Bloomsbury Publishing Plc · LSE:BMY
Bloomsbury Publishing — Q2 2025 Earnings Presentation
37 slides from Bloomsbury Publishing's earnings presentation, Oct 24, 2024
Slide 1: Results for the 6 months ended 31 August 2024
Bloomsbury Publishing Plc R esu lts fo r the 6 mo n ths en d ed 3 1 Au gu st 2 0 2 4
Slide 2: Record results
Our strategy of diversification across consumer and academic publishing has forged a portfolio of portfolios; a resilient model for long-term success Record results Revenue up 32% to £179.8m and profit up 50% to £26.6m with margin up to 15% from 13%; interim dividend increased by 5% to 3.89p per sha
Slide 3: Delivering the Bloomsbury 2030 Vision: Growth, Portfolio and People
Bloomsbury 2030 Growth: Portfolio: People: Record revenue of Breadth of bestsellers Earned the Great Delivering the £179.8m, with 32% and awards Place to Work growth year-on-year CertificationTM Bloomsbury 2030 Vision: Growth, Portfolio and Bloomsbury wins Children’s Publisher of the Year 2024 Peopl
Slide 4: Financial Highlights
Financial £m H1 2024/25 H1 2023/24 Growth % Growth CER3 % Highlights Revenue 179.8 136.7 32% 33% Pre-tax profit margin1 14.8% 12.9% Our strategy of diversification has Pre-tax profit1 26.6 17.7 50% 53% forged a portfolio of Effective tax rate2 23.3% 19.0% portfolios, a resilient model delivering lon
Slide 5: Diversified Revenue Channels
Diversified £m Print H1 2024/25 124.4 H1 2023/24 92.7 Growth % 34% Revenue ebooks 31.8 22.1 44% 61% Channels Audio BDR 5.3 13.7 3.3 13.3 2% Demand for digital content with 31% Digital 50.8 38.7 31% growth Total book sales 175.2 131.4 33% Excellent growth in Rights and services 4.6 5.3 (13)% audio To
Slide 6: Strong Balance Sheet
Strong £m 31 August 2024 31 August 2023 Balance Goodwill & acquired intangibles 129.5 75.5 Sheet Internally generated intangibles Property, plant & equipment 8.0 1.9 7.8 2.2 Robust balance Finished goods inventory sheet to support Tax balances: deferred & current 12.6 8.1 increases by 20% (£7.5m) fu
Slide 7: Cashflow
H1 2024/25 Cashflow £m Strong cash 26.6 (1.0) (8.8) generation (2.8) (9.0) supporting (3.0) (64.8) capital allocation to drive growth 65.8 6.7 9.7 Opening PBTA FX movement Tax Capex Dividends Purchase of Acquisitions Other Working Closing balance balance 29 Feb shares by the Capital 31 Aug 2024 2024
Slide 8: Dividend Growth
Commitment to dividend growth Dividend Growth Interim dividend Pence per share 11.53 increases by 5% 10.99 Progressive dividend 9.40 10.34 9.78 7.58 6.75 6.89 6.36 5.34 5.60 4.84 5.08 4.31 4.56 4.19 3.30 3.47 3.65 3.00 3.00 3.89 3.70 0.81 0.89 0.94 0.98 1.02 1.06 1.10 1.15 1.21 1.28 1.28 1.34 1.41 0
Slide 9: Bloomsbury Investment Case
Flywheel effect of successful long term strategy Bloomsbury • Unique portfolio of Consumer and Academic publishing • Success of diversified strategy: across channels, markets and territories Investment • Investment in content driving strong demand, generating cash to fund further investment Case • 2
Slide 10: Diversified Strategy
Diversified Channels • Digital products, print, eBooks and Strategy • audio Easy and complementary customer access Channels Successfully Territory diversified portfolio of • Global expansion, with 81% of portfolios through revenue international Territory • Global reach of key authors international •
Slide 11: Consumer: Stellar growth
Consumer Revenue Consumer: Revenue growth Consumer revenue growth of 47% to £131.3m 140 120 Stellar Exceptional growth from bestselling authors 100 Revenue (£m) Success in building brands 80 growth Won Children’s Publisher of the Year and the Export award at The British Book Awards 60 40 20 £131.3m
Slide 12: Building Bestsellers
• Sarah J. Maas global bestsellers across her 16 titles increased revenue by 102% in H1 2024/25. The latest title House of Flame and Shadow was released in January 2024 and became a global bestseller, with momentum driving Building phenomenal backlist sales. Bloomsbury has 6 further books contracted
