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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bloomsbury Publishing Plc | 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 18.00 | 3.24% | 574.00 | 572.00 | 578.00 | 576.00 | 564.00 | 564.00 | 413,984 | 16:35:14 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Books: Pubg, Pubg & Printing | 264.1M | 20.24M | 0.2497 | 22.91 | 463.66M |
From Apr 2019 to Apr 2024
TIDMBMY
RNS Number : 5653N
Bloomsbury Publishing PLC
27 October 2016
BLOOMSBURY PUBLISHING Plc
("Bloomsbury" or the "Group")
Unaudited Interim Results for the six months ended 31 August 2016
Bloomsbury Publishing Plc announces results for the six months ended 31 August 2016.
The Group is trading in line with management's expectations. Traditionally, sales of trade titles peak for Christmas and sales of academic titles in the autumn at the beginning of the academic year. We therefore expect our sales to be significantly second-half weighted, as in past years.
Group Financial Highlights
Hot Features
Premium
-- Total revenues up 19% to GBP62.7 million
(2015: GBP52.7 million)
-- Digital revenues up 8% to GBP7.7 million
(2015: GBP7.1 million)
-- Print revenues up 25% to GBP51.7 million
(2015: GBP41.4 million)
-- Adjusted* profit before tax GBP1.5 million
(2015: GBP1.9 million)
-- Profit before tax GBP0.1 million (2015:
GBP0.3 million)
-- Net cash up to GBP9.1 million (2015:
GBP0.9 million)
-- Interim dividend up 4% to 1.10 pence
per share (2015: 1.06 pence per share)
-- Adjusted* diluted earnings per share
1.65 pence (2015: 2.06 pence)
-- Diluted earnings per share 0.15 pence
(2015: 0.36 pence)
Consumer division
-- Revenues increased 36% to GBP37.3 million
(2015: GBP27.5 million), driven by Children's
Trade where revenues increased 63% to GBP23.9
million
-- J.K. Rowling's Harry Potter continued its
growth - with the children's editions selling
well and strong sales of the Illustrated Edition
of Harry Potter and the Philosopher's Stone
-- Sarah J. Maas revenues grew 101% year on year
with the publication of the second book in
the A Court of Thorns and Roses series, A
Court of Mist and Fury
-- Adult Trade division revenues increased by
5% to GBP13.4 million in the period, including
Peter Frankopan's The Silk Roads and Hannah
Rothschild's The Improbability of Love
-- Paul Beatty's The Sellout, published by Oneworld
and distributed by Bloomsbury in Australia,
won the Man Booker Prize on Tuesday
Non-Consumer division
-- Total revenues of GBP25.4 million (2015: GBP25.2
million), including the effect of the end
of the Qatar Foundation contract and the acquisition
of certain family law publishing titles as
announced in December 2015
-- Academic and professional digital resources
revenues doubled year on year to GBP2.0 million
(2015: GBP1.0 million)
-- Bloomsbury was shortlisted for Academic, Educational
and Professional Publisher of the Year at
the Bookseller Industry Awards for the fourth
year in a row
-- Some key bestselling titles from the Non-Consumer
division include The 100-Year Life and Age
of Discovery, selected respectively for the
shortlist and longlist for the 2016 Financial
Times and McKinsey Business Book of the Year
Award
Note: Pro forma historic financial results
In May 2016, Bloomsbury announced a reorganisation from four to two divisions, Consumer and Non-Consumer, to simplify our business and increase our customer focus. Historic results for the years ending 29 February 2016 and 28 February 2015 have been restated in line with this new structure and are available at www.Bloomsbury-ir.co.uk.
Note: *Adjusted results are calculated before deducting highlighted items. Highlighted items mainly comprise amortisation of acquired intangible assets and costs relating to acquisitions and major restructuring.
Commenting on the results, Nigel Newton, Chief Executive of Bloomsbury Publishing, said:
"This has been a strong period for Bloomsbury. We are making good progress towards our strategic objectives with an increase in revenues of 19% and growth in each of our territories. The Children's Trade division delivered another outstanding performance, increasing revenues by 63%.
The Group is trading in line with management's expectations. We have a strong second half list including the Illustrated Edition of Harry Potter and the Chamber of Secrets, Fantastic Beasts and Where to Find Them - Newt Scamander: A Movie Scrapbook, Empire of Storms by Sarah J. Maas, the Throne of Glass Colouring Book, Mad Enchantment by Ross King, Tom Kerridge's Dopamine Diet, Commonwealth by Ann Patchett, Bloomsbury Professional's Tax Looseleafs and Last Testament: In His Own Words by Pope Benedict XVI. October is the peak period for academic book sales and Christmas for the sales of consumer books. We therefore expect our results to continue to be significantly second-half weighted, as in past years.
In the coming months we expect to deliver the platform and associated infrastructure to accelerate digital revenues in line with Bloomsbury's 2020 plan, and specifically to see the launch of the Arcadian Library Online and Bloomsbury Popular Music, the latest two resources in our growing range of digital products."
For further information, please contact:
Daniel de Belder/Charles Stewart, +44 (0) 20 3772 Bell Pottinger 2500 ----------------------------------- ---------------- Nigel Newton, Chief Executive, +44 (0) 20 7631 Bloomsbury Publishing Plc 5630 ----------------------------------- ----------------
Overview
We are pleased with progress for the six months ended 31 August 2016. Revenues were up 19%, GBP10.0 million year on year to GBP62.7 million, with growth in each of our territories. The Children's Trade division revenues were up 63% on the previous period driven by several key titles including the Harry Potter Box Set, the Illustrated Edition of Harry Potter and the Philosopher's Stone and A Court of Mist and Fury by Sarah J. Maas. As expected, adjusted profit before taxation was down by GBP0.4 million to GBP1.5 million following the end of the term of the contract for publishing services with the Qatar Foundation, as announced in December 2015. Reported profit before tax was GBP0.1 million (2015: GBP0.3 million). The Group is trading in line with management's expectations. As with prior years, the Group's results continue to be substantially weighted towards the second half of the year, with October being the peak period for academic book sales and Christmas the peak season for sales of consumer books.
