities (16,931) (12,771)
Net increase in cash and cash equivalents 16,071 7,233
Cash and cash equivalents at beginning of year 51,540 41,226
Exchange (loss)/gain on cash and cash equivalents (1,861) 3,081
Cash and cash equivalents at end of year 65,750 51,540
NOTES
1. Accounting policies
a) Basis of Preparation
The financial information set out above does not constitute the Company's
statutory accounts for the years ended 29 February 2024 or 28 February 2023
but is derived from those accounts. Statutory accounts for 2023 have been
delivered to the registrar of companies, and those for 2024 will be delivered
in due course. The auditor has reported on those accounts; their reports were
(i) unqualified, (ii) did not include a reference to any matters to which the
auditor drew attention by way of emphasis without qualifying their report and
(iii) did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006.
The Group financial statements were prepared in accordance with UK-adopted
international accounting standards and the requirements of the Companies Act
2006. Except as described below, the accounting policies applied in the year
ended 29 February 2024 are consistent with those applied in the financial
statements for year ended 28 February 2023 with the exception of a number of
new accounting standards and amendments which have not had a material impact
on the Group's results.
b) Going concern
The Directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence at least 12 months from the
date of this preliminary announcement, being the period of the detailed going
concern assessment reviewed by the Board, and therefore continue to adopt the
going concern basis of accounting in preparing the condensed consolidated
financial statements.
The Board has modelled a severe but plausible downside scenario. This assumes:
· Print revenues are reduced by 20% during 2024/2025, with recovery
during 2025/2026;
· Digital revenues are reduced by 20% during 2024/2025, with recovery
during 2025/2026;
· Print costs are increased by 2% from 2024/2025 and staff costs are
increased by 2% from 2025/2026;
· Downside assumptions about extended debtor days during 2024/2025,
with recovery during 2025/2026;
· Cash preservation measures implemented and variable costs reduced.
At 29 February 2024, the Group had available liquidity of £85.8 million,
comprising central cash balances and its undrawn £20.0 million Revolving
Credit Facility ("RCF"). The RCF agreement is to November 2026. Under the
severe but plausible downside scenario, the Group would maintain sufficient
liquidity headroom even before modelling the mitigating effect of actions that
management would take in the event that these downside risks were to
crystallise.
The Group has an unsecured revolving credit facility with Lloyds Bank Plc. At
29 February 2024, the Group had £nil draw down (2023: £nil) of this facility
with £20.0 million of undrawn borrowing facilities (2023: £10.0 million)
available.
The facility comprises a committed revolving credit facility of £20 million,
and an uncommitted incremental term loan facility of up to £20 million. The
facilities are subject to two covenants, being a maximum net debt to EBITDA
ratio of 2.5x and a minimum interest cover covenant of 4x.
2. Revenue and segmental analysis
The Group is comprised of two worldwide publishing divisions: Consumer and
Non-Consumer, reflecting the core customers for our different operations. The
Consumer division is split into two operating segments: Children's Trade and
Adult Trade, and Non-Consumer is split into two operating segments: Academic
& Professional and Special Interest.
Each reportable segment represents a cash-generating unit for the purpose of
impairment testing. We have allocated goodwill between reportable segments.
These divisions are the basis on which the Group primarily reports its segment
information. Segments derive their revenue from book publishing, sale of
publishing and distribution rights, management and other publishing services.
