REG - BloomsburyPublishing - Unaudited Interim Results
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RNS Number : 4698E Bloomsbury Publishing PLC 23 October 2025
BLOOMSBURY PUBLISHING PLC
Unaudited Interim Results for the six months ended 31 August 2025
Full year profit upgrade; No. 1 bestseller from Gillian Anderson and AI
licensing agreement
Bloomsbury Publishing Plc (LSE: BMY, "Bloomsbury" or "the Company"), the
leading independent publisher, today announces unaudited results for the six
months ended 31 August 2025.
Commenting on the results, Nigel Newton, Chief Executive, said:
"Bloomsbury is pleased to report revenue of £160m and profit(1) of £24m with
a strong margin of 15%.
In the Academic & Professional division, we achieved revenue growth of 20%
despite the challenging market conditions in the UK and US. Growth was driven
by the intellectual property value and quality of our academic list which
enabled us to sign our first non-exclusive AI licensing agreement, announced
in July. With this, we continue to find new ways of monetising our content.
I am pleased to confirm the integration of Rowman & Littlefield is now
substantially complete in both the US and the UK. Digitisation of its titles
continues apace, contributing to Bloomsbury Digital Resources (BDR). Our
international expansion will continue with the opening of an office in
Singapore, allowing us to capitalise on the forecast growth in the student
population in Asia.
The Consumer division performance was in line with expectations. The success
of Sarah J. Maas' frontlist title in the first half of last year created a
strong comparative period. Bloomsbury was voted Publisher of the Year 2025 at
the British Book Awards. The success of Want by Gillian Anderson continued,
winning Publicity Campaign of the Year followed by the paperback hitting
Number 1 on the Sunday Times bestseller list; it has remained a bestseller for
15 weeks. We have had a positive start to the second half with further
bestsellers including new titles from Samantha Shannon and Katherine Rundell,
who recently announced a multi-film deal with Walt Disney Studios.
As a reflection of our confidence in the future, the Board declares an interim
dividend of 4.08 pence per share, an increase of 5% year on year.
The Board is confident in our strategy and expects to deliver full year profit
ahead of expectations.(2)"
Financial Highlights
· Group revenue of £159.5m (H1 2024/25: £179.8m)
· Group profit before taxation and highlighted items(3) of £24.0m (H1
2024/25: £26.6m)
· $10m further early repayment of Rowman & Littlefield acquisition
loan
· Net cash is £2.4m with a more efficient balance sheet post the
Rowman & Littlefield acquisition
· Interim dividend increased by 5% year on year to 4.08p per share
Operational Highlights
· Bloomsbury 2030 Vision progressing well, supporting growth and
profitability
· Successfully moved our UK distribution and warehousing arrangements
to Hachette
· Strengthened our sales infrastructure with the creation of the US key
account sales team
· Special Interest has moved into the Consumer division with management
alignment with the wider Consumer teams; A&P (including BDR) has become a
standalone division
· Earned the Great Place to Work certification for the second year
· Appointment of Keith Underwood as Chief Financial and Operating
Officer starting February 2026
Academic & Professional Division (A&P) Highlights
· A&P revenue up 20% to £46.1m (H1 2024/25: £38.5m) and profit
before tax and highlighted items £11.0m (H1 2024/25: £6.0m) with margin of
24% (H1 2024/25: 16%)
· IP value of academic content enabled us to sign our first
non-exclusive AI licensing agreement
· Well documented challenging market conditions with UK and US
budgetary pressures
· Singapore office on track to open H2 2025/26 to expand Bloomsbury's
direct relationships in Asia and capitalise on expected growth in student
numbers in the region(4)
· Rowman & Littlefield integration substantially complete;
digitisation and royalties ongoing
· BDR revenue increased in constant currency; FX headwind took revenue
to £13.6m (H1 2024/25: £13.7m)
Consumer Division Highlights
· Consumer was in line with expectations versus a strong comparative
· Revenue of £113.4m (H1 2024/25: £141.3m) and profit before tax and
highlighted items(3) of £13.4m (H1 2024/25: £20.6m); numbers are restated to
include Special Interest
· Bloomsbury won Publisher of the Year 2025 at the British Book Awards
· Gillian Anderson's Want has been in the Top 10 on the Sunday Times
bestseller list for 15 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 continues to be a bestseller 28
years after publication
First Half Results 2025/26 2024/25 2023/24
Revenue £159.5m £179.8m £136.7m
Profit before taxation and highlighted items(3) £24.0m £26.6m £17.7m
Profit before taxation £18.3m £22.1m £14.0m
Adjusted diluted earnings per share 22.98p 24.68p 17.47p
Diluted earnings per share 16.79p 20.10p 13.66p
Net cash £2.4m £9.7m £39.1m
Interim dividend per share 4.08p 3.89p 3.70p
Notes
(1 )Profit before taxation and highlighted
items.
(2 )The Board considers consensus market
expectations (before this publication) for the year ending 28 February 2026 to
be revenue of £335.9m and profit before taxation and highlighted items of
£41.6m.