Print revenues grew 25% to GBP51.7 million (2015: GBP41.4 million) and made up 87% of the Group's total title revenues in the period, demonstrating a continued demand for books in print format. Digital revenues grew 8% to GBP7.7 million (2015: GBP7.1 million), including an excellent performance by digital resources in our Non-Consumer division and despite a 4% fall in total e-book sales reflecting industry trends. Rights and services revenues were GBP3.3 million (2015: GBP4.1 million) reflecting the end of the term of the Qatar Foundation contract. Foreign exchange movements in the period have increased revenues by GBP2.4 million (4%) and profits by GBP0.2 million. Using constant exchange rates, total revenues increased by 14% to GBP60.3 million, with print revenues increasing by 20% and digital revenues by 4%.
Highlighted items of GBP1.3 million (2015: GBP1.5 million) include GBP0.9 million (2015: GBP0.9 million) of amortisation of acquired intangible assets. Other highlighted items of GBP0.4 million include costs for the integration of the Osprey acquisition and the major restructuring of the global sales and US finance teams. The effective rate of tax for the period was 25% (2015: 20%) in line with guidance given in May 2016. Adjusted diluted earnings per share were 1.65 pence (2015: 2.06 pence). Diluted earnings per share for the period were 0.15 pence (2015: 0.36 pence). The business continues to retain its strong balance sheet with GBP9.1 million of net cash at 31 August 2016 (31 August 2015: GBP0.9 million), following excellent cash flow generation in the period, including a receipt of GBP1.1 million of tax repayments following the resolution of an HMRC tribunal.
The Directors have declared an interim dividend of 1.10 pence per share which is a 4% increase on the dividend paid for the six months ended 31 August 2015 of 1.06 pence per share. The dividend will be paid on 30 November 2016 to shareholders on the register at close of business on 4 November 2016.
Consumer division
The Consumer division is Adult and Children's trade publishing. Revenues in Consumer publishing increased 36% to GBP37.3 million in the six months ended 31 August 2016 (2015: GBP27.5 million). This excellent performance meant that the Consumer division's adjusted operating profit increased to GBP1.3 million from GBP0.7 million last period. The growth in profit in the division came from Children's Trade, where revenues were up by 63% to GBP23.9 million. In the period J.K. Rowling's Harry Potter continued its growth - with the children's editions selling well (Nielsen BookScan Total Consumer Market revenues up 107% year on year). Strong sales of the Illustrated Edition of Harry Potter and the Philosopher's Stone continued in this period with sales to date exceeding 1.3 million copies. On 4 October 2016 we launched the next title in the series, the Illustrated Edition of Harry Potter and the Chamber of Secrets. There is continuing strong interest from the market for this series.
Sarah J. Maas revenues grew 101% year on year in this period with the publication of the second book in the A Court of Thorns and Roses series, A Court of Mist and Fury. This stayed at number one on the Young Adult New York Times bestseller list for four weeks and in the top ten for 21 weeks. It reached number four in the UK Nielsen Children's BookScan chart in its paperback format. We have sold rights in 18 territories. In July we secured world rights in eight new titles from Sarah J. Maas; three new novels to extend the A Court of Thorns and Roses series, a further colouring book, a World of Throne of Glass and three novellas. The combined series have sold 3.4 million copies to date.
In June, Bloomsbury became the first publisher in history to win both the Carnegie Medal and the Greenaway Medal with two books: Sarah Crossan's One winning the Carnegie Medal and Chris Riddell winning the Greenaway Medal for his illustrations of Neil Gaiman's The Sleeper and the Spindle.
The Children's team was shortlisted for the Independent Publishers Guild Children's Publisher of the Year and the British Book Award's Children's Publisher of the Year.
There was a 5% increase in revenues to GBP13.4 million in the Adult Trade division in the period, although profits were impacted by a reduction in higher margin e-book revenues and higher advance and stock write downs. The division had two Waterstone's book of the month slots - in non-fiction for Peter Frankopan's The Silk Roads, which was also a Sunday Times non-fiction number one and in fiction for Hannah Rothschild's The Improbability of Love. Paul Beatty's The Sellout, published by Oneworld and distributed by Bloomsbury in Australia, won the Man Booker prize 2016. Hot Milk by Deborah Levy, which we publish in the US, was shortlisted for the prize. The Man Who Knew: The Life and Times of Alan Greenspan by Sebastian Mallaby is shortlisted for the 2016 Financial Times and McKinsey Business Book of the Year Award. The Guilty Thing: A Life of Thomas De Quincey by Frances Wilson has been longlisted for the 2016 Baillie Gifford Prize for Non-fiction (previously called the Samuel Johnson prize).
Non-Consumer division
The Non-Consumer division consists of Academic, Professional, Special Interest and Content Services. Total revenues in the division of GBP25.4 million (2015: GBP25.2 million) and adjusted operating profits of GBP0.1 million (2015: GBP1.2 million) were adversely affected by the end of the term of the Qatar Foundation contract in December 2015. There was good revenue growth in all other areas of the Non-Consumer division, driven in particular by a range of key titles from the special interest list and an excellent performance from academic and professional digital resources, which doubled year on year to GBP2.0 million (2015: GBP1.0 million). Digital revenues now represent 18% of total title revenues in the division (2015: 15%). Revenue growth by all the existing major digital resources exceeded our expectations.
During the period Bloomsbury was shortlisted for Academic, Educational and Professional Publisher of the Year at the Bookseller Industry Awards, for the fourth year in a row.
US academic print revenues continue to be affected by tightening academic library budgets and digital demand-driven acquisition models. Whilst textbook revenues in the Academic lists are a small part of the divisional output, the Fairchild list, which is 12% of total Academic & Professional sales, has suffered appreciably from students' increasing preference for rental purchase, used book purchase and digital formats. The timely launch this year of Bloomsbury Fashion Central, and specifically, Fairchild Books Library, both online resources, is designed to address these changes in consumption, offering students and lecturers access to purchase via a range of different business models and price points, including rental.
