TIDMBMY
RNS Number : 7924O
Bloomsbury Publishing PLC
22 May 2018
22 May 2018
BLOOMSBURY PUBLISHING PLC
("Bloomsbury" or the "Group")
Audited Preliminary Results for the year ended 28 February
2018
Bloomsbury today announces audited results for the year ended 28
February 2018.
Financial Highlights
-- Total revenues grew by 13% to GBP161.5 million (2016/17:
GBP142.6 million). Revenues from overseas customers grew by 16% to
GBP101.2 million, and are now 63% of total revenues
-- Profit before taxation and highlighted items* grew by 10% to
GBP13.2 million (2016/17: GBP12.0 million), above market
expectations
-- Proposed final dividend of 6.36p per share, making a total
dividend of 7.51p per share for the year, up 12% (2016/17: 6.7p per
share)
-- Diluted earnings per share, excluding highlighted items*,
grew by 10% to 13.92p (2016/17: 12.63p)
-- Strong cash conversion of 161% (2017: 180%), with net cash of
GBP25.4m at 28 February 2018 (2017: GBP15.5m)
-- Strong autumn book list and acquisition of I. B. Tauris &
Co. Ltd ("IBT") will mean performance for 2018/19 will be well
ahead of our previous expectations
Operational Highlights
Consumer division
-- The Consumer division had an exceptional year, due primarily
to a strong Children's and Cookery performance. Revenue increased
20% to GBP102.2m (2016/17: GBP85.4m) and operating profit before
highlighted items increased by 21% to GBP11.4m (2016/17:
GBP9.4m**)
-- Strong list for the year ahead includes A Court of Frost and
Starlight by Sarah J. Maas, a major new cookery title from Tom
Kerridge, the illustrated version of The Tales of Beedle the Bard
by J.K. Rowling and the film tie-in edition of The Guernsey
Literary and Potato Peel Pie Society
-- Children's
o Revenue for the year increased by 24% to GBP69.2m (2016/17:
GBP55.9m)
o Sales of the Harry Potter series in the year grew by 31%,
including Harry Potter and the Prisoner of Azkaban Illustrated
Edition
o Strong sales of Sarah J. Maas titles included A Court of Wings
and Ruin
-- Adult
o Revenue increased by 12% year on year to GBP33.1m (2016/17:
GBP29.5m)
o Highlights included Tom Kerridge's Lose Weight for Good
Non-Consumer division
-- The Non-Consumer division saw revenues grow by 4% to GBP59.3m
(2016/17: GBP57.2m). Operating profit before highlighted items was
GBP1.7m (2016/17: GBP2.6m**) including GBP1.2m net more investment
in Bloomsbury 2020, a foreign exchange charge that was GBP0.7
million higher year on year and a strong rights performance in the
prior year
-- The Bloomsbury 2020 strategy to leverage our academic and
professional assets into the academic library market, is delivering
well with digital resource revenues up 20% to GBP4.7 million. Five
major new digital resources were launched in the year, ahead of
plan. On track to deliver targeted GBP5 million of profit and GBP15
million revenue in 2021/22
-- Acquisition of IB Tauris in April 2018 for GBP5.8 million.
Its quality academic IP will enhance our digital resources
Bigger Bloomsbury
As Bloomsbury continues to focus on quality revenues and
building upon the strong momentum achieved last year, we have a
number of key growth initiatives that, together with our
acquisition of IBT, the Board expects will lead to our performance
for 2019/20 onwards being well ahead of our previous expectations.
The main initiatives are:
1. Growing the profits of the Adult division;
2. Growing the profits of the Academic & Professional division;
3. Reducing our finished goods stock further by continuing to
roll out globally efficiencies already made in the UK business;
4. Increasing the focus on Bloomsbury's nine biggest assets,
starting with Harry Potter, Sarah J. Mass, Tom Kerridge and the
lead title in each division from both the US and UK editorial lists
to boost front list and back list performance;
5. Maximising the success of Bloomsbury Digital Resources;
6. Accelerating the growth of Bloomsbury's sales in the USA, Australia and India; and
7. Developing Bloomsbury China: China Global Publishing -
publishing books, in English, as a publishing partner in the West
for major Chinese publishers, following signing of Memorandum of
Understanding in May 2018.
Commenting on the results, Nigel Newton, Chief Executive,
said:
"I am delighted with the performance of our business over the
last twelve months. It has been a great year that has put
Bloomsbury in a very strong and exciting position. We have seen
significant progress in both segments of our business.
In Consumer, we saw revenue growth of 20%, increasing across all
territories, driven by Children's and Cookery titles. Tom
Kerridge's Lose Weight for Good was a notable standout, selling the
most copies in a week in January since records began. In the
milestone twentieth anniversary year for Harry Potter we continued
to demonstrate our ability to find inventive and engaging ways to
bring the story to life for readers, publishing a House edition of
Harry Potter and the Philosopher's Stone and the illustrated Harry
Potter and the Prisoner of Azkaban and Fantastic Beasts and Where
to Find Them. In Non-Consumer, our Academic & Professional
division continues to benefit from the Bloomsbury 2020 strategic
growth initiative as we look to accelerate digital revenues
significantly and become a leading publisher in the B2B academic
and professional market.
Bigger Bloomsbury marks the next exciting step in our growth,
focussing on our key growth drivers with targeted strategies across
the business to help grow our revenues and improve our margins over
the next five years."
Notes
* Highlighted items comprise amortisation of acquired intangible
assets and in the prior year other one-off significant non-cash
charges and major one-off initiatives including legal and other
professional costs relating to acquisitions and restructuring
costs.
** Prior year divisional profits are amended to reflect a change
in the allocation of central costs in order to provide a better
understanding of underlying results. Group results are
unaffected.
Forward-looking statements: Statements contained in this Annual
Results Announcement are based on the knowledge and information
available to the Company's directors at the date it was prepared
and therefore the facts stated and views expressed may change after
that date. By their nature, the statements concerning the risks and
uncertainties facing the Company in this Annual Results
Announcement involve uncertainty since future events and
circumstances can cause results and developments to differ
materially from those anticipated. To the extent that this Annual
Results Announcement contains any statement dealing with any time
after the date of its preparation such statement is merely
predictive and speculative as it relates to events and
circumstances which are yet to occur. The Company undertakes no
obligation to update these forward-looking statements.
