REG - BloomsburyPublishing - Audited Preliminary Results
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RNS Number : 9831E Bloomsbury Publishing PLC 20 May 2026
BLOOMSBURY PUBLISHING PLC
Audited Preliminary Results for the year ended 28 February 2026
Strong outlook underpinning recently upgraded expectations for 2026/27
Bloomsbury Publishing Plc (LSE: BMY, "Bloomsbury", "the Company" or "the
Group"), the leading independent publisher, today announces audited results
for the year ended 28 February 2026.
( )
Commenting on the results, Nigel Newton, Chief Executive, said:
"Bloomsbury is pleased to report revenue of £325.9m with profit(1) of
£44.9m, up 7% year on year, with our strategy of combining general and
academic publishing, unusual in our industry, delivering success.
Bloomsbury was voted Publisher of the Year 2025. Our Consumer Division has a
particularly strong pipeline for 2026/27 including two hugely anticipated new
novels in her bestselling series by Sarah J. Maas; Gillian Anderson's More,
the follow-up to her bestseller Want; and remarkable new books from our stable
of bestselling authors Katherine Rundell, Samantha Shannon, Louise Kennedy,
Dan Jones and Peter Frankopan. The launch of J.K. Rowling's Harry Potter
series on television by HBO Max at Christmas will bring the series to a
dramatically expanded readership of the new generations of readers since the
launch of the books 29 years ago.
In Academic & Professional, we grew in print, digital and rights revenue
in the second half and see encouraging signs of recovery with good growth in
all territories in the current financial year. We announced our first
participation in AI licensing for academic content in July 2025, and saw the
outperformance of our Academic & Professional Division over the past year.
Bloomsbury is benefitting from ongoing AI licensing revenue into the future in
2026/27. In addition, we have established Bloomsbury Singapore to spearhead
growth in the expanding Asian markets.
In April 2026, we announced a streamlining and simplification of our
structure. This has enhanced agility, accountability and financial
performance. Separately, we announced a strategic collaboration with Google,
focused on technology innovation, AI-powered learning and core publishing
infrastructure which is being rolled out across the Company.
In recognition of the achievements of this financial year and our confidence
in the outlook, the Board recommends a final dividend of 12.12 pence which
contributes to a full year dividend of 16.20 pence per share, an increase of
5% year on year. Bloomsbury has an unbroken 31 year track record of dividend
growth every year since flotation in 1994.
Sarah J. Maas recently announced the publication dates of her next two titles,
which combined with the strength of our upcoming wider publishing list, led to
a trading update upgrading our profit expectations for 2026/27. Pre-orders of
our major titles are exceptional. The Board looks to the current year with
strong confidence in delivering results in line with these recently upgraded
expectations."
Financial Highlights
· Group revenue of £325.9m (2024/25: £361.0m)
· Group profit before taxation and highlighted items(2) of £44.9m
(2024/25: £42.1m)
· $10m early repayment of Rowman & Littlefield acquisition loan in
H1 2025/26
· Net cash £29.2m; prioritising capital allocation to organic growth,
debt reduction and dividends with potential for bolt-on acquisitions
· Recommended total dividend increased by 5% year on year to 16.20p per
share
· Bloomsbury has an unbroken 31 year track record of dividend growth
every year since flotation in 1994
Consumer Division Highlights
· Consumer revenue of £218.2m (2024/25: £277.7m) with a strong
comparative
· Profit before tax and highlighted items(2) of £20.5m (2024/25:
£30.3m); restated to include Special Interest
· Bloomsbury voted Publisher of the Year 2025 at the British Book
Awards
· Gillian Anderson's Want was in the Top 10 on the Sunday Times
bestseller list for 22 weeks
· Katherine Rundell topped bestseller lists and secured a multi-film
deal with Walt Disney Studios
· Sarah J. Maas paperback of House of Flame and Shadow was a
bestseller, published in June 2025
· J.K. Rowling's Harry Potter series is a bestseller in its 29(th) year
after publication
· Strong frontlist pipeline for 2026/27 with exceptional pre-orders of
major titles
Academic & Professional ("A&P") Division Highlights
· A&P revenue £107.7m (2024/25: £83.3m) and profit before tax and
highlighted items £25.0m (2024/25: £12.5m) with margin of 23% (2024/25: 15%)
· IP value of academic content enabled us to sign our first
non-exclusive AI licensing agreement
· Rowman & Littlefield integration substantially complete
· Encouraging signs of recovery with good growth in all territories in
the current financial year
Operational Highlights
· Keith Underwood started as Chief Financial and Operating Officer in
February 2026
· Bloomsbury Singapore opened to expand Bloomsbury's direct
relationships in Asia and capitalise on growth in student numbers in the
region(3)
· Streamlined and simplified our structure to enhance agility,
efficiency and financial performance
· Strategic collaboration with Google focused on technology innovation,
AI-powered learning and core publishing infrastructure
· Successfully moved our UK distribution and warehousing arrangements
to Hachette
· Earned the Great Place to Work certification for the second
consecutive year
Full Year Results 2025/26 2024/25 2023/24 2022/23
Revenue £325.9m £361.0m £342.7m £264.1m
Profit before taxation and highlighted items(2) £44.9m £42.1m £48.8m £31.1m
Profit before taxation £34.2m £32.5m £41.5m £25.4m
Adjusted diluted earnings per share 44.57p 41.45p 46.62p 30.56p
Diluted earnings per share 32.80p 30.71p 39.11p 24.54p
Net cash(4) £29.2m £17.0m £65.8m £51.5m
Final dividend per share 12.12p 11.54p 10.99p 10.34p
Total dividend per share 16.20p 15.43p 14.69p 11.75p
Notes
(1 )Profit before taxation and
highlighted items.