Bloomsbury Professional's digital revenues have been boosted by the successful integration of the family law titles purchased from Lexis Nexis in January 2016. These titles generated GBP0.6 million of revenue and GBP0.4 million of profit in the six months ended 31 August 2016.
Bloomsbury Content Services has renewed its publishing services agreement with the Institute for the Study of Labor for an additional 18 month term, starting January 2017. Bloomsbury will continue to provide fully managed publishing, marketing and digital services for the IZA World of Labor knowledge hub (wol.iza.org).
Some key bestselling titles from the Non-Consumer division include The 100-Year Life by Lynda Gratton and Andrew Scott and Age of Discovery by Ian Goldin and Chris Kutarna, which were selected respectively for the shortlist and longlist for the 2016 Financial Times and McKinsey Business Book of the Year Award and Spitfire: The Legend Lives On by John Dibbs and Tony Holmes.
Whitaker's Online - whitakersalmanack.com - was launched in March giving up-to-date information on Britain and its governance, which would appear to be very timely given the Brexit vote resulting in changes to almost every element of British politics, governance, economics and culture. Taking advantage of the referendum Europe: An Obituary? by Douglas Murray was reissued to acclaim.
Bloomsbury 2020
As outlined in our Capital Markets Day in July, the Bloomsbury 2020 investment will significantly accelerate the growth of digital revenues by implementing a new digital publishing plan in our move to become a leading non-consumer publisher in the B2B academic and professional information market. The plan is to increase the output and speed to market of a range of new digital products, provide a robust scalable set of platforms, and improve the strength, depth and geographical spread of our institutional digital sales team. We are targeting revenues rising to GBP15 million and profits of GBP5m from our digital resource publishing by financial year 2021/22. The 2020 initiative will be delivered within the Non-Consumer division and is now headed by Kathryn Earle, reporting to Jonathan Glasspool. Kathryn has been responsible for generating some of the Academic division's most successful products, not least the award-winning Berg Fashion Library and the division's biggest and most ambitious new launch this year, Bloomsbury Fashion Central. Kathryn has been at Bloomsbury for eight years; she was previously Managing Director of Berg Publishing, which Bloomsbury acquired in 2008.
The principal focus for Bloomsbury 2020 this financial year is to deliver the digital platform upon which many of the new services will be based, and to hire the new content acquisition team and sales and marketing teams. We are on track to achieve these, with the first services on the new platform, the Arcadian Library Online and Bloomsbury Popular Music, launching this financial year as scheduled. Having digitised and developed Arcadian Library Online, Bloomsbury will be providing sales, marketing and distribution services to make it available to universities, libraries and individuals around the world as a perpetual access product. Popular Music will be a Bloomsbury subscription service for institutions. The income statement this period includes GBP0.2m investment for Bloomsbury 2020.
Outlook
As well as the Illustrated Edition of Harry Potter and the Chamber of Secrets, Bloomsbury's strong second-half list includes Fantastic Beasts and Where to Find Them - Newt Scamander: A Movie Scrapbook, Empire of Storms by Sarah J. Maas, the Throne of Glass Colouring Book, Mad Enchantment by Ross King, Tom Kerridge's Dopamine Diet, Commonwealth by Ann Patchett, Bloomsbury Professional's Tax Looseleafs and Last Testament: In His Own Words by Pope Benedict XVI, the only modern Pope to retire whilst in office and who now breaks his silence.
The Group is trading in line with management's expectations. As in previous years, the Group is targeting a number of new contracts from which we expect to deliver rights and services income in the second half of our financial year. October is the peak period for academic book sales and Christmas for sales of consumer books. We therefore expect our results to continue to be significantly second-half weighted, as in the past.
In the coming months we expect to deliver the platform and associated infrastructure to enable digital publishing growth in line with Bloomsbury's 2020 plan, and specifically to see the launch of the Arcadian Library Online and Bloomsbury Popular Music, the latest two resources in our growing range of digital products.
Condensed Consolidated Interim Income Statement
For the six months ended 31 August 2016
6 months 6 months Year
ended ended ended
31 August 31 August 29 February
2016 2015 2016
Notes GBP'000 GBP'000 GBP'000
--------------------------------- ------ ----------- ----------- -------------
Revenue 3 62,672 52,678 123,725
Cost of sales (31,259) (24,000) (55,198)
--------------------------------- ------ ----------- ----------- -------------
Gross profit 31,413 28,678 68,527
Marketing and distribution
costs (9,798) (7,808) (17,065)
Administrative expenses (21,562) (20,521) (41,016)
--------------------------------- ------ ----------- ----------- -------------
Operating profit before
highlighted items 1,362 1,868 13,115
Highlighted items 4 (1,309) (1,519) (2,669)
--------------------------------- ------ ----------- ----------- -------------
Operating profit 53 349 10,446 Finance income 111 5 27 Finance costs (17) (12) (114) --------------------------------- ------ ----------- ----------- ------------- Profit before taxation and highlighted items 1,456 1,861 13,028 Highlighted items 4 (1,309) (1,519) (2,669) --------------------------------- ------ ----------- ----------- ------------- Profit before taxation 3 147 342 10,359 Taxation (37) (69) (652) --------------------------------- ------ ----------- ----------- ------------- Profit for the period attributable to owners of the Company 110 273 9,707 --------------------------------- ------ ----------- ----------- ------------- Earnings per share attributable to owners of the Company Basic earnings per share 6 0.15p 0.37p 12.98p Diluted earnings per share 6 0.15p 0.36p 12.93p --------------------------------- ------ ----------- ----------- -------------
The accompanying notes form an integral part of this condensed consolidated interim financial report.