(3 )Highlighted items comprise amortisation of acquired
intangible assets and legal and other professional costs relating to ongoing
and completed acquisitions, integration and restructuring costs.
(4 )World Bank estimates that globally there
will be 380m higher education students by 2030 up 73% from 220m in 2021.
( )
For further information, please contact:
Bloomsbury Publishing Plc
Tamsin Garrity, Head of Investor Relations tamsin.garrity@bloomsbury.com (mailto:tamsin.garrity@bloomsbury.com)
Hudson Sandler bloomsbury@hudsonsandler.com (mailto:bloomsbury@hudsonsandler.com)
Dan de Belder / Hattie Dreyfus / Emily Brooker +44 (0) 20 7796 4133
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 achieved H1 2025/26 Group revenue of £159.5m and profit of £24.0m
with a strong margin of 15.0%. Through our portfolio of portfolios strategy
and entrepreneurial culture, we continue to unlock new ways of monetising our
content. Our track record includes international, digital and audio
diversification, the creation of Bloomsbury Digital Resources (BDR), and now
further monetisation of content through our first, non-exclusive, AI licensing
agreement.
We are progressing with key operational and infrastructure changes announced
in the Bloomsbury 2030 vision to support growth and profitability. In 2025 we
successfully changed our UK distribution and warehousing arrangements,
strengthened our sales structure with the creation of the US key account sales
team, replacing a third party commission sales arrangement, and are in the
process of implementing our new global royalties system to improve efficiency.
In the Academic & Professional division, we achieved revenue growth of
20%. As announced in July, the intellectual property value and quality of our
academic list has enabled us to sign our first non-exclusive AI licensing
agreement which had a positive contribution in the period. With this, we
continue to find new ways of monetising our content, notwithstanding the
ongoing challenging market conditions in the UK and US. Our international
expansion continues with the opening of our new office in Singapore this year
to capitalise on the forecast growth in the student population in the region.
The integration of Rowman & Littlefield is substantially complete with
digitisation and royalties ongoing.
The Consumer division performed in line with expectations, with a strong
comparative given its strength in the first half of last year. We have further
diversified our Consumer portfolio, which includes fantasy, romantasy, cosy
crime, non-fiction lifestyle and cookery. Our bestselling and award-winning
fiction lists resulted in Bloomsbury being voted Publisher of the Year at the
British Book Awards in May 2025. We have had a range of bestsellers including
paperbacks from Sarah J. Maas and Gillian Anderson in the first half and new
titles from Katherine Rundell and Samantha Shannon at the start of the second
half. Gillian Anderson's Want remained in the Top 10 of the Sunday Times
paperback bestseller list beyond the period-end.
We have successfully pursued our long-term strategy of combining general and
academic publishing which has created a portfolio of portfolios - a model that
continues to provide Bloomsbury with resilient success.
Group Financials
Bloomsbury achieved group revenue of £159.5m (H1 2024/25: £179.8m). Group
profit before taxation and highlighted items was £24.0m (H1 2024/25:
£26.6m). Profit before taxation was £18.3m (H1 2024/25: £22.1m).
Highlighted items of £5.7m (H1 2024/25: £4.5m) consist of the amortisation
of acquired intangible assets of £4.5m (H1 2024/25: £3.7m), one-off legal
and other professional fees related to acquisitions, integration and
restructuring costs of £1.2m (H1 2024/25: £0.8m).
The effective rate of tax for the six months was 25% (H1 2024/25: 25%). The
adjusted effective rate of tax, excluding highlighted items, was 22% (H1
2024/25: 23%). Net finance costs were £0.7m (H1 2024/25: £0.0m).
Diluted earnings per share, excluding highlighted items, were 22.98p (H1
2024/25: 24.68p). Including highlighted items, profit before tax was £18.3m
(H1 2024/25: £22.1m) and diluted earnings per share were 16.79p (H1 2024/25:
20.10p).
The interim dividend will increase by 5% to 4.08p per share (H1 2024/25:
3.89p).
Bloomsbury has a net cash position of £2.4m. In the first half we have paid
down an additional $10m of the debt associated with the acquisition of Rowman
& Littlefield ahead of schedule, taking the total repaid to $17.5m. The
remaining loan of $20m runs to May 2027.
Academic & Professional Division
The Academic & Professional division consists of academic and professional
publishing, including BDR. Special Interest is now reported within the
Consumer division following management alignment with the wider Consumer
teams.
Academic & Professional revenue grew by 20% to £46.1m (H1 2024/25:
£38.5m) including our first AI licensing agreement, which started in the
period. Profit before taxation and highlighted items increased to £11.0m (H1
2024/25: £6.0m) with a margin of 24% (H1 2024/25: 16%). Profit before
taxation was £6.8m (H1 2024/25: £2.7m).