(2 )Highlighted items comprise amortisation of
acquired intangible assets and legal and other professional costs relating to
ongoing and completed acquisitions, integration and restructuring costs.
(3 )World Bank estimates that by 2040
there could be 600m students with over 60% in Asia.
(4 )Net cash is cash and cash
equivalents less borrowings.
Bloomsbury will be hosting a meeting for analysts and Shareholders at 9am
which is available via this link:
https://sparklive.lseg.com/BloomsburyPublishing/events/4f164f11-6266-41ed-af75-80ce63903633/bloomsbury-full-year-results
(https://sparklive.lseg.com/BloomsburyPublishing/events/4f164f11-6266-41ed-af75-80ce63903633/bloomsbury-full-year-results)
Chief Executive's statement
Overview
Bloomsbury achieved 2025/26 Group revenue of £325.9m and profit up 7% year on
year to £44.9m with a margin of 13.8%. We have successfully pursued our
long-term strategy of combining consumer and academic publishing which has
created a portfolio of portfolios - a model that continues to provide
Bloomsbury with diversification and resilient success.
The Consumer Division had a strong comparative given its strength last year.
Our bestselling and award-winning fiction lists resulted in Bloomsbury being
voted Publisher of the Year at the British Book Awards in May 2025. Gillian
Anderson's Want remained in the Top 10 of the Sunday Times paperback
bestseller list for 22 weeks. The frontlist for 2026/27 is strong and includes
many of our bestselling authors such as Sarah J. Maas, Gillian Anderson,
Katherine Rundell, Samantha Shannon, Louise Kennedy, Dan Jones, Peter
Frankopan alongside the launch of J.K. Rowling's new Harry Potter TV series
that will help introduce it to a generation of readers.
In the Academic & Professional Division, we achieved strong revenue
growth, with print, digital and rights and services revenues all growing in
the second half and see encouraging signs of recovery with good growth in all
territories in the current financial year. The intellectual property value and
quality of our academic list enabled us to sign our first non-exclusive AI
licensing agreement which is ongoing in 2026/27. We opened Bloomsbury
Singapore to capitalise on the forecast growth in the student population in
the region.
In December 2025, we announced a strategic collaboration with Google. This is
focused on technology innovation, AI-powered learning and core publishing
infrastructure. With an advanced AI infrastructure, Bloomsbury will benefit
from data-driven and semantic search insights to improve trend analysis and
drive book sales across Bloomsbury's entire catalogue, while custom sales
forecasting and print-run optimisation models can improve inventory
management. In Academic & Professional we can transform engagement with
content through personalisation to improve learning outcomes.
We are progressing with key operational changes to support growth and enhance
profitability through financial efficiencies. In April 2026, we announced a
restructuring with which we have taken the first steps to simplify and
streamline our structure. This has enhanced agility, accountability and
positions us for continued expansion.
Group Financials
Bloomsbury's revenue was £325.9m (2024/25: 361.0m). Group profit before
taxation and highlighted items was £44.9m (2024/25: £42.1m). Profit before
taxation was £34.2m (2024/25: £32.5m).
Highlighted items totalled £10.7m (2024/25: £9.6m) comprising amortisation
of acquired intangible assets of £9.0m (2024/25: £8.4m) and one-off
integration and restructuring costs of £1.7m (2024/25: £1.2m).
The effective rate of tax for the year was 21.1% (2024/25: 21.9%), with an
adjusted effective rate of tax, excluding highlighted items, of 18.5%
(2024/25: 18.8%).
Diluted earnings per share, excluding highlighted items, were 44.57 pence
(2024/25: 41.45 pence). Including highlighted items, profit before tax was
£34.2m (2024/25: £32.5m) and diluted earnings per share 32.80 pence
(2024/25: 30.71 pence).