For further information, please contact:
+44 (0) 20 7631
Bloomsbury Publishing Plc 5630
Nigel Newton, Chief Executive
Wendy Pallot, Group Finance
Director
+44 (0) 203 727
FTI Consulting 1000
Charles Palmer / Dwight Burden SCBloomsbury@fticonsulting.com
/ Emma Hall / Leah Dudley
Chief Executive's statement
Overview
The year ended 28 February 2018 was an exceptional year for
Bloomsbury Publishing. The Consumer and Non-Consumer divisions both
grew revenues, resulting in total Group revenues being 13% ahead of
last year at GBP161.5 million (2016/17: GBP142.6 million). This
growth came particularly from Children's and Cookery titles. Group
profit before tax and highlighted items increased 10% to GBP13.2
million (2016/17: GBP12.0 million). In 2016 we announced the
Bloomsbury 2020 strategy to leverage our academic and professional
IP assets into the academic library market, growing more high
quality digital subscription income. This strategy is delivering
well, with a 20% increase year on year in digital resource revenues
to GBP4.7 million. We launched five major new digital resources in
the year and four new modules attached to existing resources, ahead
of plan. Group profit includes GBP1.2 million of net investment in
Bloomsbury 2020 (2016/17: Nil).
We are focussed on making the best use of our capital and to
this end, as well as investing in our digital resources, in April
2018 we acquired the academic publisher I. B. Tauris & Co. Ltd
("IBT") for GBP5.8 million. Additionally, with Bloomsbury's strong
balance sheet, we have been able to recommend a 14% increase in
final dividend.
Due to the strong trading in the year, the Group was able to
make a management bonus provision of GBP2.3 million (2016/17:
GBP1.0 million). The highlighted item of GBP1.6 million was the
amortisation of acquired intangible assets. The effective rate of
tax for the year, excluding highlighted items, was unchanged at
22%. Diluted earnings per share, excluding highlighted items, grew
10% to 13.92 pence (2016/17: 12.63 pence). Including highlighted
items, profit before tax was GBP11.6 million (2016/17: GBP9.4
million) and diluted earnings per share was 12.06 pence (2016/17:
9.81 pence).
Strategy
Our strategy is to leverage new and our existing title rights to
publish authors and works of excellence and originality, combining
tradition and technology and establishing solid profit streams. Our
main objectives are to:
1. Grow our Non-Consumer revenues so that they match or exceed our Consumer revenues.
Non-Consumer revenues have higher margins, are a more
predictable revenue stream, are less reliant on the high street
customers and have greater digital opportunities. Non-Consumer
revenues grew by 4%, although they have reduced from 40% of total
revenues to 37% as a result of the exceptional growth in Consumer
revenues in the year. The digital resources strategy leverages both
existing and new IP and is on track to deliver the GBP5 million of
profit and GBP15 million of revenue in 2021/22 to which we
committed. Net investment in digital resources in the 2017/18
income statement was GBP1.2 million, less than previously guided,
and was the year of maximum incremental investment in this
strategy. The newly acquired IBT provides more quality academic IP
to enhance our digital resources. IBT is expected to contribute
GBP3.5m of revenue and about GBP0.3 million of profits in our ten
months of ownership in 2018/19 (before highlighted acquisition and
reorganisation costs). There will be significant synergies gained
from integrating this business into Bloomsbury.
2. Expand internationally in English language markets reducing
the Group's reliance on the UK market. The global English language
market is growing each year as more people learn English as the
world's medium of communication. Academic titles usually have
global appeal, so our strategy to grow Non-Consumer revenues should
increase overseas income. Overseas revenues by destination grew by
16% to GBP101.2 million and are now 63% of total Group revenues
(2016/17: 61%). This is a key strength.
3. Continue to attract, spot and retain high quality talent in
our Consumer division, and remain the home of some of the world's
best loved and most exciting authors. While we recognise the
importance of growing reliable Non-Consumer revenues, we will
always strive to discover, nurture and champion brilliant Consumer
talent. The division had a particularly strong year growing
revenues across all territories, and a core part of our strategy
will always focus on finding excellent works and looking at new
ways to leverage existing title rights.
Cash
Cash generation was strong with cash at year end of GBP25.4
million (2017: GBP15.5 million) and cash conversion of 161% (2017:
180%). Our focus on working capital continues - inventories have
reduced by 5% or GBP1.3 million year on year, on a like-for-like
basis, despite the significant increase in revenues. We are working
to achieve a 5% reduction in inventory, using constant currencies,
in 2018/19, excluding additions from acquisitions. Our strategic
priority for cash is organic investment to grow and enhance our
existing business. Including GBP1.7 million of capital expenditure,
during the year we invested a total of GBP2.9 million of cash in
the Bloomsbury digital resources strategy. The GBP5.8 million
consideration for the acquisition of IBT was paid after the year
end. GBP5.0 million was paid in cash in April and May 2018 and the
balance will be paid subject to working capital and other
adjustments over up to two years. We continue to assess potential
acquisitions actively.
Dividend
The Group has a progressive dividend policy while aiming to keep
dividend earnings cover in excess of two. Investment in Bloomsbury
Digital Resources is leading to earnings cover falling slightly
below that level in the short-term, but the dividend is underpinned
by strong cash cover. The Board has committed during this period of
investment to maintain its progressive dividend policy on the basis
that earnings cover will improve as the return on our investment
accrues. The Directors are recommending a final dividend of 6.36
pence per share, which subject to Shareholder approval at our AGM
on 18 July 2018, will be paid on 24 August 2018 to Shareholders on
the register at the close of business on 27 July 2018. Together
with the interim dividend, this makes a total dividend for the year
ended 28 February 2018 of 7.51 pence per share, a 12% increase on
the 6.7 pence dividend for the year ended 28 February 2017. The
proposed increase in final dividend this year is higher than in
previous years and moves the total dividend to a higher base,
reflecting the Board's confidence in the success of its strategy,
and in particular the growth in Digital Resource profits. Including
the proposed 2017/18 dividend, over the past thirteen years the
dividend has increased at a compound annual growth rate of 7.3%. We
have also permanently brought forward the payment date for our
final dividends by about a month compared to our historic
timetable.