On 16 July 2025, Bloomsbury announced that we had signed our first
non-exclusive AI licensing agreement. This was enabled by the intellectual
property value and quality of our academic list, which had been enhanced with
the acquisitions of Rowman & Littlefield and ABC-CLIO. Bloomsbury is
engaging with our Academic & Professional authors with opt-in agreements
to enable their titles to be included. The non-exclusive nature of the AI
agreement will enable us to potentially reach further agreements in the
future.
The Rowman & Littlefield assets were acquired in May 2024 and are
substantially integrated. Warehouse and distribution consolidation was
completed in the US in the first half and in the UK at the start of the second
half. Digitisation of titles and the integration of royalties are ongoing.
Academic & Professional market conditions remain challenging, with budget
pressures in the UK and the US. Budgetary pressure for UK higher education
institutions has been driven by a decrease in international students and an
increase in National Insurance contributions. In the US, academic funding
uncertainty is contributing to budgetary pressure for higher education
institutions. We are confident longer term given our product offering and the
student numbers which are projected to grow worldwide.(1)
Later this year we will be expanding 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 will be well placed geographically and structurally to
benefit from student growth alongside the growth of digital learning.
Bloomsbury Digital Resources is strategically positioned to benefit from the
Academic transition to digital. BDR revenue grew in constant currency. The
impact of the weaker US dollar took revenue to £13.6m (H1 2024/25: £13.7m).
The strategically important acquisition of Rowman & Littlefield has
started to contribute to BDR's growth, with over 6,000 titles digitised and
available. Our BDR strategy continues to build high margin, high quality,
repeatable digital revenue from our market leading Academic & Professional
IP and our ambitious target remains at £41m revenue in 2027/28.
Consumer Division
The Consumer division now consists of Adult, Young Adult and Children's
publishing and Special Interest. From this reporting period, Special Interest
results are reported within Consumer, following management alignment with the
wider Consumer teams; prior period results have been restated. Bloomsbury was
voted Publisher of the Year at the British Book Awards in May 2025.
The Consumer division has performed in line with expectations with a strong
comparative, having had a very strong year in 2024/25 with high operational
gearing on exceptional sales following the publication of Sarah J. Maas' House
of Flame and Shadow in January 2024. Consumer revenue of £113.4m (H1 2024/25:
£141.3m) is below prior year, however is 13% higher than the first half of
2023/24 (£100.3m). Profit before taxation and highlighted items was £13.4m
(H1 2024/25: £20.6m) with a margin of 12%, partially impacted by the
inclusion of Special Interest without which it would have been 14%. Profit
before taxation was £13.1m (H1 2024/25: £20.2m).
Sarah J. Maas topped bestseller lists again in the UK and US with the
paperback launch of House of Flame and Shadow in June. J.K. Rowling's Harry
Potter title sales remain robust 28 years 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. The forthcoming Harry Potter TV
series will introduce the books to new readers: Warner Brothers Discovery has
announced that it is planning a seven season run of a new Harry Potter
streaming series, based on the original seven books, to be broadcast on the
Max streaming service.
Special Interest trends continued in the first half with some contraction.
Regular publications such as Wisden Cricketers' Almanack and Reeds Nautical
Almanac remain loved by enthusiasts worldwide.
Our strong list for H2 2025/26 includes:
· Gillian Anderson's Want has been on the Sunday Times paperback
bestseller list for 15 weeks, including 9 weeks in the top spot;
· Katherine Rundell's The Poisoned King, the second in the Impossible
Creatures series, was published on 11 September 2025 and became an instant
No.1 Sunday Times and New York Times bestseller and in October announced a
film deal with Walt Disney Studios;
· Samantha Shannon's Among the Burning Flowers was published on 11
September and was on the Sunday Times and New York Times bestseller lists;
· Stephanie V.W. Lucianovic's Zombie and Brain are Friends was published
on 2 September and became an instant New York Times bestseller;
· Patrick Ryan's Buckeye, published on 2 September;
· Elizabeth Gilbert's All the Way to the River was published on 9
September and became a New York Times bestseller;
· Poppy O'Toole's Poppy Cooks: Actually Delicious One Pot was published
on 25 September;
· Founder of Wikipedia Jimmy Wales' The Seven Rules of Trust will be
published on 28 October; and
· Amber Hamilton's Seven Deadly Thorns will be published on 28 October.
Bloomsbury bestselling author Katherine Rundell announced a multi-film deal
with Walt Disney Studios post period end. Katherine Rundell has published two
books in the bestselling Impossible Creatures series with three more to be
published. Rundell's most recent book The Poisoned King made her the first UK
children's author since J.K. Rowling to be simultaneously top of the UK and US
children's book charts. Bloomsbury hold the print, ebook and audio rights
exclusively in the UK, Europe and Commonwealth. We have published Rundell
since 2015 and in 2024 she was awarded both 'Author of The Year' and
'Children's Book of The Year' at The British Book Awards.
Acquisitions
The acquisition of Rowman & Littlefield's academic publishing assets for
£64.8m ($82.5m) on 28 May 2024 has strengthened Bloomsbury's academic
publishing, and provided further content for us to monetise through our global
reach, BDR and AI licensing agreements. Integration is substantially complete,
with digitisation and royalties ongoing.