Slide 13: Consumer: Awards & Bestsellers
Consumer: Awards & Bestsellers British Book Awards: Children’s Publisher of the Year 2024 Book of the Year - Children’s Non-Fiction Book of the Year - Children’s Fiction Bloomsbury Publishing | 2024/25 Interim Results 13
Slide 14: Academic & Professional Revenue
Revenue A&P Revenue 45 Academic & Professional (A&P) revenue of £38.5m 40 35 Broadening & deepening Bloomsbury’s offering and subject areas to address Academic & Revenue (£m) 30 budgetary pressure on UK institutions and US small to mid-sized institutions 25 20 Professional Well positioned for accele
Slide 15: Academic: Rowman & Littlefield
• Transformational acquisition of Rowman & Littlefield for $83m (£65m) on 28 May 2024 Academic: • Rowman & Littlefield contributed £7.2m revenue in the three months since acquisition, in line with expectations Rowman & • Combined Academic business publishes c.97,000 titles, creating a significant pl
Slide 16: Academic: Bloomsbury Digital Resources
BDR strategy and target Building higher margin, quality, repeatable digital revenues, accelerating growth with acquisitions Academic: BDR target reiterated: c.£41m revenue in 2027/28 Future benefit from digitisation of Rowman & Littlefield content Bloomsbury Digital BDR Revenue Profile 14.0 H1 BDR R
Slide 17: Non Consumer: Special Interest
• Targeted publishing strategy, with leading content brands focusing on wildlife, nautical, sport, Non games and military history Consumer: • Critical success in the period included: • The Sunday Times Cycling Book of the Year 2024 awarded to 1923: The Mystery of Lot 212 and a Tour Special de France
Slide 18: Long term strategy goals: Growth
Growth Long term Goal: Use our strong financial position to fund further acquisitions focused on Academic and US opportunities with digital potential. strategy Achieved H1 2024/25: Acquisition of Rowman & Littlefield, adding 41,000 titles and significantly strengthening our academic publishing in
Slide 19: Long term strategy goals: Portfolio
Portfolio Long term Goal: Become the most successful independent Academic publisher in Humanities and Social Sciences, focusing on digital publishing and strategy resources. goals Achieved H1 2024/25: Delivered £38.5m of Academic revenue with the start of the integration of Rowman & Littlefield wi
Slide 20: Long term strategy goals: People
People Goal: Be the best place to work in publishing through an industry-leading focus on professional development programs, training, systems Long term and work practices. strategy Achieved H1 2024/25: We are proud to have earned the Great Place to Work CertificationTM following a survey of our e
Slide 21: Powerful publishing list for H2 2024/25
Powerful publishing list for H2 2024/25 Already two bestsellers Bloomsbury Publishing | 2024/25 Interim Results 21
Slide 22: Summary and outlook
Summary and Flywheel: Portfolio of On track for BDR Trading for outlook Investment in portfolios: growth strategy and target, benefiting 2024/25 is expected to be content driving Demand for our from transition to above current strong customer content across digital with organic consensus demand, gen
Slide 23: Bloomsbury enters the FTSE 250
Bloomsbury ‘Welcome to the FTSE 250!! A select Group who have made it ‘Congratulations on this amazing achievement! ‘Wow! What a stunning achievement by you and your enters the from IPO to the Mid Cap Index. I can see one of your holders We are glowing by association through your support for our tea
Slide 24: Appendices
Appendices 24
Slide 25: Results by Publishing Division
Results by £m Consumer Non-Consumer Publishing Revenues 2024/25 131.3 48.5 Revenues 2023/24 89.4 47.3 Division Growth % 47% 3% Pre-tax profit 2024/251 21.4 5.2 Success of portfolio of portfolios Pre-tax profit 2023/241 11.2 5.9 Growth % 91% (12)% Pre-tax profit margin 2024/25 16% 11% Pre-tax profit
Slide 26: Revenue by Sub-Division
