Share Name Share Symbol Market Type Share ISIN Share Description
Bloomsbury Pub. LSE:BMY London Ordinary Share GB0033147751 ORD 1.25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.50p -0.27% 185.00p 184.00p 185.50p 186.00p 184.25p 185.50p 1,020,947 16:35:11
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Media 142.6 9.4 9.8 18.8 139.36

Bloomsbury Publishing PLC Annual Financial Report

19/06/2017 9:55am

UK Regulatory (RNS & others)

Bloomsbury Publishing (LSE:BMY)
Historical Stock Chart

6 Months : From May 2017 to Nov 2017

Click Here for more Bloomsbury Publishing Charts.


RNS Number : 4510I

Bloomsbury Publishing PLC

19 June 2017

Annual Financial Report

Bloomsbury Publishing Plc ("Company")

Bloomsbury Publishing Plc confirms that the following documents are being sent to shareholders and, pursuant to Listing Rule 9.6.1, are being submitted to the National Storage Mechanism and will be available for inspection at

   --           Company's Annual Report and Accounts for the year ended 28 February 2017 
   --           Notice of the 2017 Annual General Meeting 
   --           Form of Proxy 

The Annual Report and Accounts and Notice of the 2017 AGM can be found on the Company's website at .

In accordance with Disclosure and Transparency Rule 6.3.5, a responsibility statement, a description of the principal risks and uncertainties and details of related party transactions are set out below in full unedited text extracted from the Annual Report and Accounts for the period ended 28 February 2017. The text below should be read in conjunction with the Company's final results for the period ended 28 February 2017 which were announced in unedited full text on 18 May 2017.


Michael Daykin

Group Company Secretary

Bloomsbury Publishing Plc

Telephone +44(0)20 7631 5627


(From page 40 of the Directors' Report of the Annual Report and Accounts for the year ended 28 February 2017)

Statement of Directors' responsibilities

The Directors are responsible for preparing the Annual Report and the Group and parent Company financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare Group and parent Company financial statements for each financial year. Under that law they are required to prepare the Group financial statements in accordance with International Financial Reporting Standards("IFRSs") as adopted by the European Union ("EU") and applicable law and have elected to prepare the parent Company financial statements on the same basis.

Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and parent Company and of their profit or loss for that period. In preparing each of the Group and parent Company financial statements, the Directors are required to:

   --     select suitable accounting policies and then apply them consistently; 
   --     make judgements and estimates that are reasonable and prudent; 
   --     state whether they have been prepared in accordance with IFRSs as adopted by the EU; and 

-- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the parent Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent Company's transactions and disclose with reasonable accuracy at any time the financial position of the parent Company and enable them to ensure that its financial statements comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.

Under applicable law and regulations, the Directors are also responsible for preparing a Strategic Report, Directors' Report, Directors' Remuneration Report and Corporate Governance Statement that complies with that law and those regulations.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website, Legislation in the United Kingdom ("UK") governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

We consider the Annual Report and accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for Shareholders to assess the Group's position and performance, business model and strategy.

Responsibility statement of the Directors in respect of the annual financial report

We confirm that to the best of our knowledge:

-- the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and

-- the Directors' Report includes a fair review of the development and performance of the business and the position of the issuer and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.

Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

By order of the Board


From pages 24 to 26 of the Risk Factors of the Company's Annual Report and Accounts for the year ended 28 February 2017.

The table below provides a description of risk factors that management considers relevant to the Group's business. Other factors besides those listed could also affect the Group.

During the financial year ended 28 February 2017, the Principal Risks have not changed substantially. The launch of the Bloomsbury 2020 digital resource growth strategy increases the focus on developing the sales of digital resources, which changes the significance rather than the nature of the risk labelled as "Growth of digital".

Brexit risks

The risks relating to Britain's exit of the European Union ("EU") are not considered Principal Risks to Bloomsbury. Bloomsbury is exposed to fluctuations in the value of sterling, in particular:

   --     a substantial proportion of sales are made outside the UK mainly in US dollars; and 

-- paper for printed books is sourced outside the UK so the price paid in sterling depends on the value of sterling.