Consumer Division
The Consumer division, which consists of Adult and Children's
trade publishing, has had an exceptional year with revenue for the
division growing by 20% to GBP102.2 million (2016/17: GBP85.4
million). Operating profit before highlighted items increased by
21% to GBP11.4 million (2016/17: GBP9.4 million). There was good
revenue growth in all territories: 29% in Australia, 23% in the US,
43% in India and 28% in the UK (all at constant currencies). Our
excellent authors won the most important literary awards, notably
the Man Booker Prize with Lincoln in the Bardo by George Saunders,
the National Book Award with Sing, Unburied, Sing by Jesmyn Ward
and the Costa Children's Book Award for The Explorer by Kate
Rundell.
The adult trade team achieved 12% growth in Adult revenues to
GBP33.1 million, with particular success in Cookery sales. Tom
Kerridge's Lose Weight for Good was an extraordinary seller. It
reached overall number one on UK Nielsen Bookscan for four weeks.
The book sold the most copies in a week in January since Nielsen
Bookscan records began. George Saunders' Lincoln in the Bardo
achieved a total of twenty-eight recommendations as Book of the
Year, including by the Sunday Times. Norse Mythology by Neil Gaiman
has been in the Sunday Times paperback Fiction chart since its
publication in February. Commonwealth by Ann Patchett was the
bestselling paperback in the division in the year. It won
International Book of the Year at the Australian Book Industry
Awards. Our crime and thriller imprint Raven Books was launched in
2017 and now has five published titles; it opens a new fiction
market to Bloomsbury. Our flagship debut novel The Silent
Companions by Laura Purcell is selling well.
Children's sales growth of 24% to GBP69.2 million included a 31%
growth in Harry Potter revenues. On 26 June 2017 we celebrated the
twentieth anniversary of Harry Potter and the Philosopher's Stone
by publishing special editions of Harry Potter and the
Philosopher's Stone, the illustrated Harry Potter and the Prisoner
of Azkaban and Fantastic Beasts and Where to Find Them, and two
titles to tie in with the stunning British Library Harry Potter
exhibition. The standard edition of Harry Potter and the
Philosopher's Stone was the number ten bestselling children's book
of the year on UK Nielsen Bookscan, twenty years after it was first
published - every year these classics reach a new generation of
readers.
Excluding Harry Potter, Children's sales grew by 14% year on
year. Sarah J. Maas sales continue to grow with the original Throne
of Glass selling over one million copies worldwide during 2017. She
was number one on the New York Times bestseller list and the UK
Nielsen Bookscan chart with the publication during the year of A
Court of Wings and Ruin, the third book in this series. Other
highlights on the Children's list included the bestselling
children's fiction debut of 2017 on the UK Nielsen Bookscan - Kid
Normal by Greg James and Chris Smith. Kate Pankhurst's
Fantastically Great Women Who Changed the World was the bestselling
children's general non-fiction title of 2017 on UK Nielsen
Bookscan.
As a testament to our strength in this area, Bloomsbury won
Children's Publisher of the Year at the British Book Awards in
May.
Non-Consumer Division
The Non-Consumer division consists of Academic &
Professional, Special Interest and Content Services. Revenues in
the division increased by 4% to GBP59.3 million (2016/17: GBP57.2
million). Adjusted operating profits were GBP1.7 million (2016/17:
GBP2.6 million). The reduction in profit reflects the ongoing
investment in Bloomsbury's 2020 initiative, which peaked at a net
GBP1.2 million in the 2017/18 income statement (2016/17:
breakeven), a foreign exchange charge that was GBP0.7 million
higher year on year and lower rights income. Academic &
Professional revenues were 1% lower than prior year as a result of
the strong number of rights deals in 2016/17 and a print market
decline in the UK Education sector, which makes up 4% of the
divisions revenues. Excluding rights and services, the division's
revenues grew by 2%.
The strategic growth initiative Bloomsbury 2020 which we
announced in May 2016 and is now known as Bloomsbury Digital
Resources, will make Bloomsbury a leading non-consumer publisher in
the B2B academic and professional information market and
significantly accelerate the growth of digital revenues. During the
year ended 28 February 2018, the focus of this plan was to expand
the sales and marketing team, to deliver the budgeted number of new
digital resource products on schedule and to roll-out back-office
systems including Salesforce. All of this and more was
achieved.
Geographically, 59% of digital resources revenue originated
outside the UK, the largest territory being North America at 38%
(2016/17: 33%), where revenue grew by 47% year on year. We launched
five new digital resources during the year: Bloomsbury Design
Library, Bloomsbury Cultural History, Bloomsbury Food Library,
International Arbitration, and Bloomsbury Encyclopaedia of
Philosophers - two more than originally planned. The pipeline is
robust - over the next year we will be launching Screen Studies,
Bloomsbury Early Years, Bloomsbury Architecture Library, Fashion
Video Workshop, and Applied Visual Arts Library, as well as new
modules to Drama Online. On August 31(st) to catch the start of the
new university year we will be launching new more flexible ways for
our customers to buy from us in the form of "Title by Title"
acquisition and the Evidence Based Acquisition model. "Title by
Title" will make available for the first time some 4,000 backlist
Bloomsbury Academic titles as part of the digital resource
programme. These titles are not currently in one of our forty
existing Bloomsbury Collections subject areas, and therefore "Title
by Title" unlocks an important new revenue stream.
In April 2018, Bloomsbury was appointed as publishing partner to
the British Film Institute ("BFI") to develop and manage the BFI
Publishing programme. Bloomsbury's unique position as a trade and
academic publisher aligns perfectly with the range of the BFI
Publishing programme and the BFI's strategic goals, to engage with
young and diverse audiences and to help develop the next generation
of British film talent. Bloomsbury will be able to extend the reach
and awareness of BFI Publishing to students and scholars, as well
as to the global film and television community. Bloomsbury has an
established film and media list that perfectly complements the BFI
programme, and has recently launched a digital resource for moving
image studies, Screen Studies.