Bloomsbury has a successful track record in strategic acquisitions, with 34
completed over its history. We will assess further acquisition opportunities
in line with our long-term growth strategy.
Cash and Financing
Bloomsbury maintains a robust financial position with net cash as at 31 August
2025 of £2.4m (H1 2024/25: £9.7m). This consists of cash of £17.1m and term
loan of £14.7m.
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 (31 August 2024: $37.5m)
which runs to May 2027. We have paid down $17.5m of the debt associated with
the acquisition ahead of schedule, $10m of which was in H1 2025/26.
The Group also has an unsecured revolving credit facility with Lloyds Bank
Plc. The facility comprises a committed revolving credit facility of £20m and
an uncommitted incremental term loan facility of up to £20m. The agreement
runs to November 2027. At 31 August 2025, the Group had no draw down (H1
2024/25: £nil) of this facility.
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.
Dividend
The interim dividend will increase by 5% to 4.08p per share (H1 2024/25:
3.89p). Bloomsbury reiterates its intention to increase the dividend for the
full year in-line with market expectations.(2) The interim dividend will be
paid on 28 November 2025 to Shareholders on the register on the record date of
31 October 2025.
Board changes
In September we were pleased to announce that Keith Underwood will be joining
Bloomsbury as Chief Financial and Operating Officer on 2 February 2026. Keith
currently holds the same role at Guardian Media Group, and his appointment
will support a smooth and orderly transition with our current Group Finance
Director, Penny Scott-Bayfield. Keith will also become a member of
Bloomsbury's Board of Directors.
Outlook
Despite the challenging macroeconomic backdrop, the Board is confident in our
strategy and expects to deliver full year profit ahead of expectations.(3)
Note
1. World Bank estimates that globally there will be 380m higher
education students by 2030 up 73% from 220m in 2021.
2. The Board considers consensus market expectation for the year
ending 28 February 2026 to be 5% dividend growth.
3. The Board considers consensus market expectations (before this
publication) for the year ending 28 February 2026 to be revenue of £335.9m
and profit before taxation and highlighted items of £41.6m.
Condensed Consolidated Interim Income Statement
For the six months ended 31 August 2025
Notes 6 months ended Year
31 August 6 months ended ended
2025 31 August 28 February
£'m 2024 2025
£'m £'m
Revenue 3 159.5 179.8 361.0
Cost of sales (64.9) (76.2) (157.1)
Gross profit 94.6 103.6 203.9
Marketing and distribution costs (21.7) (27.6) (54.6)
Administrative expenses (53.9) (53.8) (115.9)
Share of result of joint venture - (0.1) (0.1)
Operating profit before highlighted items 24.7 26.6 42.9
Highlighted items 4 (5.7) (4.5) (9.6)
Operating profit 19.0 22.1 33.3
Finance income 0.3 0.7 1.3
Finance costs (1.0) (0.7) (2.1)
Profit before taxation and highlighted items 24.0 26.6 42.1
Highlighted items 4 (5.7) (4.5) (9.6)
Profit before taxation 3 18.3 22.1 32.5
Taxation (4.5) (5.5) (7.1)
Profit for the period attributable to owners of the Company 13.8 16.6 25.4
Earnings per share attributable to owners of the Company
Basic earnings per share 6 16.91p 20.38p 31.14p
Diluted earnings per share 6 16.79p 20.10p 30.71p
The accompanying notes form an integral part of this condensed consolidated
interim financial report.
Condensed Consolidated Interim Statement of Comprehensive Income
For the six months ended 31 August 2025
6 months ended 6 months Year
31 August ended ended
2025 31 August 28 February
£'m 2024 2025
£'m £'m
Profit for the period 13.8 16.6 25.4
Other comprehensive income
Items that may be reclassified to the income statement:
Exchange differences on translating foreign operations (9.6) (5.0) 0.9
Other comprehensive income for the period net of tax (9.6) (5.0) 0.9
Total comprehensive income for the period attributable to owners of the 4.2 11.6 26.3
Company
Items in the statement above are disclosed net of tax.