Condensed Consolidated Interim Statement of Comprehensive Income
For the six months ended 31 August 2016
6 months 6 months Year
ended ended ended
31 August 31 August 29 February
2016 2015 2016
GBP'000 GBP'000 GBP'000
-------------------------------------- ----------- ----------- -------------
Profit for the period 110 273 9,707
Other comprehensive income
Items that may be reclassified
to the income statement:
Currency translation differences
on foreign operations 2,288 41 3,214
Items that may not be reclassified
to the income statement:
Remeasurements on the defined
benefit pension scheme (174) 57 (24)
-------------------------------------- ----------- ----------- -------------
Other comprehensive income
for the
period net of tax 2,114 98 3,190
-------------------------------------- ----------- ----------- -------------
Total comprehensive income
for the period attributable
to owners of the Company 2,224 371 12,897
-------------------------------------- ----------- ----------- -------------
Condensed Consolidated Interim Statement of Financial Position
At 31 August 2016
Notes 31 August 31 August 29 February
2016 2015 2016
GBP'000 GBP'000 GBP'000
----------------------------------- ------ ---------- ---------- ------------
Assets
Goodwill 42,321 41,717 42,092
Other intangible assets 21,934 22,016 22,465
Property, plant and equipment 2,254 2,654 2,463
Deferred tax assets 3,151 3,547 2,988
Trade and other receivables 7 1,119 - 1,011
----------------------------------- ------ ---------- ---------- ------------
Total non-current assets 70,779 69,934 71,019
----------------------------------- ------ ---------- ---------- ------------
Inventories 28,929 30,575 27,598
Trade and other receivables 7 73,010 60,888 71,461
Cash and cash equivalents 9,092 3,516 6,556
----------------------------------- ------ ---------- ---------- ------------
Total current assets 111,031 94,979 105,615
----------------------------------- ------ ---------- ---------- ------------
Total assets 181,810 164,913 176,634
----------------------------------- ------ ---------- ---------- ------------
Liabilities
Retirement benefit obligations 442 159 230
Deferred tax liabilities 2,674 3,108 2,675
Other payables 942 1,135 871
Provisions 43 43 43
----------------------------------- ------ ---------- ---------- ------------
Total non-current liabilities 4,101 4,445 3,819
----------------------------------- ------ ---------- ---------- ------------
Trade and other payables 42,635 32,078 38,435
Bank overdraft - - 1,390
Loans and borrowing - 2,600 -
Current tax liabilities - 613 -
Provisions 22 434 23
----------------------------------- ------ ---------- ---------- ------------
Total current liabilities 42,657 35,725 39,848
----------------------------------- ------ ---------- ---------- ------------
Total liabilities 46,758 40,170 43,667
----------------------------------- ------ ---------- ---------- ------------
Net assets 135,052 124,743 132,967
----------------------------------- ------ ---------- ---------- ------------
Equity
Share capital 942 938 939
Share premium 39,388 39,388 39,388
Translation reserve 9,331 3,870 7,043
Other reserves 6,698 6,298 6,829
Retained earnings 78,693 74,249 78,768
----------------------------------- ------ ---------- ---------- ------------
Total equity attributable
to owners of the Company 135,052 124,743 132,967
----------------------------------- ------ ---------- ---------- ------------
Condensed Consolidated Interim Statement of Changes in Equity
At 31 August 2016
Own
shares
Capital Share-based held
Share Share Translation Merger redemption payment by the Retained Total
capital premium reserve reserve reserve reserve EBT earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------- -------- -------- ------------ --------- ----------- ------------ -------- --------- --------
At 1 March 2016 939 39,388 7,043 1,386 22 5,428 (7) 78,768 132,967
Profit for the
period - - - - - - - 110 110
Other comprehensive
income
Exchange
differences on
translating
foreign
operations - - 2,288 - - - - - 2,288
Remeasurements
on the defined
benefit
pension scheme - - - - - - - (174) (174)
-------------------- -------- -------- ------------ --------- ----------- ------------ -------- --------- --------
Total comprehensive
income for the
period - - 2,288 - - - - (64) 2,224
Transactions with
owners
Issue of shares 3 - - 417 - - - - 420
Share buy back - - - - - - (570) - (570)
Deferred tax on
share-based
payment
transactions - - - - - - - (11) (11)
Share-based
payment
transactions - - - - - 22 - - 22
-------------------- -------- -------- ------------ --------- ----------- ------------ -------- --------- --------
Total transactions
with owners of the
Company 3 - - 417 - 22 (570) (11) (139)
-------------------- -------- -------- ------------ --------- ----------- ------------ -------- --------- --------
At 31 August 2016 942 39,388 9,331 1,803 22 5,450 (577) 78,693 135,052
-------------------- -------- -------- ------------ --------- ----------- ------------ -------- --------- --------
At 1 March 2015 938 39,388 3,829 1,386 22 4,986 (338) 73,943 124,154
Profit for the period - - - - - - - 273 273
Other comprehensive income
Exchange differences on translating
foreign operations - - 41 - - - - - 41
Remeasurements on the defined benefit
pension scheme - - - - - - - 57 57
----------------------------------------------- ---- ------- ------ ------ --- ------ ------ ------- --------
Total comprehensive income for the period - - 41 - - - - 330 371
Transactions with owners
Deferred tax on share-based payment
transactions - - - - - - - (24) (24)
Share-based payment transactions - - - - - 242 - - 242
----------------------------------------------- ---- ------- ------ ------ --- ------ ------ ------- --------
Total transactions with owners of the Company - - - - - 242 - (24) 218
----------------------------------------------- ---- ------- ------ ------ --- ------ ------ ------- --------
At 31 August 2015 938 39,388 3,870 1,386 22 5,228 (338) 74,249 124,743
----------------------------------------------- ---- ------- ------ ------ --- ------ ------ ------- --------
Own
Capital Share-based shares
Share Share Translation Merger redemption payment held by Retained Total
capital premium reserve reserve reserve reserve the EBT earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------- -------- -------- ------------ --------- ----------- ------------ -------- --------- --------
At 1 March 2015 938 39,388 3,829 1,386 22 4,986 (338) 73,943 124,154
Profit for the year - - - - - - - 9,707 9,707
Other comprehensive
income
Exchange
differences on
translating
foreign
operations - - 3,214 - - - - - 3,214
Remeasurements
on the defined
benefit
pension scheme - - - - - - - (24) (24)