The Board recommends a 5% increase in the final dividend to 12.12 pence per
share, taking the total full year dividend to 16.20 pence per share, an
increase of 5% year on year.
Bloomsbury has a net cash position of £29.2m. In the first half we paid down
an additional $10.0m of the debt following the acquisition of Rowman &
Littlefield, taking the total repaid to $17.5m. The remaining loan of $20.0m
matures in May 2027.
Consumer Division
The Consumer Division now consists of Adult, Young Adult and Children's
publishing and Special Interest. From the first half of 2025/26, Special
Interest results have been reported within Consumer, following management
alignment with the wider Consumer teams; prior period results have been
restated. As announced in April 2026, Ian Hudson plans to retire and Kathleen
Farrar, previously Managing Director of Group Sales and Marketing, will become
the Managing Director of UK Consumer.
The Consumer Division had a strong comparative, with high operational gearing
on exceptional sales following the publication of Sarah J. Maas' House of
Flame and Shadow in January 2024. Consumer revenue was £218.2m (2024/25:
£277.7m). Profit before taxation and highlighted items was £20.5m (2024/25:
£30.3m) with a margin of 9%. Profit before taxation was £19.9m (2024/25:
£29.6m).
Bloomsbury was voted Publisher of the Year at the British Book Awards in May
2025 and also won the British Book Awards Publicity Campaign of the Year for
Gillian Anderson's Want. Bloomsbury author Renée Watson won the prestigious
Newbery Medal for All the Blues in the Sky.
Sarah J. Maas topped bestseller lists in the UK and US with the paperback
launch of House of Flame and Shadow in June 2025. In March 2026, Sarah J. Maas
announced the publication dates for the much anticipated next two novels in
the A Court of Thorns and Roses ('ACOTAR') series which will be published on
27 October 2026 and 12 January 2027 respectively, an exciting moment for her
fans.
Harry Potter sales remain robust in the 29(th) year after first publication,
demonstrating the enduring appeal of this classic series. The publication of
J.K. Rowling's Pocket Potters series began in August with three titles - Harry
Potter, Ron Weasley and Hermione Granger - with more to come in 2026/27. The
forthcoming HBO Max Harry Potter TV series will launch at Christmas 2026 and
introduce the books to new readers.
At the start of 2026/27 Alex Aster's Starside and Hugh
Fearnley-Whittingstall's High Fibre Heroes have both been Sunday Times
bestsellers. Our publishing list for the rest of 2026/27 is strong and
includes:
· Sarah J. Maas new titles in the A Court of Thorns and Roses series to
be published on 27 October 2026 and 12 January 2027;
· Katherine Rundell's The Neverfear, the third in the five book
Impossible Creatures series, to be published on 27 August 2026;
· J.K. Rowling's Harry Potter and the Half-Blood Prince -
Illustrated, to be published on 6 October 2026;
· J.K. Rowling's Harry Potter Pocket Potters series continues with Hagrid
and Dobby in August 2026 and Professor McGonagall and Fred &
George Weasley in February 2027;
· Gillian Anderson's follow-up to Want, titled More, to be published on
10 September 2026;
· Samantha Shannon's The Moth Reborn, the sixth in the Bone Season
series, to be published on 18 February 2027;
· Poppy O'Toole's Poppy Cooks: The Actually Delicious Batch Cookbook to
be published on 10 September 2026;
· Stephen Graham's Letters to Our Sons to be published 8 October 2026;
· Ann Patchett's Whistler to be published on 2 June 2026;
· Louise Kennedy's Stations to be published on 24 September 2026;
· Dan Jones The Castles: A Fortified History of the World to be
published on 8 October 2026;
· Sheena Dempsey's Pablo & Splash: Viking Voyage to be published on
4 June 2026;
· Hugh Bonneville's Rory Sparkes & The Spy Who Loved Tea to be
published on 8 October 2026;
· Renée Watson's Everything New Again to be published on 13 October
2026; and
· Peter Frankopan's The Earth Transformed Illustrated Edition to be
published on 22 October 2026.
Academic & Professional Division
The Academic & Professional Division consists of academic and professional
publishing. Special Interest is now reported within the Consumer Division
following management alignment with the wider Consumer teams. Jenny Ridout is
Global Managing Director of the Academic & Professional Division (A&P)
and joined the Group Board in April 2026, as announced.
A&P revenue increased by 29% to £107.7m (2024/25: £83.3m) driven by AI
licensing, with print, digital and rights and services revenues all increasing
in the second half. Profit before taxation and highlighted items increased to
£25.0m (2024/25: £12.5m) with a margin of 23% (2024/25: 15%). Profit before
taxation was £16.6m (2024/25: £4.8m).