Condensed Consolidated Interim Statement of Financial Position
At 31 August 2025
Notes 31 August 31 August 28 February
2025 2024 2025
£'m £'m £'m
Assets
Goodwill 74.9 75.0 77.3
Other intangible assets 53.5 62.5 60.1
Property, plant and equipment 2.6 1.9 2.5
Right-of-use assets 13.8 6.7 7.6
Deferred tax assets 14.9 15.2 16.9
Trade and other receivables 7 0.6 0.8 0.7
Total non-current assets 160.3 162.1 165.1
Inventories 44.7 48.8 46.3
Trade and other receivables 7 142.1 142.6 133.3
Cash and cash equivalents 17.1 38.1 40.6
Total current assets 203.9 229.5 220.2
Total assets 364.2 391.6 385.3
Liabilities
Borrowings 14.7 28.4 23.6
Lease liabilities 13.8 5.7 7.3
Deferred tax liabilities 2.2 3.0 2.3
Provisions 0.8 0.6 0.9
Total non-current liabilities 31.5 37.7 34.1
Trade and other liabilities 121.8 145.9 133.0
Current tax liabilities - 2.0 -
Lease liabilities 1.5 2.2 1.5
Provisions 1.6 1.2 1.9
Total current liabilities 124.9 151.3 136.4
Total liabilities 156.4 189.0 170.5
Net assets 207.8 202.6 214.8
Equity
Share capital 1.0 1.0 1.0
Share premium 47.3 47.3 47.3
Translation reserve 2.2 5.9 11.8
Other reserves 13.9 12.9 13.6
Retained earnings 143.4 135.5 141.1
Total equity attributable to owners of the Company 207.8 202.6 214.8
Condensed Consolidated Interim Statement of Changes in Equity
At 31 August 2025
Share capital Share premium Translation Merger reserve Share-based payment reserve Own shares held by the EBT Retained Total equity
reserve earnings
£'m £'m £'m £'m £'m £'m £'m £'m
At 1 March 2025 1.0 47.3 11.8 1.8 13.2 (1.4) 141.1 214.8
Profit for the period - - - - - - 13.8 13.8
Other comprehensive income
Exchange differences on translating foreign operations - - (9.6) - - - - (9.6)
Total comprehensive income for the period - - (9.6) - - - 13.8 4.2
Transactions with owners
Dividends to equity holders of the Company - - - - - - (9.4) (9.4)
Purchase of shares by the Employee Benefit Trust - - - - - (1.7) - (1.7)
Share options exercised - - - - - 1.8 (1.8) -
Deferred tax on share-based payment transactions - - - - - - (0.3) (0.3)
Share-based payment transactions - - - - 0.2 - - 0.2
Total transactions with owners of the Company - - - - 0.2 0.1 (11.5) (11.2)
At 31 August 2025 1.0 47.3 2.2 1.8 13.4 (1.3) 143.4 207.8
Share capital Share premium Translation Merger reserve Share-based payment reserve Own shares held by the EBT Retained Total equity
reserve earnings
£'m £'m £'m £'m £'m £'m £'m £'m
At 1 March 2024 1.0 47.3 10.9 1.8 11.7 (0.7) 130.5 202.5
Profit for the period - - - - - - 16.6 16.6
Other comprehensive income
Exchange differences on translating foreign operations - - (5.0) - - - - (5.0)
Total comprehensive income for the period - - (5.0) - - - 16.6 11.6
Transactions with owners
Dividends to equity holders of the Company - - - - - - (9.0) (9.0)
Purchase of shares by the Employee Benefit Trust - - - - - (3.0) - (3.0)
Share options exercised - - - - - 2.3 (2.2) 0.1
Deferred tax on share-based payment transactions - - - - - - (0.4) (0.4)
Share-based payment transactions - - - - 0.8 - - 0.8
Total transactions with owners of the Company - - - - 0.8 (0.7) (11.6) (11.5)
At 31 August 2024 1.0 47.3 5.9 1.8 12.5 (1.4) 135.5 202.6
Share capital Share premium Translation Share-based payment reserve Own shares held by the EBT Retained Total equity
reserve earnings
Merger reserve
£'m £'m £'m £'m £'m £'m £'m £'m
At 1 March 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
Condensed Consolidated Interim Statement of Cash Flows
For the six months ended 31 August 2025
6 months ended 6 months Year
ended ended
31 August 31 August 28 February
2025 2024 2025
£'m £'m £'m
Cash flows from operating activities
Profit for the period 13.8 16.6 25.4
Adjustments for:
Depreciation of property, plant and equipment 0.4 0.7 1.1
Depreciation of right-of-use assets 1.0 1.0 2.0
Amortisation of intangible assets 6.4 5.7 12.5
Finance income (0.3) (0.7) (1.3)
Finance costs 1.0 0.7 2.1
Share of loss of joint venture - 0.1 0.1
Share-based payment charges 0.2 1.1 1.9
Tax expense 4.5 5.5 7.1
27.0 30.7 50.9
Increase in inventories (1.0) (11.0) (7.8)
(Increase)/decrease in trade and other receivables (15.7) 19.1 32.8
Decrease in trade and other liabilities (7.3) (5.1) (17.9)
Cash generated from operating activities 3.0 33.7 58.0
Income taxes paid (1.8) (8.8) (16.1)
Net cash generated from operating activities 1.2 24.9 41.9
Cash flows from investing activities
Purchase of property, plant and equipment (0.6) (0.4) (1.4)
Purchases of intangible assets (2.8) (2.4) (4.8)
Purchase of business, net of cash acquired - (64.8) (64.8)
Purchase of share in a joint venture - (0.1) (0.1)
Interest received 0.3 0.7 1.2
Net cash used in investing activities (3.1) (67.0) (69.9)
Cash flows from financing activities
Equity dividends paid (9.4) (9.0) (12.2)
Purchase of shares by the Employee Benefit Trust (1.7) (3.0) (3.8)
Proceeds from exercise of share options - 0.1 0.4
Proceeds from borrowings - 29.4 29.4
Repayment of borrowings (7.4) - (6.2)
Interest paid on borrowings (0.7) (0.6) (1.6)
Principal paid on lease liabilities (0.7) (1.3) (2.3)
Interest paid on lease liabilities (0.3) (0.2) (0.3)
Other interest paid - - (0.2)
Net cash (used in)/generated from financing activities (20.2) 15.4 3.2
Net decrease in cash and cash equivalents (22.1) (26.7) (24.8)
Cash and cash equivalents at beginning of period 40.6 65.8 65.8
Exchange loss on cash and cash equivalents (1.4) (1.0) (0.4)
Cash and cash equivalents at end of period 17.1 38.1 40.6
Notes to the Condensed Consolidated Interim Financial Statements
1. Reporting entity
Bloomsbury Publishing Plc (the "Company") is a Company domiciled in the United
Kingdom. The condensed consolidated interim financial statements of the
Company as at and for the six months ended 31 August 2025 comprise the Company
and its subsidiaries (together referred to as the "Group"). The Group is
primarily involved in the publication of books and other related services.
