Bloomsbury Publishing (BMY) H1 2025 earnings summary

Executive summary

• Achieved record H1 revenue of £179.8m, up 32%, and profit up 50% to £26.6m, trading above expectations.

• Interim dividend increased by 5% to 3.89p per share, reflecting strong performance and commitment to shareholder returns.

• Completed largest-ever acquisition of Rowman & Littlefield for $83m (£65m) in May 2024, strengthening academic portfolio and digital resources.

• Joined the FTSE 250 Index in August 2024 and received multiple industry accolades, including Children's Publisher of the Year.

• Consumer division delivered 47% revenue growth, driven by fantasy fiction and bestsellers.

Financial highlights

• Revenue rose 32% year-over-year to £179.8m; pre-tax profit up 50% to £26.6m; margin increased to 15% from 13%.

• Diluted EPS up 41% to 24.68p; net cash at £9.7m post-acquisition, down from £39.1m.

• Gross profit margin improved to 57.6% from 56.8% year-over-year.

• Adjusted results exclude £4.5m in highlighted items (acquisition-related costs and amortisation of acquired intangibles).

• Interim dividend per share increased 5% to 3.89p.

Outlook and guidance

• Trading for 2024/25 expected to be above current consensus expectations; full year outlook upgraded.

• Reiterated target for Bloomsbury Digital Resources (BDR) to reach c.£41m revenue by 2027/28.

• Continued focus on international growth, digital expansion, and further acquisitions.

• Progressive dividend policy maintained, with intention to increase full year dividend.