In July 2025, we announced our first non-exclusive AI licensing agreement
which is ongoing in 2026/27. This was enabled by the intellectual property
value and quality of our academic list, which had been enhanced with the
acquisition of Rowman & Littlefield. Bloomsbury has engaged with our
A&P authors with opt-in agreements to enable their titles to be included
in AI licensing opportunities. The non-exclusive nature of Bloomsbury's AI
licensing enables us to reach further agreements in the future.
We made significant progress on the integration of Rowman & Littlefield
into our business systems and global warehouses. We have released 13,000
Rowman & Littlefield titles onto Bloomsbury Collections, one of the key
opportunities for Bloomsbury of the acquisition. We have realised the benefits
of the integration through efficiencies in distribution and overhead costs.
We have expanded our business in Asia by opening an office in Singapore to
further capitalise on the projected growth in the student population in the
region, building on the success of our established offices in Australia and
India. It is estimated that by 2040 there could be 600m higher education
students globally with over 60% of these in Asia (Calderon, UNESCO).
Bloomsbury is well placed geographically and structurally to benefit from
student growth alongside the growth of digital learning.
We are experiencing encouraging signs of recovery with good growth in all
territories in the 2026/27 financial year.
Cash and Financing
Bloomsbury maintains a robust financial position with net cash at the year-end
of £29.2m (2024/25: £17.0m). This consists of cash of £44.0m and a term
loan of £14.8m. Capital allocation priorities are internal investment to
drive organic growth, debt reduction, dividends and bolt on acquisitions.
The Group has an unsecured term loan with Lloyds Bank Plc, used for the
acquisition of Rowman & Littlefield alongside cash. This comprises a
committed and remaining drawn term loan of $20.0m (2025: $30.0m) with maturity
in May 2027. We have repaid $17.5m of the debt associated with the acquisition
of Rowman & Littlefield, $10m of which was in H1 2025/26.
The Group also has an unsecured revolving credit facility with Lloyds Bank Plc
of up to £30m. The agreement runs to March 2029. As at 28 February 2026, the
Group had no draw down of this facility (2024/25: £nil).
Both 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.
Acquisitions
Bloomsbury has a successful track record in strategic acquisitions, with 34
completed to date. We will continue to assess further acquisition
opportunities.
Dividend
The Board is recommending a final dividend of 12.12 pence per share. Together
with the interim dividend, this makes a total dividend for 2025/26 of 16.20
pence per share, a 5% increase on the 15.43 pence dividend for 2024/25.
Subject to Shareholder approval at the AGM on 15 July 2026, the final dividend
will be paid on 21 August 2026 to Shareholders on the register on the record
date of 24 July 2026.
Including the proposed 2025/26 final dividend, the dividend per share has
grown at a compound annual growth rate of 13% over the past five years.
Bloomsbury has an unbroken 31 year track record of dividend growth since
flotation in 1994.
Board Changes
Keith Underwood joined Bloomsbury as Chief Financial and Operating Officer and
became a member of Bloomsbury's Board of Directors on 2 February 2026. Keith
previously held the same role at Guardian Media Group and Channel 4.
Following the period end, we announced the appointment of Jenny Ridout to
Bloomsbury's Board as an Executive Director. Jenny will continue leading our
Academic & Professional Division.
Bloomsbury is pleased to announce the appointment of Chris Blatchford to its
Board as a Non-Executive Director with effect from 19 May 2026. Chris is Chief
Technology Officer at Kingfisher plc, and was formerly as Chief Technology
Officer for Research at Elsevier.
John Bason, Bloomsbury's Chairman, said, "In Chris Blatchford, we have
appointed a Director with an exceptional track record in artificial
intelligence, computer information systems, and the application of technology
to academic publishing. We look forward to benefitting from his experience,
combined with his innovative, commercial approach."
Baroness Lola Young will retire from the Board at the conclusion of the 2026
Annual General Meeting. John Bason said, "Baroness Young's presence on our
Board for the past five years has been the most enormous good fortune for
Bloomsbury. She has helped guide us through one of the most challenging
periods in cultural relations, and wearing her literary hat as former Chair of
the Judges of the Booker Prize and as an author, she has supported us in the
success of our literary mission. We will miss her and are very grateful to
her."
Current Trading and Outlook
Bloomsbury has a strong wider publishing list in 2026/27, including two new
Sarah J. Maas novels. These led to a trading update upgrading our profit
expectations for 2026/27. Pre-orders of major titles are exceptional. The
Board looks to the current year with strong confidence in delivering results
in line with these recently upgraded expectations
Bloomsbury's portfolio of portfolios strategy, our authors, customers and the
scale and resilience of our business continue to underpin the confidence we
have in the future.
Note
The Board considers consensus market expectation (before this publication) for
the year ending 28 February 2027 to be revenue of £353.0m and profit before
taxation and highlighted items of £50.0m.
