Bloomsbury Publishing (BMY) Trading Update summary

Trading performance and outlook

• Trading for the four months to 30 June 2024 was strong and in line with recently upgraded expectations, reflecting robust performance across divisions.

• Consumer bestsellers included titles by Sarah J. Maas, J.K. Rowling, Cixin Liu, Stuart Turton, Hugh Fearnley-Whittingstall, and Tom Kerridge.

• New summer releases feature works by Sally Smith, Josephir, and Mayowa and the S Onuzo, with notable recognition for Josephir's book as a Financial Times Best History Book of 2024.

• The Non-Consumer division saw continued growth in Bloomsbury Digital Resources and the transformational acquisition of Rowman and Littlefield's academic publishing business.

• The Board remains confident in the medium and long-term strategy, emphasizing digital content, international expansion, and a diversified portfolio approach.

Strategic initiatives and acquisitions

• Acquisition of Rowman and Littlefield's academic publishing business positions Bloomsbury as a leading US academic publisher with approximately 97,000 titles.

• The enlarged Academic business is expected to drive international sales, subject area expansion, and innovation in digital scholarship.

• Organic growth and the acquisition are set to accelerate Bloomsbury Digital Resources from £22m revenue in 2023/24 toward a £41m target for 2027/28.

• The company continues to execute its strategy of diversifying across territories and markets, leveraging its 'portfolio of portfolios' model.

Financial expectations and guidance

• Current consensus market expectation for the year ending 28 February 2025 is revenue of £342.2m and profit before taxation and highlighted items of £37.6m.

• Further details for the year ending 28 February 2025 will be provided with the Interim Results announcement.

• The Board's confidence is underpinned by the scale and resilience of the business, supported by strong author and customer relationships.