-------------------- -------- -------- ------------ --------- ----------- ------------ -------- --------- --------
Total comprehensive
income for the
year - - 3,214 - - - - 9,683 12,897
Transactions with
owners
Issue of shares 1 - - - - - - (1) -
Dividend to
equity holders
of the Company - - - - - - - (4,590) (4,590)
Share options
exercised - - - - - - 331 (243) 88
Deferred tax on
share-based
payment
transactions - - - - - - - (24) (24)
Share-based
payment
transactions - - - - - 442 - - 442
-------------------- -------- -------- ------------ --------- ----------- ------------ -------- --------- --------
Total transactions
with owners of the
Company 1 - - - - 442 331 (4,858) (4,084)
-------------------- -------- -------- ------------ --------- ----------- ------------ -------- --------- --------
At 29 February 2016 939 39,388 7,043 1,386 22 5,428 (7) 78,768 132,967
-------------------- -------- -------- ------------ --------- ----------- ------------ -------- --------- --------
Condensed Consolidated Interim Statement of Cash
Flows
For the six months ended 31 August 2016
6 months 6 months Year ended
ended ended
31 August 31 August 29 February
2016 2015 2016
GBP'000 GBP'000 GBP'000
------------------------------------ ---------- ---------- ------------
Cash flows from operating
activities
Profit before taxation 147 342 10,359
Finance income (111) (5) (27)
Finance costs 17 12 114
------------------------------------ ---------- ---------- ------------
Operating profit 53 349 10,446
Adjustments for:
Depreciation of property,
plant and equipment 314 333 666
Amortisation of intangible
assets 1,978 1,931 3,857
Loss on sale of property,
plant and equipment - - 1
Share-based payment charges 29 281 487
------------------------------------ ---------- ---------- ------------
2,374 2,894 15,457
(Increase)/decrease in inventories (292) (1,620) 3,133
Decrease/(increase) in trade
and other receivables 958 1,207 (8,212)
Increase/(decrease) in trade
and other payables 2,563 (5,124) (1,476)
------------------------------------ ---------- ---------- ------------
Cash generated from/(used
in) operating activities 5,603 (2,643) 8,902
Income taxes received/ (paid) 10 (2,261) (3,870)
------------------------------------ ---------- ---------- ------------
Net cash generated from/(used
in) operating activities 5,613 (4,904) 5,032
------------------------------------ ---------- ---------- ------------
Cash flows from investing
activities
Purchase of property, plant
and equipment (98) (159) (249)
Purchase of businesses,
net of cash acquired - (30) (60)
Purchases of intangible
assets (1,666) (1,389) (2,846)
Interest received 111 5 9
Net cash used in investing
activities (1,653) (1,573) (3,146)
------------------------------------ ---------- ---------- ------------
Cash flows from financing
activities
Purchase of shares by the (570) - -
Employee Benefit Trust
Equity dividends paid - - (4,590)
Proceeds from exercise of
share options - - 88
Drawdown of borrowing - 100 (2,500)
Interest paid (17) (12) (90)
Net cash (used in)/generated
from financing activities (587) 88 (7,092)
------------------------------------ ---------- ---------- ------------
Net increase/(decrease)
in cash and cash equivalents 3,373 (6,389) (5,206)
Cash and cash equivalents
at beginning of period 5,166 10,021 10,021
Exchange gain/(loss) on
cash and cash equivalents 553 (116) 351
------------------------------------ ---------- ---------- ------------
Cash and cash equivalents
at end of period 9,092 3,516 5,166
------------------------------------ ---------- ---------- ------------
Notes to the Condensed Consolidated Interim Financial Statements
1. Reporting entity
Bloomsbury Publishing Plc (the "Company") is a Company domiciled in the United Kingdom. The condensed consolidated interim financial statements of the Company as at and for the six months ended 31 August 2016 comprise the Company and its subsidiaries (together referred to as the "Group"). The Group is primarily involved in the publication of books and other related services.
2. Significant accounting policies
a) Basis of preparation
These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard ("IAS") 34 'Interim Financial Reporting' as adopted by the European Union ("EU"). They are unaudited and do not constitute statutory accounts. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the last annual consolidated financial statements as at and for the year ended 29 February 2016.
Except as described below, the condensed set of financial statements have been prepared on a consistent basis with the financial statements for the year ended 29 February 2016 and should be read in conjunction with the Annual Report 2016. The annual consolidated financial statements of the Group are prepared in accordance with International Financial Reporting Standards ("IFRS") and International Financial Reporting Interpretations Committee ("IFRIC") pronouncements as adopted by the EU. The 2016 Annual Report refers to other new standards effective from 1 March 2016. None of these standards have had a material impact in these financial statements.
The comparative financial information for the year ended 29 February 2016 does not constitute statutory accounts for that financial year. This information was extracted from the statutory accounts for the year ended 29 February 2016, a copy of which has been delivered to the Registrar of Companies. The auditor's report on those accounts was unqualified and did not include a reference to any matters to which the auditor drew attention by way of emphasis of matter and did not contain a statement under section 498(2) or (3) of the Companies Act 2006.
The condensed consolidated interim financial statements were approved and authorised for issue by the Board of Directors on 27 October 2016.
b) Going concern
The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis of accounting in preparing the condensed consolidated interim financial statements. The factors taken into account in developing this expectation include the level of cash within the business, the Group's bank facilities, continuing sources of revenue and principal risks including the impact of Brexit. The Group's bank facilities comprises a GBP10 million to GBP14 million committed revolving loan facility (amount dependent on time during the year to match Bloomsbury's cash flow cycle) which expires in May 2021, an uncommitted incremental term loan facility of up to GBP6 million and a GBP2 million overdraft facility renewable annually.
c) Uses of estimates and judgments
The preparation of condensed consolidated interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets liabilities, income and expenses. Actual results may differ from these estimates. Critical judgments and areas where the use of estimates is significant are set out in the 2016 Annual Report.