For further information, please contact:
Bloomsbury Publishing Plc
Tamsin Garrity, Group Investor Relations Director tamsin.garrity@bloomsbury.com (mailto:tamsin.garrity@bloomsbury.com)
Hudson Sandler
Dan de Belder / Hattie Dreyfus / Emily Brooker bloomsbury@hudsonsandler.com (mailto:bloomsbury@hudsonsandler.com)
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.
Audited Consolidated Income Statement
FOR THE YEAR ENDED 28 FEBRUARY 2026
Year ended Year ended
28 February 28 February
2026 2025
Notes £'m £'m
Revenue 2 325.9 361.0
Cost of sales (134.3) (157.1)
Gross profit 191.6 203.9
Marketing and distribution costs (42.7) (54.6)
Administrative expenses (113.5) (115.9)
Share of result of joint venture - (0.1)
Operating profit before highlighted items 46.1 42.9
Highlighted items 3 (10.7) (9.6)
Operating profit 35.4 33.3
Finance income 0.7 1.3
Finance costs (1.9) (2.1)
Profit before taxation and highlighted items 44.9 42.1
Highlighted items 3 (10.7) (9.6)
Profit before taxation 34.2 32.5
Taxation 4 (7.2) (7.1)
Profit for the year attributable to owners of the Company 27.0 25.4
Earnings per share attributable to owners of the Company
Basic earnings per share 6 33.12p 31.14p
Diluted earnings per share 6 32.80p 30.71p
Audited Consolidated Statement of Comprehensive Income
FOR THE YEAR ENDED 28 FEBRUARY 2026
Year ended Year ended
28 February 28 February
2026 2025
£'m £'m
Profit for the year 27.0 25.4
Other comprehensive income
Items that may be reclassified to the income statement:
Exchange differences on translating foreign operations (9.6) 0.9
Other comprehensive income for the year net of tax (9.6) 0.9
Total comprehensive income for the year attributable to the owners of the 17.4 26.3
Company
Items in the statement above are disclosed net of tax.
Audited Consolidated Statement of Financial Position
AS AT 28 FEBRUARY
2026
28 February 28 February
2026 2025
Notes £'m £'m
Assets
Goodwill 74.9 77.3
Other intangible assets 50.4 60.1
Property, plant and equipment 2.9 2.5
Right-of-use assets 12.9 7.6
Deferred tax assets 14.5 16.9
Trade and other receivables 7 0.5 0.7
Total non-current assets 156.1 165.1
Inventories 39.0 46.3
Trade and other receivables 7 125.4 133.3
Cash and cash equivalents 44.0 40.6
Total current assets 208.4 220.2
Total assets 364.5 385.3
Liabilities
Borrowings 14.8 23.6
Lease liabilities 13.1 7.3
Deferred tax liabilities 2.0 2.3
Provisions 0.8 0.9
Total non-current liabilities 30.7 34.1
Trade and other liabilities 113.4 133.0
Lease liabilities 1.9 1.5
Provisions 2.6 1.9
Total current liabilities 117.9 136.4
Total liabilities 148.6 170.5
Net assets 215.9 214.8
Equity
Share capital 1.0 1.0
Share premium 47.3 47.3
Translation reserve 2.2 11.8
Other reserves 12.5 13.6
Retained earnings 152.9 141.1
Total equity attributable to owners of the Company 215.9 214.8
Audited Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 28 FEBRUARY 2026
Share Share premium Translation reserve Merger reserves Share-based payment reserve Own shares held by EBT £'m Retained Total equity
capital £'m £'m £'m £'m Earnings £'m
£'m £'m
At 29 February 2024 1.0 47.3 10.9 1.8 11.7 (0.7) 130.5 202.5
Profit for the year - - - - - - 25.4 25.4
Other comprehensive income
Exchange differences on translating foreign operations - - 0.9 - - - - 0.9
Total comprehensive income for the year - - 0.9 - - - 25.4 26.3
Transactions with owners
Dividends to equity holders of the Company - - - - - - (12.2) (12.2)
Purchase of shares by the Employee Benefit Trust - - - - - (3.8) - (3.8)
Share options exercised - - - - - 3.1 (2.7) 0.4
Deferred tax on share-based payment transactions - - - - - - 0.1 0.1
Share-based payment transactions - - - - 1.5 - - 1.5
Total transactions with owners of the Company - - - - 1.5 (0.7) (14.8) (14.0)
At 28 February 2025 1.0 47.3 11.8 1.8 13.2 (1.4) 141.1 214.8
Profit for the year - - - - - - 27.0 27.0
Other comprehensive income
Exchange differences on translating foreign operations - - (9.6) - - - - (9.6)
Total comprehensive income for the year - - (9.6) - - - 27.0 17.4
Transactions with owners
Dividends to equity holders of the Company - - - - - - (12.7) (12.7)
Purchase of shares by the Employee Benefit Trust - - - - - (4.8) - (4.8)
Share options exercised - - - - - 2.6 (2.2) 0.4
Deferred tax on share-based payment transactions - - - - - - (0.3) (0.3)
Share-based payment transactions - - - - 1.1 - - 1.1
Total transactions with owners of the Company - - - - 1.1 (2.2) (15.2) (16.3)