The Special Interest division focusses on publishing in print
and in digital for selected communities of interest. It has enjoyed
an exceptional year with its sub-divisions (wildlife, sport,
reference, military, health and fitness, and religion) performing
well. Stand-out titles include Douglas Murray's The Strange Death
of Europe, Anita Bean's The Runner's Cookbook, Muir Gray and Diana
Moran's Sod Sitting, Get Moving and Ian Herbert's Quiet Genius.
Our initiative to develop board games as part of Osprey has
delivered good results with revenues up 10% to GBP1.5 million.
Sales of the new edition of Escape from Colditz have exceeded
17,000 sets already. In May 2018, we signed a memorandum of
understanding with China Youth Press of Beijing and their
international division in London, for the creation of China Global
Publishing, to promote, sell and distribute English language
editions of titles for Chinese publishers. Our other new investment
areas in Special Interest include Green Tree for health and
fitness, Sigma for popular science, Conway for outdoor, adventure
and activities, Herbert Press for ceramics and craft and the
digital development of Writers & Artists.
Board changes
As announced, we welcome to the Board Penny Scott-Bayfield, who
will be joining Bloomsbury as Group Finance Director on 16 July
2018, succeeding Wendy Pallot who will be leaving on 18 July 2018.
There are no further details to disclose in respect of the
appointment of Penny in accordance with Listing Rule LR9.6.13R. I
would like to thank Wendy for her immense contribution to
Bloomsbury. I shall miss her.
Richard Charkin is standing down from the Board and his
executive responsibilities at the end of May 2018 and will continue
to work for the Company as a consultant on a number of important
strategic projects including Bloomsbury China which he initiated. I
would like to thank Richard for his incomparable contribution to
Bloomsbury over the last eleven years. We would not be the company
we are today without him. I look forward to working with him on big
projects in his new role for us.
Outlook
We expect to launch five further major digital resources in
2018/19 as well as making additions to existing modules. Our
recently announced publishing partnerships with the British Film
Institute and Spotify will also add value in the forthcoming year.
Our strong book list this year includes the latest from Sarah J.
Maas A Court of Frost and Starlight which went straight to Number 1
in the UK on 9(th) May, the illustrated version of The Tales of
Beedle the Bard by J.K. Rowling, the twentieth anniversary edition
of Harry Potter and the Chamber of Secrets, a tie-in with the
release as a film of The Guernsey Literary and Potato Peel Pie
Society, Sea Prayer by Khaled Hosseini and To Obama by Jeanne Marie
Laskas. In addition, Bloomsbury is publishing a major new cookery
book with Tom Kerridge.
As a result of these and an expected extra GBP0.3 million profit
contribution from the acquisition of IBT (excluding highlighted
acquisition and reorganisation costs) the Board believes the
Group's performance will be well ahead of our previous expectations
for the forthcoming 2018/19 year.
Bigger Bloomsbury
Our significant emphasis on adding shareholder value has
crystallised in the "Bigger Bloomsbury" initiative, where we are
focussing on our key growth drivers with targeted strategies across
the business to help grow our revenues and improve profit margins.
This, together with our acquisition of IBT, is expected to lead to
performance for 2019/20 being well ahead of our previous
expectations. The key growth drivers are as follows:
1. Growing the profits of the Adult division;
2. Growing the profits of the Academic & Professional division;
3. Reducing our finished goods stock further by continuing to
roll out globally efficiencies already made in the UK business;
4. Increasing the focus on Bloomsbury's nine biggest assets,
starting with Harry Potter, Sarah J. Mass, Tom Kerridge and the
lead title in each division from both the US and UK editorial lists
to boost back list and front list performance;
5. Maximising the success of Bloomsbury Digital Resources;
6. Accelerating the growth of Bloomsbury's sales in the USA, Australia and India; and
7. Developing Bloomsbury China: China Global Publishing -
publishing books, in English, as a publishing partner in the West
for major Chinese publishers, following signing of Memorandum of
Understanding in May 2018.
Audited Consolidated Income Statement
FOR THE YEARED 28 FEBRUARY 2018
Year ended Year ended
28 February 28 February
2018 2017
Notes GBP'000 GBP'000
---------------------------------- ------ ------------ ------------
Revenue 2 161,510 142,564
Cost of sales (77,155) (67,686)
---------------------------------- ------ ------------ ------------
Gross profit 84,355 74,878
Marketing and distribution
costs (22,814) (20,977)
Administrative expenses (50,000) (44,499)
---------------------------------- ------ ------------ ------------
Operating profit before
highlighted items 13,114 11,997
Highlighted items 3 (1,573) (2,595)
---------------------------------- ------ ------------ ------------
Operating profit 11,541 9,402
Finance income 151 138
Finance costs (48) (96)
---------------------------------- ------ ------------ ------------
Profit before taxation and
highlighted items 13,217 12,039
Highlighted items 3 (1,573) (2,595)
---------------------------------- ------ ------------ ------------
Profit before taxation 11,644 9,444
Taxation 4 (2,574) (2,091)
---------------------------------- ------ ------------ ------------
Profit for the year attributable
to owners of the Company 9,070 7,353
---------------------------------- ------ ------------ ------------
Earnings per share attributable
to owners of the Company
Basic earnings per share 6 12.15p 9.83p
Diluted earnings per share 6 12.06p 9.81p
---------------------------------- ------ ------------ ------------
Audited Consolidated Statement of Comprehensive Income
FOR THE YEARED 28 FEBRUARY 2018
Year Year
ended ended
28 February 28 February
2018 2017
GBP'000 GBP'000
-------------------------------------- ------------ ------------
Profit for the year 9,070 7,353
Other comprehensive income
Items that may be reclassified
to the income statement:
Exchange differences on translating
foreign operations (3,943) 4,587
Items that may not be reclassified
to the income statement:
Remeasurements on the defined
benefit pension scheme 27 (58)
-------------------------------------- ------------ ------------
Other comprehensive income for
the year net of tax (3,916) 4,529
Total comprehensive income for
the year attributable to the owners
of the Company 5,154 11,882
-------------------------------------- ------------ ------------
Audited Consolidated Statement of Financial Position
AS AT 28 FEBRUARY 2018
28 February 28 February
2018 2017
Notes GBP'000 GBP'000
-------------------------------- ------ ------------ ------------
Assets
Goodwill 42,139 42,548
Other intangible assets 19,885 21,214
Investments 300 -
Property, plant and equipment 2,083 2,248
Deferred tax assets 2,092 4,808
Trade and other receivables 7 1,530 1,951
-------------------------------- ------ ------------ ------------