2. Significant accounting policies
a) Basis of preparation
These condensed consolidated interim financial statements have been prepared
in accordance with International Accounting Standard ("IAS") 34 'Interim
Financial Reporting'. They are unaudited and do not constitute statutory
accounts. Selected explanatory notes are included to explain events and
transactions that are significant to an understanding of the changes in
financial position and performance of the Group since the last annual
consolidated financial statements as at and for the year ended 28 February
2025.
Except as described below, the condensed set of financial statements have been
prepared on a consistent basis with the financial statements for the year
ended 28 February 2025 and should be read in conjunction with the Annual
Report 2025. The annual consolidated financial statements of the Group are
prepared in accordance with UK-adopted International Accounting Standards and
the requirements of the Companies Act 2006. The 2025 Annual Report refers to
other new standards effective from 1 March 2025. None of these standards
have had a material impact in these financial statements.
The comparative financial information for the year ended 28 February 2025 does
not constitute statutory accounts for that financial year. This information
was extracted from the statutory accounts for the year ended 28 February 2025,
a copy of which has been delivered to the Registrar of Companies. The
auditor's report on those accounts was unqualified and did not include a
reference to any matters to which the auditor drew attention by way of
emphasis of matter and did not contain a statement under section 498(2) or (3)
of the Companies Act 2006.
The condensed consolidated interim financial statements were approved and
authorised for issue by the Board of Directors on 22 October 2025.
b) Going concern
The Directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for at least 12 months from the
date of approval of the condensed consolidated interim financial statements,
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 interim financial statements.
The Board has modelled a severe but plausible downside scenario. This assumes:
· Print revenues are reduced by 20%, with recovery during 2027/2028;
· Digital revenues are reduced by 20%, with recovery during 2027/2028;
· Print costs are increased by 2% from 2026/2027;
· Downside assumptions about extended debtor days, with recovery late
2026/2027; and
· Cash preservation measures implemented and variable costs reduced.
At 31 August 2025, the Group had available liquidity of £37.1m, comprising
central cash balances and its undrawn £20.0m Revolving Credit Facility
("RCF"). The RCF agreement is to November 2027. 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
31 August 2025, the Group had £nil draw down (H1 2024/25: £nil) of this
facility with £20.0m of undrawn borrowing facilities (H1 2024/25: £20.0m)
available. The facility comprises a committed revolving credit facility of
£20m, and an uncommitted incremental term loan facility of up to £20m.
In May 2024, the Group entered into an unsecured term loan facility with
Lloyds Bank Plc, comprising a committed amount of $37.5m. The facility has a
three-year term, maturing in May 2027. As at 31 August 2025, the outstanding
balance was $20.0m (H1 2024/25: $37.5m)
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.
c) Uses of estimates and judgments
The preparation of condensed consolidated interim financial statements
requires management to make judgments, estimates and assumptions that affect
the application of accounting policies and the reported amounts of assets,
liabilities, income and expenses. Actual results may differ from these
estimates. Critical judgments and areas where the use of estimates is
significant are set out in the 2025 Annual Report.
3. 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.