At 28 February 2026 1.0 47.3 2.2 1.8 14.3 (3.6) 152.9 215.9
Audited Consolidated Statement of Cash Flows
FOR THE YEAR ENDED 28 FEBRUARY 2026
Year ended Year ended
28 February 28 February
2026 2025
£'m £'m
Cash flows from operating activities
Profit for the year 27.0 25.4
Adjustments for:
Depreciation of property, plant and equipment 0.9 1.1
Depreciation of right-of-use assets 2.1 2.0
Amortisation of other intangible assets 14.3 12.5
Finance income (0.7) (1.3)
Finance costs 1.9 2.1
Share of loss of joint venture - 0.1
Share-based payment charges 1.1 1.9
Tax expense 7.2 7.1
53.8 50.9
Decrease/(increase) in inventories 5.6 (7.8)
Decrease in trade and other receivables 0.3 32.8
Decrease in trade and other liabilities (15.5) (17.9)
Cash generated from operating activities 44.2 58.0
Income taxes paid (3.4) (16.1)
Net cash generated from operating activities 40.8 41.9
Cash flows from investing activities
Purchase of property, plant and equipment (1.4) (1.4)
Purchase of other intangible assets (7.5) (4.8)
Purchase of business, net of cash acquired - (64.8)
Purchase of share in a joint venture - (0.1)
Interest received 0.7 1.2
Net cash used in investing activities (8.2) (69.9)
Cash flows from financing activities
Equity dividends paid (12.7) (12.2)
Purchase of shares by the Employee Benefit Trust (4.8) (3.8)
Proceeds from exercise of share options 0.4 0.4
Proceeds from borrowings - 29.4
Repayment of borrowings (7.4) (6.2)
Interest paid on borrowings (1.1) (1.6)
Principal paid on lease liabilities (1.1) (2.3)
Interest paid on lease liabilities (0.7) (0.3)
Other interest paid (0.1) (0.2)
Net cash (used in)/generated from financing activities (27.5) 3.2
Net increase/(decrease) in cash and cash equivalents 5.1 (24.8)
Cash and cash equivalents at beginning of year 40.6 65.8
Exchange loss on cash and cash equivalents (1.7) (0.4)
Cash and cash equivalents at end of year 44.0 40.6
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 28 February 2026 or 28 February 2025
but is derived from those accounts. Statutory accounts for 2025 have been
delivered to the registrar of companies, and those for 2026 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 28 February 2026 are consistent with those applied in the financial
statements for year ended 28 February 2025 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 2026/27, with recovery
during 2027/28;
· digital revenues are reduced by 10-20% during 2026/27, with
recovery during 2027/28;
· print costs are increased by 2% from 2026/27, distribution costs are
increased by 5% from 2026/27 and staff costs are increased by 2% from 2027/28;
· downside assumptions about extended debtor days during 2026/27,
with recovery during 2027/28; and
· cash preservation measures implemented and variable costs reduced.
At 28 February 2026, the Group had available liquidity of £64.0m, comprising
central cash balances and its undrawn £20.0m Revolving Credit Facility
("RCF"). 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.
As at 28 February 2026, the RCF remains fully undrawn (2025: fully undrawn)
with £20.0m of undrawn committed borrowing facilities (2025: £20.0m)
available. On 20 March 2026, the RCF was increased to £30m and its maturity
extended to March 2029.
Additionally, The Group has a term loan facility with a balance of $20m
(£14.8m) as at 28 February 2026. The loan is repayable at the Group's
discretion, with no fixed payment schedule. The facility runs for 3 years
until May 2027.
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
Academic & Professional, reflecting the core customers for our different
operations.
Previously, Academic & Professional was part of the Non-Consumer Division
which comprised two operating segments: Academic & Professional and
Special Interest. During the period, the operational structure of the Group
was changed and Special Interest is now part of the Consumer Division. This
change reflects the publishing similarities, operational synergies and
overlapping nature of the Consumer and Special Interest lists with the
strategic focus on the Consumer market as a whole. The operating results for
the Consumer Division as a whole are now regularly reviewed by the Board of
Directors to make decisions about resources and assess performance. As a
result, management determined that there was a trigger for a change in
operating segments. Comparative information for prior periods has been
restated to reflect this change.