Total non-current assets 68,029 72,769
-------------------------------- ------ ------------ ------------
Inventories 26,677 28,611
Trade and other receivables 7 76,857 75,808
Cash and cash equivalents 25,428 15,478
-------------------------------- ------ ------------ ------------
Total current assets 128,962 119,897
-------------------------------- ------ ------------ ------------
Total assets 196,991 192,666
-------------------------------- ------ ------------ ------------
Liabilities
Retirement benefit obligations 170 255
Deferred tax liabilities 1,993 2,225
Other payables - 2,191
Provisions 57 43
-------------------------------- ------ ------------ ------------
Total non-current liabilities 2,220 4,714
-------------------------------- ------ ------------ ------------
Trade and other payables 55,185 47,365
Current tax liabilities - 1,265
Provisions 23 23
Total current liabilities 55,208 48,653
-------------------------------- ------ ------------ ------------
Total liabilities 57,428 53,367
-------------------------------- ------ ------------ ------------
Net assets 139,563 139,299
-------------------------------- ------ ------------ ------------
Equity
Share capital 942 942
Share premium 39,388 39,388
Translation reserve 7,687 11,630
Other reserves 6,455 6,274
Retained earnings 85,091 81,065
-------------------------------- ------ ------------ ------------
Total equity attributable to
owners of the Company 139,563 139,299
-------------------------------- ------ ------------ ------------
Audited Consolidated Statement of Changes in Equity
AS AT 28 FEBRUARY 2018
Capital Share-based Own shares
Share Share Translation Merger redemption payment held Retained Total
capital premium reserve reserve reserve reserve by EBT earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- -------- -------- ----------- --------- ----------- ----------- ---------- --------- --------
At 29 February
2016 939 39,388 7,043 1,386 22 5,428 (7) 78,768 132,967
--------------- -------- -------- ----------- --------- ----------- ----------- ---------- --------- --------
Profit for the
year - - - - - - - 7,353 7,353
Other
comprehensive
income
Exchange
differences
on translating
foreign
operations - - 4,587 - - - - - 4,587
Remeasurements
on the defined
benefit
pension
scheme - - - - - - - (58) (58)
--------------- -------- -------- ----------- --------- ----------- ----------- ---------- --------- --------
Total
comprehensive
income for the
year - - 4,587 - - - - 7,295 11,882
Transactions
with owners
Issue of shares 3 - - 417 - - - - 420
Purchase of
shares by the
Employee
Benefit
Trust - - - - - - (1,196) - (1,196)
Dividends to
equity holders
of the Company - - - - - - - (4,819) (4,819)
Share options
exercised - - - - - - 160 (160) -
Deferred tax
on share-based
payment
transactions - - - - - - - (19) (19)
Share-based
payment
transactions - - - - - 64 - - 64
--------------- -------- -------- ----------- --------- ----------- ----------- ---------- --------- --------
Total
transactions
with owners
of the Company 3 - - 417 - 64 (1,036) (4,998) (5,550)
--------------- -------- -------- ----------- --------- ----------- ----------- ---------- --------- --------
At 28 February
2017 942 39,388 11,630 1,803 22 5,492 (1,043) 81,065 139,299
--------------- -------- -------- ----------- --------- ----------- ----------- ---------- --------- --------
Profit for the
year - - - - - - - 9,070 9,070
Other
comprehensive
income
Exchange
differences
on translating
foreign
operations - - (3,943) - - - - - (3,943)
Remeasurements
on the defined
benefit
pension
scheme - - - - - - - 27 27
Total
comprehensive
income for the
year - - (3,943) - - - - 9,097 5,154
Transactions
with owners
Dividends to
equity holders
of the Company - - - - - - - (5,041) (5,041)
Deferred tax
on share-based
payment
transactions - - - - - - - (30) (30)
Share-based
payment
transactions - - - - - 181 - - 181
--------------- -------- -------- ----------- --------- ----------- ----------- ---------- --------- --------
Total
transactions
with owners
of the Company - - - - - 181 - (5,071) (4,890)
--------------- -------- -------- ----------- --------- ----------- ----------- ---------- --------- --------
At 28 February
2018 942 39,388 7,687 1,803 22 5,673 (1,043) 85,091 139,563
--------------- -------- -------- ----------- --------- ----------- ----------- ---------- --------- --------
Audited Consolidated Statement of Cash Flows
FOR THE YEARED 28 FEBRUARY 2018
Year ended Year ended
28 February 28 February
2018 2017
GBP'000 GBP'000
------------------------------------------ ------------ ------------
Cash flows from operating activities
Profit for the year 9,070 7,353
Adjustments for:
Depreciation of property, plant
and equipment 434 541
Amortisation of intangible assets 4,002 3,988
Finance income (151) (138)
Finance costs 48 96
Share-based payment charges 202 73
Tax expense 2,574 2,091
------------------------------------------ ------------ ------------
16,179 14,004
Decrease in inventories 1,399 1,334
Increase in trade and other receivables (2,529) (2,873)
Increase in trade and other payables 6,969 7,318
------------------------------------------ ------------ ------------
Cash generated from operating activities 22,018 19,783
Income taxes paid (3,049) (1,009)
------------------------------------------ ------------ ------------
Net cash generated from operating
activities 18,969 18,774
------------------------------------------ ------------ ------------
Cash flows from investing activities
Purchase of property, plant and equipment (314) (267)
Purchases of intangible assets (2,808) (2,628)
Purchases of investments -
Interest received (300) 120
------------------------------------------ ------------
139
------------------------------------------ ------------ ------------
Net cash used in investing activities (3,283) (2,775)
------------------------------------------ ------------ ------------
Cash flows from financing activities
Equity dividends paid (5,041) (4,819)
Purchase of shares by the Employee
Benefit Trust - (1,196)
Interest paid (31) (72)
------------------------------------------ ------------ ------------
Net cash used in financing activities (5,072) (6,087)
------------------------------------------ ------------ ------------
Net increase in cash and cash equivalents 10,614 9,912
Cash and cash equivalents at beginning
of year 15,478 5,166
Exchange (loss)/gain on cash and
cash equivalents (664) 400
------------------------------------------ ------------ ------------
Cash and cash equivalents at end
of year 25,428 15,478
------------------------------------------ ------------ ------------
NOTES
1. Accounting policies
The above Audited financial information does not constitute
statutory financial statements as defined in section 434 of the
Companies Act 2006. The above figures for the year ended 28
February 2018 are an abridged version of the Group's financial
statements which will be reported on by the Group's auditors before
dispatch to the shareholders and filing with the Registrar of
Companies and as such do not contain full disclosures under
International Financial Reporting Standards ("IFRS"). The
preliminary announcement was approved by the Board and authorised
for issue on 22 May 2018.