Each of these factors tends to negate the other over time albeit Bloomsbury's paper purchase contracts typically fix the price for a period of time, which delays the full financial impact of exchange rate movements being reflected in the Income Statement. The business has capacity to adapt to longer term changes in exchange rates by shifting its focus between different global regions in the selection of works to publish, through marketing efforts and in the location of where it employs staff. The level of sales into Continental Europe are minor to Bloomsbury's Group revenue. Whilst there is uncertainty as to whether Brexit will positively or negatively impact on Bloomsbury's EU sales, Brexit is not expected to have a major impact on Bloomsbury.

 Key area          Risk               Description             Mitigation 
----------------  -----------------  ----------------------  --------------------------- 
 Market            Volatility         Sales of books          Develop special 
                    of consumer        to the consumer         interest, academic 
                    book sales         market can              and professional 
                                       be seasonal             publishing where 
                                       and volatile.           revenues are less 
----------------  -----------------  ----------------------  --------------------------- 
                                                              Develop other revenue 
                                                               streams, including 
                                                               from rights and 
                                                               services, increasing 
                                                               the scope to enter 
                                                               annually renewing 
----------------  -----------------  ----------------------  --------------------------- 
                   Increased          Readers might           Grow expert marketing 
                    dependence         not discover,           teams skilled in 
                    on internet        and so buy,             internet sales. 
                    retailing          Bloomsbury's            Engage with multiple 
                                       print and e-books       internet retailers. 
                                       sold through 
                                       internet retailers 
                                       who may control 
----------------  -----------------  ----------------------  --------------------------- 
                                                              Increase focus on 
                                                               developing other 
                                                               marketing opportunities 
                                                               and other revenue 
                                                               streams, e.g. Academic 
                                                               & Professional digital 
                                                               products, rights 
                                                               and services. 
                                                               Grow e-book sales. 
----------------  -----------------  ----------------------  --------------------------- 
 Rights            Dependence         The timing              Increase the number 
  and services      on timing          for completing          of rights and services 
                    of closing         high margin             deals to reduce 
                    rights             rights and              the dependency on 
                    and services       services deals          individual deals. 
                    deals              can depend 
                                       on the performance 
                                       by multiple 
                                       parties including 
                                       the main customer. 
----------------  -----------------  ----------------------  --------------------------- 
                   Generating         The pipeline            Senior managers 
                    new/non-renewal    of new products         are responsible 
                    of subscription    and agreements          for ensuring strong 
                    and services       might be uneven         performance by Bloomsbury 
                    agreements         A customer              of its obligations 
                                       or partner              and strong customer 
                                       might not renew         care. 
                                       larger agreements       Increase the portfolio 
                                       that generate           of products and 
                                       significant             agreements to grow 
                                       ongoing income.         income and reduce 
                                                               the dependency on 
                                                               individual agreements. 
----------------  -----------------  ----------------------  --------------------------- 
                   Entrepreneurial    A deal may              Similar to ordinary 
                    risk               require upfront         publishing risks: 
                                       staff time              increase the portfolio 
                                       and costs but           of deals to leverage 
                                       fail to close           economies of scale 
                                       resulting in            and reduce volatility. 
                                       lost investment. 
----------------  -----------------  ----------------------  --------------------------- 
 Financial         Judgemental        Significant             Consistent and evidence 
  valuations        valuation          assets and              based approach to 
                    of assets          provisions              assumptions. 
                    and provisions     in the balance          Board approval of 
                                       sheet depend            key assumptions. 
                                       on judgemental          Rigorous audit of 
                                       assumptions             valuations. 
                                       e.g. goodwill, 
                                       advances, intangible 
                                       rights, inventory 
                                       and returns 
----------------  -----------------  ----------------------  --------------------------- 
 Information       Productivity       Continuing              Board level representation 
  and technology    of IT systems      to improve              on steering IT strategy, 
  systems           and data           staff efficiency        implementation and 
                                       depends on              IT operations. 
                                       the IT systems 
                                       and data keeping 
                                       pace with the 
                                       needs of the 
----------------  -----------------  ----------------------  --------------------------- 
                   Cyber security     Unauthorised            Clear responsibility 
                                       access could            for systems, increasing 
                                       be made to              use of the cloud, 
                                       Bloomsbury's            monitoring security 
                                       systems to              risks, internal 
                                       perpetrate              control reviews 
                                       a fraud or              of the systems and 
                                       cause damage.           up to date anti-virus 
                                                               software are amongst 
                                                               the measure in place. 
----------------  -----------------  ----------------------  --------------------------- 
 Growth            Digital            Unforeseen              Develop high quality 
  of digital        development        hold ups may            novel online content 
                                       delay development       services in markets 
                                       of new online           we understand well. 
                                       content services        Standardise the 
                                       and revenue             digital delivery 
                                       for the services        platform to simplify 
                                       may not grow            and speed up the 
                                       in line with            development and 
                                       our stretching          implementation of 
                                       targets.                new online content 
----------------  -----------------  ----------------------  --------------------------- 