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:
Consumer Academic & Professional Unallocated Total
Year ended 28 February 2026 £'m £'m £'m £'m
External revenue 218.2 107.7 - 325.9
Cost of sales (107.2) (27.1) - (134.3)
Gross profit 111.0 80.6 - 191.6
Marketing and distribution costs (35.3) (7.4) - (42.7)
Contribution before administrative expenses 75.7 73.2 - 148.9
Administrative expenses excluding highlighted items (54.8) (48.0) - (102.8)
Operating profit before highlighted items/segment results 20.9 25.2 - 46.1
Amortisation of acquired intangible assets (0.6) (8.4) - (9.0)
Other highlighted items - - (1.7) (1.7)
Operating profit/(loss) 20.3 16.8 (1.7) 35.4
Finance income - - 0.7 0.7
Finance costs (0.4) (0.2) (1.3) (1.9)
Profit/(loss) before taxation and highlighted items 20.5 25.0 (0.6) 44.9
Amortisation of acquired intangible assets (0.6) (8.4) - (9.0)
Other highlighted items - - (1.7) (1.7)
Profit/(loss) before taxation 19.9 16.6 (2.3) 34.2
Taxation - - (7.2) (7.2)
Profit/(loss) for the year 19.9 16.6 (9.5) 27.0
Operating profit before highlighted items/segment results 20.9 25.2 - 46.1
Depreciation 1.9 1.1 - 3.0
Amortisation of internally generated intangibles 1.9 3.4 - 5.3
EBITDA before highlighted items 24.7 29.7 - 54.4
Consumer Academic & Professional Unallocated Total
Year ended 28 February 2025 (*restated) £'m £'m £'m £'m
External revenue 277.7 83.3 - 361.0
Cost of sales (132.8) (24.3) - (157.1)
Gross profit 144.9 59.0 - 203.9
Marketing and distribution costs (45.9) (8.7) - (54.6)
Contribution before administrative expenses 99.0 50.3 - 149.3
Administrative expenses excluding highlighted items (68.5) (37.8) - (106.3)
Share of joint venture result - - (0.1) (0.1)
Operating profit/(loss) before highlighted items/segment results 30.5 12.5 (0.1) 42.9
Amortisation of acquired intangible assets (0.7) (7.7) - (8.4)
Other highlighted items - - (1.2) (1.2)
Operating profit/(loss) 29.8 4.8 (1.3) 33.3
Finance income - 0.1 1.2 1.3
Finance costs (0.2) (0.1) (1.8) (2.1)
Profit/(loss) before taxation and highlighted items 30.3 12.5 (0.7) 42.1
Amortisation of acquired intangible assets (0.7) (7.7) - (8.4)
Other highlighted items - - (1.2) (1.2)
Profit/(loss) before taxation 29.6 4.8 (1.9) 32.5
Taxation - - (7.1) (7.1)
Profit/(loss) for the year 29.6 4.8 (9.0) 25.4
Operating profit/(loss) before highlighted items/segment results 30.5 12.5 (0.1) 42.9
Depreciation 2.3 0.8 - 3.1
Amortisation of internally generated intangibles 1.7 2.4 - 4.1
EBITDA before highlighted items 34.5 15.7 (0.1) 50.1
External revenue by source
United Kingdom North America Australia India Total
£'m £'m £'m £'m £'m
Year ended 28 February 2026 146.4 160.3 13.0 6.2 325.9
Year ended 28 February 2025 143.6 194.7 16.8 5.9 361.0
During the year sales to one customer exceeded 10% of Group revenue (2025: one
customer). The value of these sales was £88.8m (2025: £119.5m).
External revenue by product type
Year ended 28 February 2026 Consumer Academic & Professional Total
£'m £'m £'m
Print 163.8 37.7 201.5
Digital 38.1 66.2 104.3
Rights and Services(1) 16.3 3.8 20.1
Total 218.2 107.7 325.9
Year ended 28 February 2025 (*restated) Consumer Academic & Professional Total
£'m £'m £'m
Print 211.8 37.9 249.7
Digital 55.9 42.2 98.1
Rights and Services(1) 10.0 3.2 13.2
Total 277.7 83.3 361.0
(1) Rights and Services revenue includes revenue from copyright and trademark
licences management contracts, advertising and publishing services.
Total assets
28 February 28 February
2026 2025
(*restated)
£'m £'m
Consumer 44.0 52.8
Academic & Professional 116.7 127.5
Unallocated 203.8 205.0
Total assets 364.5 385.3
Unallocated primarily represents centrally held assets including system
development; property plant and equipment; right-of-use assets; receivables;
and cash.
* Restated to show the Special Interest division move to the Consumer
Division.