3. Segmental analysis
We announced in May 2016 a reorganisation of the business into two 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 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 reallocated goodwill been 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 analysis by segment is shown below:
* The six months ended 31 August 2015 and year ended 29 February 2016 have been restated to reflect the new divisional structure. The total result has not changed.
Children's Adult Consumer Academic Special Content Non-Consumer Unallocated Total
Trade Trade & Interest Services
Professional
Six months GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
ended 31
August 2016 GBP'000 GBP'000 GBP'000
---------------- ----------- -------- --------- ------------- --------- --------- ------------- ------------ ---------
External
revenue 23,897 13,381 37,278 16,651 8,069 674 25,394 - 62,672
Cost of sales (12,025) (7,594) (19,619) (6,858) (4,427) (355) (11,640) - (31,259)
---------------- ----------- -------- --------- ------------- --------- --------- ------------- ------------ ---------
Gross profit 11,872 5,787 17,659 9,793 3,642 319 13,754 - 31,413
Marketing and
distribution
costs (3,882) (2,652) (6,534) (2,085) (1,106) (73) (3,264) - (9,798)
---------------- ----------- -------- --------- ------------- --------- --------- ------------- ------------ ---------
Contribution
before
administrative
expenses 7,990 3,135 11,125 7,708 2,536 246 10,490 - 21,615
Administrative
expenses
excluding
highlighted
items (5,499) (4,348) (9,847) (6,983) (2,906) (517) (10,406) - (20,253)
---------------- ----------- -------- --------- ------------- --------- --------- ------------- ------------ ---------
Operating
profit/(loss)
before
highlighted
items/ segment
results 2,491 (1,213) 1,278 725 (370) (271) 84 - 1,362
Amortisation of
acquired
intangible
assets - (9) (9) (778) (91) (3) (872) - (881)
Other
highlighted
items - - - - - - - (428) (428)
---------------- ----------- -------- --------- ------------- --------- --------- ------------- ------------ ---------
Operating
profit /(loss) 2,491 (1,222) 1,269 (53) (461) (274) (788) (428) 53
Finance income - - - - - - - 111 111
Finance costs - - - - - - - (17) (17)
---------------- ----------- -------- --------- ------------- --------- --------- ------------- ------------ ---------
Profit/(loss)
before
taxation 2,491 (1,222) 1,269 (53) (461) (274) (788) (334) 147
Taxation - - - - - - - (37) (37)
---------------- ----------- -------- --------- ------------- --------- --------- ------------- ------------ ---------
Profit/(loss)
for the
period 2,491 (1,222) 1,269 (53) (461) (274) (788) (371) 110
---------------- ----------- -------- --------- ------------- --------- --------- ------------- ------------ ---------
Operating
profit /
(loss) before
highlighted
items/ segment
results 2,491 (1,213) 1,278 725 (370) (271) 84 - 1,362
Depreciation 94 61 155 97 56 6 159 - 314
Amortisation of
internally
generated
intangibles 132 95 227 637 222 11 870 - 1,097
---------------- ----------- -------- --------- ------------- --------- --------- ------------- ------------ ---------
EBITDA before
highlighted
items 2,717 (1,057) 1,660 1,459 (92) (254) 1,113 - 2,773
---------------- ----------- -------- --------- ------------- --------- --------- ------------- ------------ ---------
* Restated
--------- ------------- ---------
Children's Adult Consumer Academic Special Content Non-Consumer Unallocated Total
Trade Trade & Interest Services
Professional
Six months GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
ended 31
August 2015 GBP'000 GBP'000 GBP'000
---------------- ----------- -------- --------- ------------- --------- --------- ------------- ------------ ---------
External
revenue 14,660 12,801 27,461 15,942 7,748 1,527 25,217 - 52,678
Cost of sales (6,856) (6,739) (13,595) (6,423) (3,647) (335) (10,405) - (24,000)
---------------- ----------- -------- --------- ------------- --------- --------- ------------- ------------ ---------
Gross profit 7,804 6,062 13,866 9,519 4,101 1,192 14,812 - 28,678
Marketing and
distribution
costs (2,370) (2,320) (4,690) (2,028) (1,055) (35) (3,118) - (7,808)
---------------- ----------- -------- --------- ------------- --------- --------- ------------- ------------ ---------
Contribution
before
administrative
expenses 5,434 3,742 9,176 7,491 3,046 1,157 11,694 - 20,870
Administrative
expenses
excluding
highlighted
items (4,145) (4,330) (8,475) (6,807) (2,845) (875) (10,527) - (19,002)
---------------- ----------- -------- --------- ------------- --------- --------- ------------- ------------ ---------
Operating
profit/(loss)
before
highlighted
items/ segment
results 1,289 (588) 701 684 201 282 1,167 - 1,868
Amortisation of
acquired
intangible
assets (66) (9) (75) (720) (94) (2) (816) - (891)
Other
highlighted
items - - - - - - (628) (628)
---------------- ----------- -------- --------- ------------- --------- --------- ------------- ------------ ---------
Operating
profit /(loss) 1,223 (597) 626 (36) 107 280 351 (628) 349
Finance income - - - - - - - 5 5
Finance costs - - - - - - - (12) (12)
---------------- ----------- -------- --------- ------------- --------- --------- ------------- ------------ ---------
Profit/(loss)
before
taxation 1,223 (597) 626 (36) 107 280 351 (635) 342
Taxation - - - - - - - (69) (69)
---------------- ----------- -------- --------- ------------- --------- --------- ------------- ------------ ---------
Profit/(loss)
for
the period 1,223 (597) 626 (36) 107 280 351 (704) 273
---------------- ----------- -------- --------- ------------- --------- --------- ------------- ------------ ---------
Operating
profit /
(loss) before
highlighted
items/ segment
results 1,289 (588) 701 684 201 282 1,167 - 1,868
Depreciation 67 79 146 118 53 15 186 - 332
Amortisation of
internally
generated
intangibles 77 99 176 677 165 22 864 - 1,040
---------------- ----------- -------- --------- ------------- --------- --------- ------------- ------------ ---------
EBITDA before
highlighted
items 1,433 (410) 1,023 1,479 419 319 2,217 - 3,240