                   Development        Consumer e-book         Continue to supply 
                    of the             prices may              books in all formats 
                    digital            not hold up             through multiple 
                    book market        in the longer           digital delivery 
                                       term. Possible          systems aligned 
                                       emergence of            with the demands 
                                       not yet known           of readers. 
                                       reading technology.     Ensure the Group 
                                                               is positioned to 
                                                               take advantage of 
                                                               e-book (or any new 
                                                               format) growth in 
                                                               international markets. 
                                                               Use social media 
                                                               and other digital 
                                                               marketing to encourage 
                                                               direct sales to 
                                                               Develop Non-Consumer 
                                                               offering where revenues 
                                                               are less volatile 
                                                               and there is a direct 
                                                               relationship with 
                                                               the customers. 
----------------  -----------------  ----------------------  --------------------------- 
                   Rise of            US readers              Develop digital 
                    alternative        may licence             platforms to deliver 
                    book supply        books from              on a subscription 
                    arrangements       retailers for           basis the content 
                                       a limited period        that readers demand. 
                                       at a lower 
                                       cost to buying 
                                       books, with 
                                       no revenues 
                                       or royalty 
                                       paid to the 
----------------  -----------------  ----------------------  --------------------------- 
 Title             High advances      Agents seek             Publish more special 
  acquisition       sought             high advances           interest trade books. 
                    by agents.         for some authors.       Focus acquisition 
                    World rights       Agents prefer           on titles where 
                    not acquired       to split territorial    world English rights 
                                       rights for              are available 
                                       English language        Concentrate on academic 
                                       publishing              publishing where 
                                       between US              world rights are 
                                       and UK.                 the norm 
----------------  -----------------  ----------------------  --------------------------- 
 Reputation        Product            Publishing              Careful selection 
                    and service        mistakes e.g.           and rigorous review 
                    quality            publishing              of titles by broad 
                                       a book that             teams of experienced 
                                       causes offence.         publishers, planning 
                                                               of the title pipeline 
                                                               to focus on publishing 
----------------  -----------------  ----------------------  --------------------------- 
                                      Errors in books         Rigorous production 
                                       and digital             procedures and planning 
                                       content.                of titles and digital 
                                                               resource content. 
----------------  -----------------  ----------------------  --------------------------- 
                   Information        Being hacked            Security awareness 
                    security           and theft of            in teams and additional 
                                       intellectual            security measures 
                                       property e.g.           to protect high 
                                       key illustrations       value assets and 
                                       before publication.     data. 
----------------  -----------------  ----------------------  --------------------------- 
                   Investor           City confidence         Diversify the portfolio 
                    confidence         undermined              of products and 
                                       by events outside       services to reduce 
                                       of Bloomsbury's         dependencies on 
                                       control e.g.            individual customers, 
                                       collapse of             sales channels and 
                                       a retailer.             markets. 
----------------  -----------------  ----------------------  --------------------------- 
 IP and            Erosion            Erosion of              Continue policy 
  copyright         of copyright       traditional             of support for copyright 
                                       copyrights.             and intellectual 
                                                               property rights 
                                                               as a fundamental 
                                                               facet of publishing. 
----------------  -----------------  ----------------------  --------------------------- 
                                      Open access.            Develop digital 
                                                               services that deliver 
                                                               mixed open access 
                                                               and proprietary 
                                                               content in the form 
                                                               that customer's 
                                                               demand and will 
                                                               continue to pay 
----------------  -----------------  ----------------------  --------------------------- 
                   Piracy             Piracy of titles        Adopt robust anti-piracy 
                                       in print or             policies. 
                                       digital form. 
----------------  -----------------  ----------------------  --------------------------- 
                                                              Ensure good digital 
                                                               rights management 
                                                               protection of e-books 
                                                               and digital formats. 
----------------  -----------------  ----------------------  --------------------------- 
                                                              Participate in key 
                                                               industry anti-piracy 
----------------  -----------------  ----------------------  --------------------------- 
 Overseas          Overseas           Growing offices         One Global Bloomsbury 
  operations        offices            in the US,              structure of global 
                                       India and Australia     publishing divisions 
                                       may increase            supported by Group 
                                       the operational         functions provides 
                                       risks and demands       an effective internal 
                                       on management.          control framework 
                                                               and oversight of 
                                                               the overseas offices. 
                                                               Keep under review 
                                                               the management resources 
                                                               deployed within 
                                                               this structure as 
                                                               the business evolves. 
----------------  -----------------  ----------------------  --------------------------- 