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
Six months ended 31 August 2025 £'m £'m £'m £'m
External revenue 113.4 46.1 - 159.5
Cost of sales (53.6) (11.3) - (64.9)
Gross profit 59.8 34.8 - 94.6
Marketing and distribution costs (18.2) (3.5) - (21.7)
Contribution before administrative expenses 41.6 31.3 - 72.9
Administrative expenses excluding highlighted items (28.0) (20.2) - (48.2)
Share of joint venture result - - - -
Operating profit before highlighted items/ segment results 13.6 11.1 - 24.7
Amortisation of acquired intangible assets (0.3) (4.2) - (4.5)
Other highlighted items - - (1.2) (1.2)
Operating profit/(loss) 13.3 6.9 (1.2) 19.0
Finance income - - 0.3 0.3
Finance costs (0.2) (0.1) (0.7) (1.0)
Profit/(loss) before taxation and highlighted items 13.4 11.0 (0.4) 24.0
Amortisation of acquired intangible assets (0.3) (4.2) - (4.5)
Other highlighted items - - (1.2) (1.2)
Profit/(loss) before taxation 13.1 6.8 (1.6) 18.3
Taxation - - (4.5) (4.5)
Profit/(loss) for the period 13.1 6.8 (6.1) 13.8
Consumer Academic & Professional Unallocated Total
Six months ended 31 August 2024 (*restated) £'m £'m £'m £'m
External revenue 141.3 38.5 - 179.8
Cost of sales (65.6) (10.6) - (76.2)
Gross profit 75.7 27.9 - 103.6
Marketing and distribution costs (24.5) (3.1) - (27.6)
Contribution before administrative expenses 51.2 24.8 - 76.0
Administrative expenses excluding highlighted items (30.5) (18.8) - (49.3)
Share of joint venture result - - (0.1) (0.1)
Operating profit/(loss) before highlighted items/ segment results 20.7 6.0 (0.1) 26.6
Amortisation of acquired intangible assets (0.4) (3.3) - (3.7)
Other highlighted items - - (0.8) (0.8)
Operating profit/(loss) 20.3 2.7 (0.9) 22.1
Finance income - - 0.7 0.7
Finance costs (0.1) - (0.6) (0.7)
Profit before taxation and highlighted items 20.6 6.0 - 26.6
Amortisation of acquired intangible assets (0.4) (3.3) - (3.7)
Other highlighted items - - (0.8) (0.8)
Profit/(loss) before taxation 20.2 2.7 (0.8) 22.1
Taxation - - (5.5) (5.5)
Profit/(loss) for the period 20.2 2.7 (6.3) 16.6
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
Consumer Academic & Professional Unallocated Total
Six months ended 31 August 2025 £'m £'m £'m £'m
Operating profit before highlighted items/segment results 13.6 11.1 - 24.7
Depreciation 1.0 0.4 - 1.4
Amortisation of internally generated intangibles 0.8 1.1 - 1.9
EBITDA before highlighted items 15.4 12.6 - 28.0
Consumer Academic & Professional Unallocated Total
Six months ended 31 August 2024 (*restated) £'m £'m £'m £'m
Operating profit/(loss) before highlighted items/segment results 20.7 6.0 (0.1) 26.6
Depreciation 1.3 0.4 - 1.7
Amortisation of internally generated intangibles 0.9 1.1 - 2.0
EBITDA before highlighted items 22.9 7.5 (0.1) 30.3
Consumer Academic & Professional Unallocated Total
Year ended 28 February 2025 (*restated) £'m £'m £'m £'m
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 product type
Six months Six months Year
ended ended ended
31 August 31 August 28 February
2025 2024 2025
£'m £'m £'m
Print 96.1 124.4 249.7
Digital 49.6 50.8 98.1
Rights and services 13.8 4.6 13.2
Total 159.5 179.8 361.0
Rights and services revenue includes revenue from copyright and trademark
licences, management contracts, advertising and publishing services.
Total assets (*restated) 31 August 31 August 28 February 2025
2025 2024 £'m
£'m £'m
Consumer 50.7 53.1 52.8
Academic & Professional 119.7 130.0 127.5
Unallocated 193.8 208.5 205.0
Total assets 364.2 391.6 385.3
( )
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.
4. Highlighted items
Six months ended Six months ended Year
31 August 31 August ended
2025 2024 28 February
£'m £'m 2025
£'m
Legal and other professional fees - 0.7 0.7
Integration and restructuring costs 1.2 0.1 0.5
Other highlighted items 1.2 0.8 1.2
Amortisation of acquired intangible assets 4.5 3.7 8.4
Total highlighted items 5.7 4.5 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.
For the six months ended 31 August 2025, integration and restructuring costs
of £1.2m 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 six months ended 31 August 2024, legal and other professional fees of
£0.7m were incurred as a result of the Rowman & Littlefield
acquisition. Integration and restructuring costs of £0.1m were incurred
as a result of the integration of the Red Globe Press and ABC-CLIO, LLC
acquisitions.
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.
5. Dividends
Six months ended Six months ended Year
ended
31 August 31 August 28 February
2025 2024 2025
£'m £'m £'m
Amounts paid in the period
Prior period final dividend 9.4 9.0 9.0
Interim dividend - - 3.2
Total dividend payments in the period 9.4 9.0 12.2
Amounts arising in respect of the period
Interim dividend for the period 3.3 3.2 3.2
Final dividend for the year - - 9.4
Total dividend for the period 3.3 3.2 12.6
The proposed interim dividend of 4.08 pence per ordinary share will be paid to
the equity Shareholders on 28 November 2025 to Shareholders registered at
close of business on 31 October 2025.