---------------- ----------- -------- --------- ------------- --------- --------- ------------- ------------ ---------
*Restated
--------- ------------- ---------
Children's Adult Consumer Academic Special Content Non-Consumer Unallocated Total
Trade Trade & Interest Services
Professional
Year ended 29 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
February
2016 GBP'000 GBP'000 GBP'000
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
External
revenue 37,722 28,726 66,448 36,601 17,454 3,222 57,277 - 123,725
Cost of sales (17,010) (14,452) (31,462) (15,422) (7,728) (586) (23,736) - (55,198)
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
Gross profit 20,712 14,274 34,986 21,179 9,726 2,636 33,541 - 68,527
Marketing and
distribution
costs (5,469) (4,989) (10,458) (4,369) (2,155) (83) (6,607) - (17,065)
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
Contribution
before
administrative
expenses 15,243 9,285 24,528 16,810 7,571 2,553 26,934 - 51,462
Administrative
expenses
excluding
highlighted
items (9,954) (8,594) (18,548) (12,903) (5,571) (1,325) (19,799) - (38,347)
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
Operating
profit before
highlighted
items/
segment
results 5,289 691 5,980 3,907 2,000 1,228 7,135 - 13,115
Amortisation of
acquired
intangible
assets (88) (17) (105) (1,487) (189) (5) (1,681) - (1,786)
Other
highlighted
items - - - - - - - (883) (883)
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
Operating
profit /(loss) 5,201 674 5,875 2,420 1,811 1,223 5,454 (883) 10,446
Finance income - - - - - - - 27 27
Finance costs - - - - - - - (114) (114)
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
Profit/(loss)
before
taxation 5,201 674 5,875 2,420 1,811 1,223 5,454 (970) 10,359
Taxation - - - - - - - (652) (652)
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
Profit/(loss)
for
the year 5,201 674 5,875 2,420 1,811 1,223 5,454 (1,622) 9,707
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
Operating
profit before
highlighted
items/
segment
results 5,289 691 5,980 3,907 2,000 1,228 7,135 - 13,115
Depreciation 138 160 298 239 99 30 368 - 666
Amortisation of
internally
generated
intangibles 162 203 365 1,329 331 46 1,706 - 2,071
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
EBITDA before
highlighted
items 5,589 1,054 6,643 5,475 2,430 1,304 9,209 - 15,852
---------------- ----------- --------- --------- ------------- --------- --------- ------------- ------------ ---------
Due to the seasonality of the business, the Group's sales and divisional results are weighted towards the second half of the year.
External revenue by product type
Six months Six months Year
ended ended ended
31 August 31 August 29 February
2016 2015 2016
GBP'000 GBP'000 GBP'000
----------------------- ---------- ---------- ------------
Print 51,719 41,434 98,111
Digital 7,695 7,141 15,022
Rights and services(1) 3,258 4,103 10,592
----------------------- ---------- ---------- ------------
Total 62,672 52,678 123,725
----------------------- ---------- ---------- ------------
1. Rights and services revenue includes revenue from copyright and trademark licences, management contracts, advertising and publishing services.
Total assets 31 August 31 August 29 February
2016 2015 2016
*restated *restated
GBP'000 GBP'000 GBP'000
------------------------- ---------- ---------------------- ------------
Children's Trade 8,724 5,711 5,932
Adult Trade 8,052 10,106 9,068
Academic & Professional 59,739 61,885 61,569
Special Interest 13,813 13,956 12,900
Content Services 190 307 203
Unallocated 91,292 72,948 86,962
------------------------- ---------- ---------------------- ------------
Total assets 181,810 164,913 176,634
------------------------- ---------- ---------------------- ------------
Unallocated primarily represents centrally held assets including system development, property, plant and equipment, receivables and cash.
4. Highlighted items
Six months Six months Year ended
ended ended 29 February
31 August 31 August 2016
2016 2015 GBP'000
GBP'000 GBP'000
------------------------------ ----------- ----------- -------------
Legal and other professional
fees - - 16
Restructuring costs 428 628 915
Other - - (48)
Other highlighted items 428 628 883
Amortisation of acquired
intangible assets 881 891 1,786
------------------------------ ----------- ----------- -------------
Total highlighted items 1,309 1,519 2,669
------------------------------ ----------- ----------- -------------
Highlighted items charged to operating profit comprise significant non-cash charges and non-recurring items 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.
Restructuring costs of GBP428,000 were incurred as a result of the Group's acquisition activities and the strategic restructuring of the global sales and US finance teams (six months ended 31 August 2015: GBP628,000 and year ended 29 February 2016: GBP915,000 have been incurred as a result of the Group's acquisition activities and the restructuring of the Bloomsbury Content Services division).
5. Dividends
Six months Six months
ended ended Year ended
31 August 31 August 29 February
2016 2015 2016
GBP'000 GBP'000 GBP'000
------------------------ ----------- ----------- ------------
Amounts arising in
respect of the period
Interim dividend for
the period 823 793 793
Final dividend for
the year - - 4,009
------------------------ ----------- ----------- ------------
Total dividend for
the period 823 793 4,802
------------------------ ----------- ----------- ------------
The proposed interim dividend of 1.10 pence per ordinary share will be paid to the equity shareholders on 30 November 2016 to shareholders registered at close of business on 4 November 2016. The final dividend for 29 February 2016 was paid on 21 September 2016.
6. Earnings per share
The basic earnings per share for the six months ended 31 August 2016 is calculated using a weighted average number of Ordinary Shares in issue of 74,834,869 (31 August 2015: 74,739,877 and 29 February 2016: 74,807,436) 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.