(From the Notes to the Consolidated and Company Financial Statements for the year ended 28 February 2017)

(Extract from Note 25)

25. Related party transactions

As at 28 February 2017 the Group owed GBP32,000 to Faber & Faber, a company in which a Bloomsbury Director shares a common directorship. Key management remuneration is disclosed in note 5

(Extract from Note 5)

The Group considers key management personnel as defined under IAS 24 'Related Party Disclosures' to be the Executive Directors of the

Company and those Directors of the global divisions, major geographic regions and departments who are actively involved in strategic decision-making. Full details concerning individual Directors' remuneration are set out in the audited part of the Directors' Remuneration Report on pages 50 to 67. The total remuneration of the Directors was GBP2,163,000 (2016: GBP1,508,000).

Total emoluments for Executive Directors and other key management personnel were: Total emoluments for Executive Directors and other key management personnel were:

                                       Year ended         Year ended 
                                      28 February        29 February 
                                             2017               2016 
                                          GBP'000            GBP'000 
Short-term employee benefits                3,446              2,887 
Post-employment benefits                      199                266 
Share-based payment charge                    155                472 
Total                                       3,800              3,625 

(Extract from Note 43)

43. Related Parties

Trading transactions

During the year the Company entered into the following transactions and had the following balances with its subsidiaries:

                                         28 February       29 February 
                                                2017              2016 
                                             GBP'000           GBP'000 
Sale of goods to subsidiaries                  7,177             4,200 
Management recharges                           9,300             7,642 
Commission payable to subsidiaries                 -                 1 
Finance income from subsidiaries                 303                68 
Amounts owed by subsidiaries at 
 year end                                     11,293            17,952 
Amounts owed to subsidiaries at 
 year end                                     29,524            30,547 

All amounts outstanding are unsecured and will be settled in cash. No provisions have been made for doubtful debts in respect of the amounts owed by subsidiaries.

Key management remuneration is disclosed in note 5.

This information is provided by RNS

The company news service from the London Stock Exchange



(END) Dow Jones Newswires

June 19, 2017 04:55 ET (08:55 GMT)

1 Year Bloomsbury Publishing Chart

1 Year Bloomsbury Publishing Chart

1 Month Bloomsbury Publishing Chart

1 Month Bloomsbury Publishing Chart
Your Recent History
Gulf Keyst..
FTSE 100
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P:40 V:gb D:20171122 18:46:30