Business
Unaudited Preliminary Results
Unaudited Preliminary Results.
About this update from Bloomsbury Publishing Plc
[{"type":"text","content":"\n \n \n RNS Number : 4065N\n Bloomsbury Publishing PLC\n 20 May 2020\n \n \n \n \n BLOOMSBURY PUBLISHING PLC\n \n \n (\"Bloomsbury\" or \"the Company\")\n \n \n \n \n \n Unaudited Preliminary Results for the year ended 29 February 2020\n \n \n \n \n \n Strong Non-Consumer profit growth and delivery of diversified strategy\n \n \n Strengthened balance sheet and improved liquidity\n \n \n \n \n \n \n \n \n Bloomsbury, the leading independent publisher, today announces unaudited results for the year ended 29 February 2020, in line with expectations. \n \n \n \n \n \n \n Commenting on the results, Nigel Newton, Chief Executive, said\n \n : \n \n \n \n \n \n \"I am pleased to report a year of further progress at Bloomsbury resulting in 9% growth in profit before tax and highlighted items. Our Non-Consumer division delivered an excellent result with profit before tax and highlighted items up by 85% to £6.7 million, including outstanding revenue growth of 32% from Bloomsbury Digital Resources, which moved into profit this year, and the Adult Consumer division achieved 77% growth in profit before tax and highlighted items. These performances demonstrate the underlying strength and resilience of our diversified, international strategy. \n \n \n \n \n \n Over the past five years, the successful execution of this strategy has delivered Company revenue growth of 32% and profit before tax and highlighted items growth of 21%, with digital revenue as a proportion of total revenue increasing from 10% to 15%.\n \n \n \n \n \n Since the year end, the coronavirus pandemic has led to significant disruption across all our key markets. The\n impact may be substantial. \n Orders for print books, which comprised 79% of the Company's revenue for the year ended 29 February 2020, are being affected in all our markets. Our UK, US and Australia warehouses remain open and continue supply to customers.\n Our strategy of expanding and leveraging our digital rights and products means that we are well placed to benefit from increased demand for our digital resources, audio and e-books\n . \n \n \n \n \n \n \n There is no immediate certainty around the severity and duration of the impact on our business and therefore the Board is unable to provide guidance for the year ending 28 February 2021 at t...