The Group's financial statements have been prepared in
accordance with IFRS and International Financial Reporting
Interpretations Committee ("IFRIC") interpretations adopted by the
European Union ("EU") at the time of preparing the Group's
financial statements and those parts of the Companies Act 2006
applicable to companies reporting under IFRS. The accounting
policies applied in the year ended 28 February 2018 are consistent
with those applied in the financial statements for year ended 28
February 2017 with the exception of a number of new accounting
standards which have not had a material impact on the Group's
results.
The Group's statutory financial statements for the year ended 28
February 2017 have been lodged with the Registrar of Companies.
These financial statements received an audit report which was
unqualified and did not include any reference to matters to which
the auditors drew attention by way of emphasis without qualifying
their report or a statement under section 498(2) or section 498(3)
of the Companies Act 2006.
2. Segmental analysis
The Group is comprised of two worldwide publishing divisions:
Consumer and Non-Consumer, reflecting the core customers for our
different operations. The Consumer division is further split out
into two operating segments; Children's Trade and Adult Trade, and
Non-Consumer is split between four operating segments; Academic
& Professional, Educational, Special Interest and Content
Services. Educational has been aggregated with Academic &
Professional to create one reportable segment. Both operating
segments share very similar products, customers and sales
behaviours.
Each reportable segment represents a cash-generating unit for
the purpose of impairment testing. We have allocated goodwill
between reportable segments. These divisions are the basis on which
the Group primarily reports its segment information. Segments
derive their revenue from book publishing, sale of publishing and
distribution rights, management and other publishing services.
* The results for the year ended 28 February 2017 have been
restated to reflect a change in the allocation of central
administration costs, in order to provide a better understanding of
underlying divisional results. This change has not affected the
consolidated Group result.
The analysis by segment is shown below:
Children's Adult Consumer Academic Special Content Non-Consumer Unallocated Total
Trade Trade & Interest Services
Professional
Year ended 28 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
February
2018 GBP'000 GBP'000 GBP'000
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
External
revenue 69,150 33,071 102,221 36,517 21,308 1,464 59,289 - 161,510
Cost of sales (34,128) (18,264) (52,392) (14,834) (9,491) (438) (24,763) - (77,155)
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
Gross profit 35,022 14,807 49,829 21,683 11,817 1,026 34,526 - 84,355
Marketing and
distribution
costs (10,076) (5,258) (15,334) (4,378) (2,978) (124) (7,480) - (22,814)
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
Contribution
before
administrative
expenses 24,946 9,549 34,495 17,305 8,839 902 27,046 - 61,541
Administrative
expenses
excluding
highlighted
items (13,323) (9,777) (23,100) (17,666) (6,614) (1,047) (25,327) - (48,427)
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
Operating
profit /(loss)
before
highlighted
items/ segment
results 11,623 (228) 11,395 (361) 2,225 (145) 1,719 - 13,114
Amortisation of
acquired
intangible
assets - (18) (18) (1,368) (182) (5) (1,555) - (1,573)
Other - - - - - - - - -
highlighted
items
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
Operating
profit /(loss) 11,623 (246) 11,377 (1,729) 2,043 (150) 164 - 11,541
Finance income - - - - - - - 151 151
Finance costs - - - - - - - (48) (48)
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
Profit/(loss)
before
taxation 11,623 (246) 11,377 (1,729) 2,043 (150) 164 103 11,644
Taxation - - - - - - - (2,574) (2,574)
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
Profit/(loss)
for
the year 11,623 (246) 11,377 (1,729) 2,043 (150) 164 (2,471) 9,070
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
Operating
profit /(loss)
before
highlighted
items/ segment
results 11,623 (228) 11,395 (361) 2,225 (145) 1,719 - 13,114
Depreciation 146 89 235 126 66 7 199 - 434
Amortisation of
internally
generated
intangibles 272 198 470 1,693 241 25 1,959 - 2,429
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
EBITDA before
highlighted
items 12,041 59 12,100 1,458 2,532 (113) 3,877 - 15,977
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
*Restated
Children's Adult Consumer Academic Special Content Non-Consumer Unallocated Total
Trade Trade & Interest Services
Professional
Year ended 28 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
February
2017 GBP'000 GBP'000 GBP'000
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
External
revenue 55,915 29,459 85,374 36,915 18,404 1,871 57,190 - 142,564
Cost of sales (26,838) (15,688) (42,526) (15,474) (9,076) (610) (25,160) - (67,686)
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
Gross profit 29,077 13,771 42,848 21,441 9,328 1,261 32,030 - 74,878
Marketing and
distribution
costs (8,751) (5,034) (13,785) (4,600) (2,455) (137) (7,192) - (20,977)
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
Contribution
before
administrative
expenses 20,326 8,737 29,063 16,841 6,873 1,124 24,838 - 53,901
Administrative
expenses
excluding
highlighted
items (10,447) (9,201) (19,648) (15,142) (6,195) (919) (22,256) - (41,904)
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
Operating
profit /(loss)
before
highlighted
items/ segment
results 9,879 (464) 9,415 1,699 678 205 2,582 - 11,997
Amortisation of
acquired
intangible
assets - (18) (18) (1,478) (182) (5) (1,665) - (1,683)
Other
highlighted
items - - - - - - - (912) (912)
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
Operating
profit /(loss) 9,879 (482) 9,397 221 496 200 917 (912) 9,402
Finance income - - - - - - - 138 138
Finance costs - - - - - - - (96) (96)
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
Profit/(loss)
before
taxation 9,879 (482) 9,397 221 496 200 917 (870) 9,444
Taxation - - - - - - - (2,091) (2,091)
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
Profit/(loss)
for
the year 9,879 (482) 9,397 221 496 200 917 (2,961) 7,353
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
Operating
profit /(loss)
before
highlighted
items/ segment
results 9,879 (464) 9,415 1,699 678 205 2,582 - 11,997
Depreciation 162 109 271 162 98 10 270 - 541
Amortisation of
internally
generated
intangibles 268 194 462 1,454 365 24 1,843 - 2,305
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
EBITDA before
highlighted
items 10,309 (161) 10,148 3,315 1,141 239 4,695 - 14,843
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
Total assets
28 February 28 February
2018 2017
GBP'000 GBP'000
------------------------- ------------ ------------
Children's Trade 9,163 9,057
Adult Trade 7,788 8,282
Academic & Professional 55,302 58,709
Special Interest 13,349 13,416
Content Services 162 198
Unallocated 111,227 103,004
Total assets 196,991 192,666
------------------------- ------------ ------------
Unallocated primarily represents centrally held assets including
system development, property plant and equipment receivables and
cash.