Revenue by £m H1 2024/25 H1 2023/24 Change % Total Consumer 131.3 89.4 47% Sub- Academic & Professional 38.5 36.4 6% Division Special Interest 10.0 10.9 (8)% Total Non-Consumer 48.5 47.3 3% Strength of Total revenue 179.8 136.7 32% Consumer frontlist and backlist Special Interest Special Interest 8%
Slide 27: Adjusted segmental analysis H1 2024/25
Adjusted segmental analysis H1 2024/25 £m Total Consumer A&P Special Interest Total Non-Consumer Total Group Print Sales 98.9 75% 17.4 8.1 25.5 53% 124.4 69% Digital Sales 29.8 23% 19.8 1.2 21.0 43% 50.8 28% Rights & Services 2.6 2% 1.3 0.7 2.0 4% 4.6 3% Total revenue 131.3 100% 38.5 10.0 48.5 100%
Slide 28: Adjusted segmental analysis H1 2023/24
Adjusted segmental analysis H1 2023/24 £m Total Consumer A&P Special Interest Total Non-Consumer Total Group Print Sales 69.3 78% 14.7 8.7 23.4 49% 92.7 68% Digital Sales 17.0 19% 20.4 1.3 21.7 46% 38.7 28% Rights & Services 3.1 3% 1.3 0.9 2.2 5% 5.3 4% Total revenue 89.4 100% 36.4 10.9 47.3 100% 13
Slide 29: Adjusted segmental analysis H1 2024/25 at constant exchange rates
Adjusted segmental analysis H1 2024/25 at constant exchange rates £m Total Consumer A&P Special Interest Total Non-Consumer Total Group Print Sales 100.1 75% 17.5 8.2 25.7 53% 125.8 69% Digital Sales 30.2 23% 20.0 1.1 21.1 43% 51.3 28% Rights & Services 2.6 2% 1.3 0.7 2.0 4% 4.6 3% Total revenue 132
Slide 30: Adjusted income statement
Adjusted income statement Change £m H1 2024/25 H1 2023/24 % Change CER% Revenue 179.8 136.7 32% 33% Gross profit 103.6 77.7 33% Gross profit margin % 57.6% 56.8% Marketing and distribution costs (27.6) (17.3) 59% Marketing and distribution costs as % revenue 15.3% 12.7% Administrative expenses2 (49.
Slide 31: Highlighted items £4.5m
Highlighted H1 2024/25 items Total Amortisation Legal and other professional costs of acquired relating to ongoing and completed intangible assets acquisitions, integration and restructuring costs £4.5m £3.7m £0.8m H1 2023/24 Amortisation Legal and other professional costs Total of acquired relating
Slide 32: Bloomsbury Digital Resources
Bloomsbury Digital Business Psychology Drama and Performance Law and Tax Fashion Philosophy Resources Key verticals: expanding in Business and Psychology Video Art, Design & Film, Music Theology & History Student Architecture and Media Religion Learning Bloomsbury Publishing | 2024/25 Interim Result
Slide 33: Leveraging our acquisitions
Leveraging our acquisitions Acquisition Year Contributing to the following Bloomsbury Digital Resources Rowman & Littlefield 2024 Bloomsbury Collections, Drama Online, History, Business and Psychology ABC-CLIO 2021 ABC-CLIO school and academic databases Red Globe Press 2021 Bloomsbury Collections, C
Slide 34: Other notes
Other notes All metrics and commentary in this presentation are at reported foreign exchange rates and include adjusting items unless stated otherwise The amortisation of acquired intangible assets has been highlighted in the financial results for the year ended 31 August 2024 Adjusting items are hi
Slide 35: Investor Relations Contacts
Investor Tamsin Garrity | Head of Investor Relations www.bloomsbury.com Relations 50 Bedford Square London Contacts WC1B 3DP /bloomsburypublishing tamsin.garrity@bloomsbury.com /bloomsburypublishing Dan de Belder Hattie Dreyfus /bloomsburybooks Emily Brooker Hudson Sandler 25 Charterhouse Square /bl
Slide 36: Founder & Chief Executive
Founder & Nigel Newton CBE is the founder of Bloomsbury Publishing. He was born and raised in San Francisco. He read Chief English at Selwyn College, Cambridge and after working at Macmillan Publishers, he joined Sidgwick & Jackson. He left Sidgwick in 1986 to start Bloomsbury Publishing. Nigel Newt
Slide 37: Disclaimer
Disclaimer The information in this presentation has not been audited or otherwise independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions conta
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