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16 May 2008 07:00
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Bloomsbury Publishing Plc
Interim Management Statement
Bloomsbury Publishing Plc is issuing its first Interim Management Statement for 2008 as required by the UK Listing Authority's Disclosure and Transparency Rules in respect of the periodΒ fromΒ 1stΒ January 2008 to date.
Financial Performance
Group operatingΒ performance for the period hasΒ been encouragingΒ and is in line withΒ management'sΒ expectations with no material events or transactions affecting the Group.
Specialist Publishing Division
The Specialist Publishing Division continues to perform toΒ management'sΒ expectations. On 31 March we acquiredΒ Featherstone Education LimitedΒ forΒ a net cash consideration ofΒ Β£1.0m. FeatherstoneΒ is a publisher of educational materials forΒ teachers andΒ parents to use withΒ childrenΒ ofΒ up to seven yearsΒ of age. This is a rapidly expanding market which is responding to the government's increased emphasis on, and funding for this sector.Β Sales are likely to be boosted by schools'Β implementation of the newΒ 'Early Years Foundation Stage' in September 2008. Education is core to the Specialist Publishing Division and this acquisition extends our reach to theΒ underΒ sevenΒ ageΒ group, and to a wider range of customers. Featherstone has a highly effective direct mail system which will be of considerable benefit in increasing our direct sales to customers for educational and children's products.Β
TradeΒ Publishing Division
In theΒ UKΒ thereΒ have beenΒ continuedΒ strong performances from a number of titles such asΒ The Kite RunnerΒ andΒ A Thousand Splendid SunsΒ byΒ Khaled Hosseini.Β
BloomsburyΒ USAΒ continues to operate in a difficult marketΒ and we areΒ managing the cost baseΒ to enable itΒ to operate efficiently.Β The new imprint, Bloomsbury Press, has made a good start, led by the publication of Brian Fagan's The Great Warming: Climate Change and the Rise and Fall of Civilizations.
Our German operation Berlin Verlag continues to build on previous years'Β successes.Β Die WohlgesinntenΒ by Jonathan Littell was published in late February and is one ofΒ Berlin's major books in the first quarter. Sales for this title are strong and we are getting excellent press and media coverage.Β Berlin'sΒ paperback list is performing well with continued success fromΒ 1000 Strahlende Sonnen (A Thousand Splendid Suns)Β andΒ DrachenlΓ€ufer (The Kite Runner).
Financial Position
As a result of a tougher book acquisition policy,Β theΒ cost controlΒ programmeΒ in progressΒ across the Group and lower than expectedΒ returns for credit of unsold books,Β cash flow has been stronger thanΒ expected.Β
Outlook for 2008
The Group continues to make progressΒ in all areas.Β The measures that we are taking to reduce costs are already delivering positive results.Β Company acquisitions are very much at the forefront of the Group's growth strategy. We have a very strong balance sheet which puts us in a good position to take advantage of opportunitiesΒ as they arise.
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For further information, please contact:
Bloomsbury Publishing Plc
Nigel Newton, Chief Executive Β Tel: +44(0)20 7494 6015
BellΒ Pottinger Corporate & Financial
Rosanne PerryΒ Tel: +44(0)20 7861Β 3232
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