The analysis by segment is shown below:
Children's Trade Adult Trade Consumer Academic & Professional Special Interest Non-Consumer Unallocated Total
Year ended 29 February 2024 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
External revenue 191,329 57,874 249,203 70,501 22,947 93,448 - 342,651
Cost of sales (83,154) (32,194) (115,348) (21,991) (10,723) (32,714) - (148,062)
Gross profit 108,175 25,680 133,855 48,510 12,224 60,734 - 194,589
Marketing and distribution costs (31,235) (9,377) (40,612) (5,912) (3,245) (9,157) - (49,769)
Contribution before administrative expenses 76,940 16,303 93,243 42,598 8,979 51,577 - 144,820
Administrative expenses excluding highlighted items (35,875) (19,401) (55,276) (33,260) (8,382) (41,642) - (96,918)
Share of result of joint venture - - - - - - (46) (46)
Operating profit/(loss) before highlighted items/segment results 41,065 (3,098) 37,967 9,338 597 9,935 (46) 47,856
Amortisation of acquired intangible assets - (359) (359) (4,373) (200) (4,573) - (4,932)
Other highlighted items - - - - - - (2,321) (2,321)
Operating profit/(loss) 41,065 (3,457) 37,608 4,965 397 5,362 (2,367) 40,603
Finance income - - - 41 - 41 1,259 1,300
Finance costs (124) (81) (205) (88) (33) (121) (82) (408)
Profit/(loss) before taxation and highlighted items 40,941 (3,179) 37,762 9,291 564 9,855 1,131 48,748
Amortisation of acquired intangible assets - (359) (359) (4,373) (200) (4,573) - (4,932)
Other highlighted items - - - - - - (2,321) (2,321)
Profit/(loss) before taxation 40,941 (3,538) 37,403 4,918 364 5,282 (1,190) 41,495
Taxation - - - - - - (9,200) (9,200)
Profit/(loss) for the year 40,941 (3,538) 37,403 4,918 364 5,282 (10,390) 32,295
Operating profit/(loss) before highlighted items/segment results 41,065 (3,098) 37,967 9,338 597 9,935 (46) 47,856
Depreciation 1,088 706 1,794 864 246 1,110 - 2,904
Amortisation of internally generated intangibles 533 750 1,283 3,225 337 3,562 - 4,845
EBITDA before highlighted items 42,686 (1,642) 41,044 13,427 1,180 14,607 (46) 55,605
Children's Trade Adult Trade Consumer Academic & Professional Special Interest Non-Consumer Unallocated Total
Year ended 28 February 2023 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
External revenue 108,897 57,796 166,693 75,749 21,660 97,409 - 264,102
Cost of sales (56,205) (30,473) (86,678) (22,578) (9,935) (32,513) - (119,191)
Gross profit 52,692 27,323 80,015 53,171 11,725 64,896 - 144,911
Marketing and distribution costs (14,882) (9,455) (24,337) (5,364) (2,828) (8,192) - (32,529)
Contribution before administrative expenses 37,810 17,868 55,678 47,807 8,897 56,704 - 112,382
Administrative expenses excluding highlighted items (20,497) (16,835) (37,332) (35,296) (8,240) (43,536) - (80,868)
Share of result of joint venture - - - - - - (228) (228)
Operating profit/(loss) before highlighted items/segment results 17,313 1,033 18,346 12,511 657 13,168 (228) 31,286
Amortisation of acquired intangible assets - (352) (352) (4,660) (214) (4,874) - (5,226)
Other highlighted items - - - - - - (457) (457)
Operating profit/(loss) 17,313 681 17,994 7,851 443 8,294 (685) 25,603
Finance income - - - 50 - 50 220 270
Finance costs (144) (81) (225) (125) (40) (165) (68) (458)
Profit/(loss) before taxation and highlighted items 17,169 952 18,121 12,436 617 13,053 (76) 31,098
Amortisation of acquired intangible assets - (352) (352) (4,660) (214) (4,874) - (5,226)
Other highlighted items - - - - - - (457) (457)
Profit/(loss) before taxation 17,169 600 17,769 7,776 403 8,179 (533) 25,415
Taxation - - - - - - (5,171) (5,171)
Profit/(loss) for the year 17,169 600 17,769 7,776 403 8,179 (5,704) 20,244
Operating profit/(loss) before highlighted items/segment results 17,313 1,033 18,346 12,511 657 13,168 (228) 31,286
Depreciation 930 659 1,589 950 234 1,184 - 2,773
Amortisation of internally generated intangibles 487 629 1,116 3,023 322 3,345 - 4,461
EBITDA before highlighted items 18,730 2,321 21,051 16,484 1,213 17,697 (228) 38,520
External revenue by source
United Kingdom North America Australia India Total
£'000 £'000 £'000 £'000 £'000
Year ended 29 February 2024 143,672 177,311 16,285 5,383 342,651
Year ended 28 February 2023 144,632 98,294 16,145 5,031 264,102
During the year sales to one customer exceeded 10% of Group revenue (2023: one
customer). The value of these sales was £106,155,000 (2023: £68,856,000).