Analysis of non-current assets (excluding deferred tax assets and financial
instruments) by geographic location
28 February 28 February
2026 2025
£'m £'m
United Kingdom (country of domicile) 63.2 65.3
North America 77.8 82.0
Other 0.1 0.2
Total 141.1 147.5
3. Highlighted items
Year ended Year ended
28 February 28 February
2026 2025
£'m £'m
Legal and other professional fees on acquisition - 0.7
Integration and restructuring costs 1.7 0.5
Other highlighted items 1.7 1.2
Amortisation of acquired intangible 9.0 8.4
assets
Total highlighted items 10.7 9.6
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 28 February 2026, integration and restructuring costs of
£1.7m were incurred in respect of the integration of the Rowman &
Littlefield acquisition, the UK distributor move to Hachette UK Distribution
and implementation of the new royalty system.
For the year ended 28 February 2025, legal and other professional fees of
£0.7m were incurred as a result of the Rowman & Littlefield acquisition.
Integration and restructuring costs primarily relate to the integration of the
Rowman & Littlefield acquisition and restructuring.
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 25% (2025: 25%). The reasons for
this are explained below:
Year ended Year ended
28 February 2026 28 February 2025
£'m % £'m %
Profit before taxation 34.2 100.0 32.5 100.0
Profit on ordinary activities multiplied by the standard rate of corporation 8.5 25.0 8.1 25.0
tax in the UK of 25% (2025: 25%)
Effects of:
Non-deductible revenue expenditure 0.1 0.2 0.6 1.9
Non-taxable income (0.7) (2.1) (1.9) (5.9)
Different rates of tax in foreign jurisdictions (0.1) (0.3) 0.8 2.6
Adjustment to tax charge in respect of prior years
Current tax (0.9) (2.6) (1.0) (3.1)
Deferred tax 0.3 0.9 0.3 0.9
Tax charge for the year before disallowable costs on highlighted items 7.2 21.1 6.9 21.4
Highlighted items:
Disallowable costs - - 0.2 0.5
Tax charge for the year 7.2 21.1 7.1 21.9
Non-taxable income mainly relates to tax deduction claims for foreign income.
Different rates of tax in foreign jurisdictions is where we are paying tax at
a lower rate in the US (including paying state taxes) and higher rate in
Australia.
Adjustments to prior periods primarily arise where an outcome is obtained on
certain tax matters that 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
28 February 28 February
2026 2025
£'m £'m
Amounts paid in the year
Prior period 11.54p final dividend per share (2025: 10.99p) 9.4 9.0
Interim 3.3 3.2
4.08p dividend per share (2025: 3.89p)
Total dividend payments in the year 12.7 12.2
Amounts arising in respect of the year
Interim 4.08p dividend per share for the year (2025: 3.89p) 3.3 3.2
Proposed 12.12p final dividend per share for the year (2025: 11.54p) 9.8 9.4
Total dividend 16.20p per share for the year (2025: 15.43p) 13.1 12.6
The Directors are recommending a final dividend of 12.12 pence per share,
which, subject to Shareholder approval at the Annual General Meeting, will be
paid on 21 August 2026 to Shareholders on the register at close of business on
24 July 2026.
6. Earnings per share
The basic earnings per share for the year ended 28 February 2026 is calculated
using a weighted average number of Ordinary shares in issue of 81,354,266
(2025: 81,420,330) 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
28 February 28 February
2026 2025
Number Number
Weighted average shares in issue 81,354,266 81,420,330
Dilution 789,371 1,147,233
Diluted weighted average shares in issue 82,143,637 82,567,563
£'m £'m
Profit after tax attributable to owners of the Company 27.0 25.4
Basic earnings per share 33.12p 31.14p
Diluted earnings per share 32.80p 30.71p
£'m £'m
Adjusted profit attributable to owners of the Company 36.6 34.2
Adjusted basic earnings per share 45.00p 42.03p
Adjusted diluted earnings per share 44.57p 41.45p
Adjusted profit is derived as follows:
Year ended Year ended
28 February 28 February
2026 2025
£'m £'m
Profit before taxation 34.2 32.5
Amortisation of acquired intangible assets 9.0 8.4
Other highlighted items 1.7 1.2
Adjusted Profit 44.9 42.1
Tax expense 7.2 7.1
Deferred tax movements on goodwill and acquired intangible assets 0.7 0.6
Tax expense on other highlighted items 0.4 0.2
Adjusted tax 8.3 7.9
Adjusted earnings 36.6 34.2
( )
( )
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
28 February 28 February
2026 2025
£'m £'m
Non-current
Contract assets 0.5 0.7
Current
Gross trade receivables 72.9 82.1
Less: loss allowance (2.2) (2.7)
Net trade receivables 70.7 79.4
Income tax recoverable 1.3 4.1
Other receivables 2.7 3.6
Prepayments 4.8 4.0
Contract assets 9.5 7.1
Royalty advances 36.4 35.1
Total current trade and other receivables 125.4 133.3
Total trade and other receivables 125.9 134.0
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 28 February 2026, £13.0m (2025: £7.1m) of royalty advances relate to
titles expected to be published in more than 12 months' time.
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