External revenue by destination
Source
United Kingdom North America Australia India Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- -------------- ------------- --------- -------- --------
Destination
Year ended 28 February 2018
United Kingdom (country of
domicile) 60,264 20 - - 60,284
---------------------------- -------------- ------------- --------- -------- --------
North America 7,821 42,705 - - 50,526
Continental Europe 16,335 975 - - 17,310
Australasia 928 - 12,087 - 13,015
Middle East and
Asia 7,038 518 - 3,621 11,177
Rest of the world 8,935 263 - - 9,198
---------------------------- -------------- ------------- --------- -------- --------
Overseas countries 41,057 44,461 12,087 3,621 101,226
---------------------------- -------------- ------------- --------- -------- --------
Total 101,321 44,481 12,087 3,621 161,510
---------------------------- -------------- ------------- --------- -------- --------
Year ended 28 February 2017
United Kingdom (country of
domicile) 55,249 30 - - 55,279
---------------------------- -------------- ------------- --------- -------- --------
North America 7,999 38,314 - - 46,313
Continental Europe 11,397 52 - - 11,449
Australasia 521 431 10,530 - 11,482
Middle East and
Asia 5,700 1,625 - 2,802 10,127
Rest of the world 7,819 95 - - 7,914
---------------------------- -------------- ------------- --------- -------- --------
Overseas countries 33,436 40,517 10,530 2,802 87,285
---------------------------- -------------- ------------- --------- -------- --------
Total 88,685 40,547 10,530 2,802 142,564
---------------------------- -------------- ------------- --------- -------- --------
During the year sales to one customer exceeded 10% of Group
revenue (2017: one customer). The value of these sales was
GBP39,721,000 (2017: GBP30,958,000).
External revenue by product type
Year ended Year ended
28 February 28 February
2018 2017
GBP'000 GBP'000
----------------------- ----------- -----------
Print 134,808 117,261
Digital 18,048 16,036
Rights and services(1) 8,654 9,267
Total 161,510 142,564
----------------------- ----------- -----------
1. Rights and services revenue includes revenue from copyright
and trademark licences, management contracts, advertising and
publishing services.
Analysis of non-current assets (excluding deferred tax assets)
by geographic location
28 February 28 February
2018 2017
GBP'000 GBP'000
------------------------------------- ----------- -----------
United Kingdom (country of domicile) 61,136 62,652
North America 4,699 5,168
Other 102 141
Total 65,937 67,961
------------------------------------- ----------- -----------
3. Highlighted items
Year ended Year ended
28 February 28 February
201 2017
GBP'000 GBP'000
------------------------------------- ------------ ------------
Restructuring costs - 881
Other - 31
Other highlighted items - 912
Amortisation of acquired intangible
assets 1,573 1,683
-------------------------------------- ------------ ------------
Total highlighted items 1,573 2,595
-------------------------------------- ------------ ------------
Highlighted items charged to operating profit comprise
significant non-cash charges and major one-off initiatives which
are highlighted in the income statement because, in the opinion of
the Directors, separate disclosure is helpful in understanding the
underlying performance of the business and future profitability of
the business.
All highlighted items are included in administrative expenses in
the income statement.
In 2017 restructuring costs of GBP881,000 were incurred
primarily as a result of strategic restructuring of the Bloomsbury
US business.
The other cost of GBP31,000 in 2017 relate to the final costs on
the historic tax enquiry with HMRC.
4. Taxation
Factors affecting tax charge for the year
The tax on the Group's profit before tax differs from the
standard rate of corporation tax in the United Kingdom of 19.08%
(2017: 20.00%). The reasons for this are explained below:
Year ended Year ended
28 February 28 February
2018 2017
GBP'000 % GBP'000 %
-------------------------------------- -------- ------- ------------ -------
Profit before taxation 11,644 100.0 9,444 100.00
-------------------------------------- -------- ------- ------------ -------
Profit on ordinary activities
multiplied by the standard
rate of corporation tax
in the UK of 19.08% (2017:
20.08%) 2,222 19.1 1,889 20.0
Effects of:
Non-deductible revenue expenditure 111 1.0 432 4.6
Non-qualifying depreciation - - (32) (0.3)
Movement in unrecognised
temporary differences (16) (0.1) (71) (0.8)
Different rates of tax in
foreign jurisdictions 134 1.1 693 7.3
Tax losses utilised 1 - (104) (1.1)
Movement in deferred tax
rate 864 7.4 (149) (1.6)
Adjustment to tax charge
in respect of prior years
Current tax (1,910) (16.4) (238) (2.5)
Deferred tax 1,168 10.0 (349) (3.7)
-------------------------------------- -------- ------- ------------ -------
Tax charge for the year
before disallowable costs
on highlighted items 2,574 22.1 2,071 21.9
Highlighted items:
Disallowable costs - - 20 0.2
Tax charge for the year 2,574 22.1 2,091 22.1
-------------------------------------- -------- ------- ------------ -------
Non-deductible revenue expenditure mainly relates to
disallowable foreign exchange. Different rates of tax in foreign
jurisdictions is where we are paying tax at higher rates in the US
and Australia. The movement in deferred tax rate primarily relates
to the reduction in the US Federal tax rate from 35% to 21% in
January 2018.