External revenue by product type
Year ended 29 February 2024 Children's Trade Adult Trade £'000 Consumer £'000 Academic & Professional Special Interest £'000 Non-Consumer £'000 Total
£'000 £'000 £'000
Print 155,016 43,866 198,882 28,505 18,804 47,309 246,191
Digital 32,236 12,116 44,352 38,940 2,439 41,379 85,731
Rights and Services(1) 4,077 1,892 5,969 3,056 1,704 4,760 10,729
Total 191,329 57,874 249,203 70,501 22,947 93,448 342,651
Year ended 28 February 2023 Children's Trade Adult Trade £'000 Consumer £'000 Academic & Professional Special Interest £'000 Non-Consumer £'000 Total
£'000 £'000 £'000
Print 90,481 44,702 135,183 32,942 17,841 50,783 185,966
Digital 13,599 11,374 24,973 39,051 2,293 41,344 66,317
Rights and Services(1) 4,817 1,720 6,537 3,756 1,526 5,282 11,819
Total 108,897 57,796 166,693 75,749 21,660 97,409 264,102
(1) Rights and Services revenue includes revenue from copyright and trademark
licences, management contracts, advertising and publishing services.
Total assets
29 February 28 February
2024 2023
£'000 £'000
Children's Trade 17,246 19,569
Adult Trade 12,104 14,493
Academic & Professional 71,186 77,918
Special Interest 13,043 14,381
Unallocated 258,164 188,752
Total assets 371,743 315,113
Unallocated primarily represents centrally held assets including system
development, property plant and equipment, right-of-use assets, receivables
and cash.
Analysis of non-current assets (excluding deferred tax assets and financial
instruments) by geographic location
29 February 28 February
2024 2023
£'000 £'000
United Kingdom (country of domicile) 67,800 71,311
North America 21,815 26,796
Other 422 421
Total 90,037 98,528
3. Highlighted items
Year ended Year ended
29 February 28 February
2024 2023
£'000 £'000
Legal and other professional fees 704 93
Integration and restructuring costs 1,617 364
Other highlighted items 2,321 457
Amortisation of acquired intangible 4,932 5,226
assets
Total highlighted items 7,253 5,683
Highlighted items charged to operating profit comprise significant non-cash
charges and major one-off initiatives which are highlighted in the income
statement because, in the opinion of the Directors, separate disclosure is
helpful in understanding the underlying performance and future profitability
of the business.
All highlighted items are included in administrative expenses in the income
statement.
For the year ended 29 February 2024, legal and other professional fees of
£704,000 were incurred as a result of completed and ongoing acquisitions.
Integration and restructuring costs primarily relate to the integration of the
ABC-CLIO, LLC and Head of Zeus Limited and restructuring.
For the year ended 28 February 2023, legal and other professional fees of
£93,000 were incurred as a result of the Group's acquisitions, including
ABC-CLIO, LLC and certain assets of UIT Cambridge. Integration and
restructuring costs primarily relate to the integration of the ABC-CLIO, LLC,
Head of Zeus Limited acquisitions and certain assets of Red Globe Press.
4. Taxation
Factors affecting tax charge for the year
The tax on the Group's profit before tax differs from the standard rate of
corporation tax in the United Kingdom of 24.5% (2023: 19.0%). The reasons
for this are explained below:
Year ended Year ended
29 February 2024 28 February 2023
£'000 % £'000 %
Profit before taxation 41,495 100.0 25,415 100.0
Profit on ordinary activities multiplied by the standard rate of corporation 10,166 24.5 4,829 19.0
tax in the UK of 24.5% (2023: 19.0%)
Effects of:
Non-deductible revenue expenditure 93 0.2 67 0.3
Non-taxable income (951) (2.3) (323) (1.3)
Different rates of tax in foreign jurisdictions 542 1.3 865 3.4
Tax losses (202) (0.5) 189 0.7
Movement in deferred tax rate (675) (1.6) (65) (0.3)
Adjustment to tax charge in respect of prior years
Current tax 578 1.4 (1,123) (4.4)
Deferred tax (521) (1.2) 724 2.9
Tax charge for the year before disallowable costs on highlighted items 9,030 21.8 5,163 20.3
Highlighted items:
Disallowable costs 170 0.4 8 -
Tax charge for the year 9,200 22.2 5,171 20.3
Different rates of tax in foreign jurisdictions is where we are paying tax at
higher rates in the US (including paying state taxes) and Australia.
