Business
Acquisition of Hart Publishing Limited
Acquisition of Hart Publishing Limited.
About this update from Bloomsbury Publishing Plc
[{"type":"text","content":"\n \nRNS Number : 0417N Bloomsbury Publishing PLC 02 September 2013 \n \n\n \n\n\nBloomsbury Publishing Plc \n \nAcquisition of Hart Publishing Limited\n \nBloomsbury Publishing Plc (\"Bloomsbury\") announces that it has today completed the acquisition of the issued share capital of Hart Publishing Ltd (\"Hart\"), the Oxford-based legal publisher, from the management shareholders. The initial consideration of £6.5 million (which is subject to working capital adjustments) was paid in cash on completion from Bloomsbury's own cash reserves. \n \nA further cash consideration of up to a maximum of £0.5 million will be payable on the achievement of certain revenue and title number targets for the period ending 31 March 2014. The acquisition is expected to generate cost savings and be immediately earnings enhancing contributing approximately £1.4 million of revenue to Bloomsbury in the year ending 28 February 2014.\n \nThe acquisition is consistent with Bloomsbury's strategy to increase its proportion of academic and professional revenues to 50% of total sales in five years' time. Academic and professional revenues are more predictable and have lower related costs of sale with higher margins and are much less reliant on retail bookshop sales. Around 50% of Hart's revenue is generated outside the UK, thereby increasing Bloomsbury's benefit from the global book market. The acquisition will also enable the Company to further develop its e-book publishing and expand the Bloomsbury Professional digital suite of services.\n \nHart was founded in 1996 and has developed a world class academic list with leading authors including Michael Fordham QC, Andrew Burrows, Grainne de Burca, JW Carter, Peter Cane, Simon Deakin, Vernon Bogdanor, Robert O'Donoghue, Philip Coppel QC and Michael Beloff QC amongst others. Hart generated £2.6 million of revenue and £0.5 million of profit before tax in the year ended 31 March 2013. Gross assets at that date were £1.4 million.\n \nThe Hart lists are highly complementary to Bloomsbury's existing academic and professional lists, offering Bloomsbury the ability to enhance revenue momentum within its Academic & Professional division in the UK and overseas markets. \n \nIn 2009 Hart won the Independent Publishing Guild's Academic and Professional Publisher of the Year...