6. Earnings per share
The basic earnings per share for the six months ended 31 August 2025 is
calculated using a weighted average number of Ordinary Shares in issue of
81,304,651 (31 August 2024: 81,404,081 and 28 February 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.
6 months ended 6 months ended Year ended
31 August 31 August 28 February
2025 2024 2025
Number Number Number
Weighted average shares in issue 81,304,651 81,404,081 81,420,330
Dilution 557,404 1,141,205 1,147,233
Diluted weighted average shares in issue 81,862,055 82,545,286 82,567,563
£'m £'m £'m
Profit after tax attributable to owners of the Company 13.8 16.6 25.4
Basic earnings per share 16.91p 20.38p 31.14p
Diluted earnings per share 16.79p 20.10p 30.71p
Adjusted profit attributable to owners of the Company 18.8 20.4 34.2
Adjusted basic earnings per share 23.14p 25.02p 42.03p
Adjusted diluted earnings per share 22.98p 24.68p 41.45p
( )
Adjusted profit is derived as follows:
Profit before tax 18.3 22.1 32.5
Amortisation of acquired intangible assets 4.5 3.7 8.4
Other highlighted items 1.2 0.8 1.2
Adjusted profit before tax 24.0 26.6 42.1
Tax expense 4.5 5.5 7.1
Deferred tax movements on goodwill and acquired intangible assets 0.4 0.6 0.6
Tax expense on other highlighted items 0.3 0.1 0.2
Adjusted tax 5.2 6.2 7.9
Adjusted profit 18.8 20.4 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
31 August 31 August 28 February
2025 2024 2025
Non-current £'m £'m £'m
Contract assets 0.6 0.8 0.7
Current
Gross trade receivables 80.9 92.4 82.1
Less: loss allowance (2.1) (3.1) (2.7)
Net trade receivables 78.8 89.3 79.4
Income tax recoverable 2.2 2.3 4.1
Other receivables 3.6 3.0 3.6
Prepayments 3.6 3.9 4.0
Contract assets 19.7 8.0 7.1
Royalty advances 34.2 36.1 35.1
Total current trade and other receivables 142.1 142.6 133.3
Total trade and other receivables 142.7 143.4 134.0
Non-current receivables relate to accrued income 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 or in certain territories by third party distributors.
A provision is held against gross advances payable in respect of published
titles advances which may not be fully earned down by anticipated future
sales. As at 31 August 2025 £9.9m (31 August 2024 £11.8m and 28 February
2025 £7.1m) of royalty advances relate to titles expected to be published in
more than 12 months' time.
8. Related parties
The Group has no related party transactions in the current or prior periods
other than key management remuneration.
Principal risks and uncertainties
Bloomsbury has a systematic and embedded risk management process for
identifying, evaluating and managing risk, with the goal of supporting the
Group in meeting its strategic and operational objectives.
The principal risks for the Group's business are summarised as follows:
· Market: including market volatility, impact of economic instability,
increased dependence on internet retailing, open access, sales of used books
and rental of textbooks;
· Importance of digital publishing: BDR revenues and profit;
· Acquisitions: return on investment;
· Title acquisition (Consumer publishing): Commercial viability;
· Information and technology systems: Cybersecurity and malware attack,
and internal access controls or security measures;
· Financial valuations: Judgemental valuation of assets and provisions;
· Intellectual property: Erosion of copyright and infringement of Group
IP by third parties;
· Reliance on key counterparties and supply chain resilience: Failure of
key counterparties or breakdown in key counterparty relationships;
· Talent management: Failure to attract and retain key talent and create
an inclusive and supportive environment in which the Group's employees can
thrive;
· Legal and compliance: Breach of key contracts by the Group and failure
to comply with applicable regulations; and
· Reputation: Investor confidence.
Further information about the principal risks and risk management is included
in the 2025 Annual Report and Accounts.
Responsibility Statement of the Directors in Respect of the Interim Financial
Statements
Directors
John Bason Independent Non-Executive Chairman
Chair of the Nominations Committee
Leslie-Ann Reed Senior Independent Director
Chair of the Remuneration Committee
Chair of the Audit Committee
Baroness Lola Young of Hornsey Independent Non-Executive Director
Dame Heather Rabbatts Independent Non-Executive Director
Nigel Newton Chief Executive
Penny Scott-Bayfield Group Finance Director
We confirm that to the best of our knowledge:
· The condensed set of financial statements has been prepared in
accordance with UK-adopted International Accounting Standard 34 'Interim
Financial Reporting'.
· The interim management report includes a fair review of the
information required by:
(a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the condensed set of financial
statements; and a description of the principal risks and uncertainties for the
remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being
related party transactions that have taken place in the first six months of
the current financial year and that have materially affected the financial
position or performance of the entity during that period; and any changes in
the related party transactions described in the last annual report that could
do so.
By order of the Board
Nigel
Newton
Penny Scott-Bayfield
22 October 2025
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