Tax losses relate to the recognition of previously unrecognised tax losses or
losses in the year that have not been recognised as deferred tax assets.
Adjustments to prior periods primarily arise where an outcome is obtained on
certain tax matters which differs from expectations held when the related
provision was made. Where the outcome is more favourable than the provision
made, the difference is released, lowering the current year tax charge. Where
the outcome is less favourable than our provision, an additional charge to
current year tax will occur.
We are not aware of any significant unprovided exposures that are considered
likely to materialise.
5. Dividends
Year ended Year ended
29 February 28 February
2024 2023
£'000 £'000
Amounts paid in the year
Prior period 10.34p final dividend per share (2023: 9.40p) 8,336 7,604
Interim 3,012 1,148
3.70p dividend per share (2023: 1.41p)
Total dividend payments in the year 11,348 8,752
Amounts arising in respect of the year
Interim 3.70p dividend per share for the year (2023: 1.41p) 3,012 1,148
Proposed 10.99p final dividend per share for the year (2023: 10.34p) 8,950 8,397
Total dividend 14.69p per share for the year (2023: 11.75p) 11,962 9,545
The Directors are recommending a final dividend of 10.99 pence per share,
which, subject to Shareholder approval at the Annual General Meeting, will be
paid on 23 August 2024 to Shareholders on the register at close of business on
26 July 2024.
6. Earnings per share
The basic earnings per share for the year ended 29 February 2024 is calculated
using a weighted average number of Ordinary shares in issue of 81,212,654
(2023: 81,172,636) after deducting shares held by the Employee Benefit Trust.
The diluted earnings per share is calculated by adjusting the weighted average
number of Ordinary shares to take account of all dilutive potential Ordinary
shares, which are in respect of unexercised share options and the Performance
Share Plan.
Year ended Year ended
29 February 28 February
2024 2023
Number Number
Weighted average shares in issue 81,212,654 81,172,636
Dilution 1,353,296 1,336,878
Diluted weighted average shares in issue 82,565,950 82,509,514
£'000 £'000
Profit after tax attributable to owners of the Company 32,295 20,244
Basic earnings per share 39.77p 24.94p
Diluted earnings per share 39.11p 24.54p
£'000 £'000
Adjusted profit attributable to owners of the Company 38,493 25,217
Adjusted basic earnings per share 47.40p 31.07p
Adjusted diluted earnings per share 46.62p 30.56p
Adjusted profit is derived as follows:
Year ended Year ended
29 February 28 February
2024 2023
£'000 £'000
Profit before taxation 41,495 25,415
Amortisation of acquired intangible assets 4,932 5,226
Other highlighted items 2,321 457
Adjusted profit before tax 48,748 31,098
Tax expense 9,200 5,171
Deferred tax movements on goodwill and acquired intangible assets 656 631
Tax expense on other highlighted items 399 79
Adjusted tax 10,255 5,881
Adjusted earnings 38,493 25,217
( )
( )
The Group includes the benefit of tax amortisation of intangible assets in the
calculation of adjusted
tax as this more accurately aligns the adjusted tax charge with the expected
cash tax payments.
7. Trade and other receivables
29 February 28 February
2024 2023
£'000 £'000
Non-current
Contract assets 790 934
Current
Gross trade receivables 115,607 72,549
Less: loss allowance (3,617) (3,334)
Net trade receivables 111,990 69,215
Income tax recoverable 2,873 2,332
Other receivables 3,453 2,497
Prepayments 3,112 2,653
Contract assets 8,225 6,579
Royalty advances 35,143 29,543
Total current trade and other receivables 164,796 112,819
Total trade and other receivables 165,586 113,753
Non-current receivables relate to contract assets on long-term rights deals.
Trade receivables principally comprise amounts receivable from the sale of
books due from distributors. The majority of trade debtors are secured by
credit insurance and, in certain territories, by third party distributors.
A provision is held against gross advances payable in respect of published
title advances which may not be fully earned down by anticipated future sales.
As at 29 February 2024, £9,036,000 (2023: £7,745,000) of royalty advances
relate to titles expected to be published in more than 12 months' time.
8. Annual General Meeting
The Annual General Meeting will be held on 16 July 2024.
9. Report and Accounts
Copies of the Annual Report and Financial Statements will be circulated to
shareholders in June and can be viewed after the posting date on the
Bloomsbury website.
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