6 months 6 months
ended ended Year ended
31 August 31 August 29 February
2016 2015 2016
Number Number Number
Weighted average shares
in issue 74,834,869 74,739,877 74,807,436
Dilution 112,842 247,531 245,115
------------------------------- ----------- ----------- ------------
Diluted weighted average
shares in issue 74,947,711 74,987,408 75,052,551
------------------------------- ----------- ----------- ------------
GBP'000 GBP'000 GBP'000
------------------------------- ----------- ----------- ------------
Profit after tax attributable
to owners of the Company 110 273 9,707
------------------------------- ----------- ----------- ------------
Basic earnings per share 0.15p 0.37p 12.98p
Diluted earnings per
share 0.15p 0.36p 12.93p
------------------------------- ----------- ----------- ------------
Adjusted profit attributable
to owners of the Company 1,236 1,545 11,440
------------------------------- ----------- ----------- ------------
Adjusted basic earnings
per share 1.65p 2.07p 15.29p
Adjusted diluted earnings
per share 1.65p 2.06p 15.24p
------------------------------- ----------- ----------- ------------
Adjusted profit is derived as follows:
Profit before tax 147 342 10,359 Amortisation of acquired intangible assets 881 891 1,786 Other highlighted items 428 628 883 -------------------------- ------ ------ ------- Adjusted profit before tax 1,456 1,861 13,028 -------------------------- ------ ------ ------- Tax expense 37 69 652 Deferred tax movements on goodwill and acquired intangible assets 97 121 527 Tax expense on other highlighted items 86 126 409 Adjusted tax 220 316 1,588 --------------------------- ---- ---- ------ Adjusted profit attributable to owners of the Company 1,236 1,545 11,440 ------------------------------ ------ ------ -------
The Group includes the benefit of tax amortisation of intangible assets as this benefit more accurately aligns the adjusted tax charge with the expected cash tax payments.
7. Trade and other receivables
31 August 31 August 29 February
2016 2015 2016
Non-current GBP'000 GBP'000 GBP'000
------------------------------------ ----------- ----------- -------------
Prepayments and accrued
income 1,119 - 1,011
------------------------------------ ----------- ----------- -------------
Non-current trade and other
receivables 1,119 - 1,011
------------------------------------ ----------- ----------- -------------
Current
Gross trade receivables 46,780 35,582 45,476
Less: provision for impairment
of receivables (534) (558) (432)
Less: provision for returns (5,629) (4,827) (5,800)
------------------------------------ ----------- ----------- -------------
Net trade receivables 40,617 30,197 39,244
Income tax recoverable 840 34 850
Other receivables 1,852 1,966 1,354
Prepayments and accrued
income 6,927 7,100 7,784
Royalty advances 22,774 21,591 22,229
------------------------------------ ----------- ----------- -------------
Current trade and other
receivables 73,010 60,888 71,461
------------------------------------ ----------- ----------- -------------
Total trade and other receivables 74,129 60,888 72,472
------------------------------------ ----------- ----------- -------------
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.
Royalty advances have been separated out from prepayments and accrued income to enable a user to get a better understanding of the business. 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 31 August 2016 GBP5,651,000 (31 August 2015 GBP5,444,000 and 29 February 2016 GBP5,530,000) of royalty advances relate to titles expected to publish after more than 12 months.
8. Related parties
The Group has no related party transactions in the period other than key management remuneration.
Responsibility Statement of the Directors in Respect of the Interim Financial Statements
Directors
------------------- ------------------------------
Sir Anthony Independent Non-Executive
Salz Chairman
------------------- ------------------------------
Nigel Newton Chief Executive
------------------- ------------------------------
John Warren Independent Non-Executive
Director
Senior Independent Director
Chair of the Audit Committee
------------------- ------------------------------
Jill Jones Independent Non-Executive
Director
Chair of the Remuneration
Committee
------------------- ------------------------------
Stephen Page Independent Non-Executive
Director
------------------- ------------------------------
Richard Charkin Executive Director
------------------- ------------------------------
Jonathan Glasspool Executive Director
------------------- ------------------------------
Wendy Pallot Group Finance Director
------------------- ------------------------------
Each of the directors confirms that to the best of their knowledge:
-- the condensed set of financial statements has been prepared in accordance with IAS 34 as adopted by the European Union;
-- the interim management report includes a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial period and their impact on the condensed interim financial statements; and a description of the principal risks and uncertainties for the remaining six months of the financial period; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial period and that have materially affected the financial position or performance of the Group during that period; and any changes in the related party transactions described in the last annual report that could do so.
By order of the Board
Nigel Newton Wendy
Pallot
27 October 2016
Principal risks and uncertainties
Bloomsbury has a systematic and embedded risk management process for identifying and addressing the short to long-term risks and uncertainties for its operations worldwide. The strategy implemented by the Board aims to mitigate the main risks and exploit opportunities to create sustainable returns for shareholders. A summary of the principal risks and uncertainties to the business for the remaining six months of the financial year are as follows:
-- The profit from trade publishing depends significantly on the unpredictable sales of a small number of front-list titles especially around the Christmas period.
-- The timing for completing rights and services deals depends on third parties.
-- Group revenue and profit are benefiting from the fall in exchange rates however certain costs, in particular print costs, although largely under fixed long term contracts, could be adversely impacted by this fall in exchange rates.
A full list of risks and uncertainties is included in the 2016 Annual Report and Accounts.
Independent Review Report to Bloomsbury Publishing plc
Introduction
We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 31 August 2016 which comprises condensed consolidated interim income statement, condensed consolidated interim statement of comprehensive income, condensed consolidated interim statement of financial position, condensed consolidated interim statement of changes in equity and condensed consolidated interim statement of cash flows and the related explanatory notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the Company in accordance with the terms of our engagement to assist the company in meeting the requirements of the Disclosure and Transparency Rules ("the DTR") of the UK's Financial Conduct Authority ("the UK FCA"). Our review has been undertaken so that we might state to the company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have reached.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the DTR of the UK FCA.
The annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the EU. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed consolidated interim financial statements in the half-yearly financial report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 August 2016 is not prepared, in all material respects, in accordance with IAS 34 as adopted by the EU and the DTR of the UK FCA.
John Bennett
for and on behalf of KPMG LLP
Chartered Accountants
15 Canada Square
London
E14 5GL
27 October 2016
This information is provided by RNS
The company news service from the London Stock Exchange
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