Adjustments to prior periods primarily arise where an outcome is
obtained on certain tax matters which differs from expectations
held when the related provision was made. Where the outcome is more
favourable than the provision made, the difference is released,
lowering the current year tax charge. Where the outcome is less
favourable than our provision, an additional charge to current year
tax will occur.
In 2017, the Group identified a potential tax exposure relating
to the treatment of stock valuation adjustments in the US.
Accordingly, a current tax provision was recognised for the
potential exposure. Following finalisation of the appropriate tax
treatment, it has been agreed with the IRS that any tax deductions
associated with stock valuation adjustments will be payable over 3
years. Accordingly, the GBP1.3 million unpaid current tax provision
has been reversed, and a corresponding deferred tax liability has
been recognised due to the temporary difference that arises between
the accounting and tax treatment. The GBP1.3 million deferred tax
debit and GBP1.3 million current tax credit have been recognised as
adjustment in respect of prior years in the above tax charge for
the year table.
In 2018 there is a GBP576,000 UK current tax credit in respect
of prior years relates to the carry back of double taxation relief
to prior years and the settlement of an old claim with HMRC that
was previously considered remote to materialise.
5. Dividends
Year ended Year ended
28 February 28 February
2018 2017
GBP'000 GBP'000
----------------------------------- ------------ ------------
Amounts paid in the year
Prior period final 5.60p dividend
per share (2017: 5.34p) 4,182 3,996
Interim 1.15p dividend per
share (2017: 1.10p) 859 823
----------------------------------- ------------ ------------
Total dividend payments in
the year 5,041 4,819
----------------------------------- ------------ ------------
Amounts arising in respect
of the year
Interim 1.15p dividend per
share for the year (2017: 1.10p) 859 823
Proposed 6.36p final dividend
per share for the year (2017:
5.60p) 4,749 4,182
----------------------------------- ------------ ------------
Total dividend 7.51p per share
for the year (2017: 6.70p) 5,608 5,005
----------------------------------- ------------ ------------
The Directors are recommending a final dividend of 6.36 pence
per share, which, subject to Shareholder approval at the Annual
General Meeting, will be paid on 24 August 2018 to Shareholders on
the register at close of business on 27 July 2018.
6. Earnings per share
The basic earnings per share for the year ended 28 February 2018
is calculated using a weighted average number of Ordinary shares in
issue of 74,677,559 (2017: 74,820,311) after deducting shares held
by the Employee Benefit Trust.
The diluted earnings per share is calculated by adjusting the
weighted average number of Ordinary shares to take account of all
dilutive potential Ordinary shares, which are in respect of
unexercised share options and the Performance Share Plan.
Year ended Year ended
28 February 28 February
2018 2017
Number Number
Weighted average shares
in issue 74,677,559 74,820,311
Dilution 538,096 111,762
------------------------------- ------------ ------------
Diluted weighted average
shares in issue 75,215,655 74,932,073
------------------------------- ------------ ------------
GBP'000 GBP'000
------------------------------- ------------ ------------
Profit after tax attributable
to owners of the Company 9,070 7,353
Basic earnings per share 12.15p 9.83p
------------------------------- ------------ ------------
Diluted earnings per
share 12.06p 9.81p
------------------------------- ------------ ------------
GBP'000 GBP'000
------------------------------- ------------ ------------
Adjusted profit attributable
to owners of the Company 10,472 9,465
Adjusted basic earnings
per share 14.02p 12.65p
------------------------------- ------------ ------------
Adjusted diluted earnings
per share 13.92p 12.63p
------------------------------- ------------ ------------
Adjusted profit is derived as follows:
Year ended Year ended
28 February 28 February
2018 2017
GBP'000 GBP'000
Profit before taxation 11,644 9,444
Amortisation of acquired
intangible assets 1,573 1,683
Other highlighted items - 912
---------------------------- ------------ ------------
Adjusted profit before tax 13,217 12,039
---------------------------- ------------ ------------
Tax expense 2,574 2,091
Deferred tax movements on
goodwill and acquired intangible
assets 171 321
Tax expense on other highlighted
items - 162
Adjusted tax 2,745 2,574
----------------------------------- ------ ------
Adjusted profit 10,472 9,465
----------------- ------- -------
7. Trade and other receivables
28 February 28 February
2018 2017
GBP'000 GBP'000
Non-current
Prepayments and accrued income 1,530 1,951
----------------------------------- ------------ ------------
Current
Gross trade receivables 56,419 50,326
Less: provision for impairment
of receivables (931) (621)
Less: provision for returns (7,922) (6,536)
----------------------------------- ------------ ------------
Net trade receivables 47,566 43,169
Income tax recoverable 823 401
Other receivables 1,311 1,961
Prepayments and accrued income 4,840 5,472
Royalty advances 22,317 24,805
Total current trade and other
receivables 76,857 75,808
----------------------------------- ------------ ------------
Total trade and other receivables 78,387 77,759
----------------------------------- ------------ ------------
Trade receivables principally comprise amounts receivable from
the sale of books due from distributors. The majority of trade
debtors are secured by credit insurance and in certain territories
by third party distributors.
A provision for the return of books by customers is made with
reference to the historic rate of returns.
A provision is held against gross advances payable in respect of
published titles advances which may not be fully earned down by
anticipated future sales. As at 28 February 2018 GBP5,640,000
(2017: GBP6,371,000) of royalty advances are expected to be
recovered after more than 12 months.
8. Annual General Meeting
The Annual General Meeting will be held on 18 July 2018.
9. Report and Accounts
Copies of the Annual Report and Financial Statements will be
circulated to shareholders in July and can be viewed after the
posting date on the Bloomsbury website.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR SEUFWFFASEDI
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