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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -20.00 | -3.60% | 536.00 | 534.00 | 540.00 | 556.00 | 532.00 | 556.00 | 85,599 | 16:35:20 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Books: Pubg, Pubg & Printing | 264.1M | 20.24M | 0.2497 | 21.55 | 436.1M |
From Apr 2019 to Apr 2024
TIDMBMY
RNS Number : 7343R
Bloomsbury Publishing PLC
18 June 2018
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 http://www.hemscott.com/nsm.do:
-- Company's Annual Report and Accounts for the year ended 28 February 2018 -- Notice of the 2018 Annual General Meeting -- Form of Proxy
The Annual Report and Accounts and Notice of the 2018 AGM can be found on the Company's website at www.bloomsbury-ir.co.uk .
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 2018. The text below should be read in conjunction with the Company's final results for the period ended 28 February 2018 which were announced in unedited full text on 22 May 2018.
Enquiries:
Michael Daykin
Group Company Secretary
Bloomsbury Publishing Plc
Telephone +44(0)20 7631 5627
DIRECTORS' RESPONSIBILITIES STATEMENT
(From page 40 of the Directors' Report of the Annual Report and Accounts for the year ended 28 February 2018)
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 as adopted by the European Union ("IFRSs as adopted by the 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, relevant and reliable; -- state whether they have been prepared in accordance with IFRSs as adopted by the EU;
-- assess the Group and parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
-- use the going concern basis of accounting unless they either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
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 are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and 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, www.bloomsbury-ir.co.uk. Legislation in the United Kingdom ("UK") governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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 Strategic 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.
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.
Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The Strategic Report and Directors' Report were approved by the Board on 22 May 2018.
PRINCIPAL RISKS AND UNCERTAINTIES
From pages 25 to 26 of the Risk Factors of the Company's Annual Report and Accounts for the year ended 28 February 2018.
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 2018, 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.
Hot Features
Premium
Key area Risk Description Mitigation
Market Volatility Sales of books to Develop special interest,
of consumer the consumer market academic and professional
book sales can be seasonal publishing where revenues
and volatile. are less volatile.
----------------- --------------------------- ------------------------------------
Develop other revenue streams,
including from rights and
services, increasing the
scope to enter annually renewing
agreements.
----------------- --------------------------- ------------------------------------
Increased Readers might not Grow expert marketing teams
dependence discover, and so skilled in internet sales.
on internet buy, Bloomsbury's Engage with multiple internet
retailing print and e-books retailers.
sold through internet Increase focus on developing
retailers who may other marketing opportunities
control discoverability. and other revenue streams,
e.g. Academic & Professional
digital products, rights
and services.
----------------- --------------------------- ------------------------------------
Rights and Dependence The timing for completing Increase the number of rights
services on timing high margin rights and services deals to reduce
of closing and services deals the dependency on individual
rights and can depend on the deals.
services performance by multiple
deals parties including
the main customer.
----------------- --------------------------- ------------------------------------
Generating The pipeline of Increase the portfolio of
new/non-renewal new products and products and agreements to
of subscription agreements might grow income and reduce the
and services be uneven dependency on individual
agreements agreements.
----------------- --------------------------- ------------------------------------
A customer or partner Senior managers are responsible
might not renew for ensuring strong performance
larger agreements by Bloomsbury of its obligations
that generate significant and strong customer care.
ongoing income.
----------------- --------------------------- ------------------------------------
Entrepreneurial A deal may require Similar to ordinary publishing
risk upfront staff time risks: increase the portfolio
and costs but fail of deals to leverage economies
to close resulting of scale and reduce volatility.
in lost investment.
----------------- --------------------------- ------------------------------------
Financial Judgemental Significant assets Consistent and evidence based
valuations valuation and provisions in approach to assumptions.
of assets the balance sheet Board approval of key assumptions.
and provisions depend on judgemental Rigorous audit of valuations.
assumptions e.g.
goodwill, advances,
intangible rights,
inventory and returns
provisions.
----------------- --------------------------- ------------------------------------
Information Productivity Continuing to improve Board level representation
and technology of IT systems staff efficiency on steering IT strategy,
systems and data depends on the IT implementation and IT operations.
systems and data
keeping pace with
the needs of the
business.
----------------- --------------------------- ------------------------------------
Cyber security Unauthorised access Clear responsibility for
could be made to systems, increasing use of
Bloomsbury's systems the cloud, monitoring security
to perpetrate a risks, internal control reviews
fraud or cause damage. of the systems and up to
date anti-virus software
are amongst the measure in
place.
----------------- --------------------------- ------------------------------------
Growth of Digital Unforeseen hold Develop high quality novel
digital development ups may delay development online content services in
of new online content markets we understand well.
services and revenue Standardise the digital delivery
for the services platform to simplify and
may not grow in speed up the development
line with our stretching and implementation of new
targets. online content services.
----------------- --------------------------- ------------------------------------
Development Consumer e-book Continue to supply books
of the digital prices may not hold in all formats through multiple
book market up in the longer digital delivery systems
term. Possible emergence aligned with the demands
of 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 consumers.
Develop Non-Consumer offering
where revenues are less volatile
and there is a direct relationship
with the customers.
----------------- --------------------------- ------------------------------------
Rise of US readers may licence Develop digital platforms
alternative books from retailers to deliver on a subscription
book supply for a limited period basis the content that readers
arrangements at a lower cost demand.
to buying books,
with no revenues
or royalty paid
to the publisher.
----------------- --------------------------- ------------------------------------
Title acquisition High advances Agents seek high Publish more special interest
sought by advances for some trade books.
agents. authors. Focus acquisition on titles
World rights Agents prefer to where world English rights
not acquired split territorial are available
rights for English Concentrate on academic publishing
language publishing where world rights are the
between US and UK. norm
----------------- --------------------------- ------------------------------------
Reputation Product Errors in books Careful selection and rigorous
and service and digital content. review of titles by broad
quality teams of experienced publishers,
planning of the title pipeline
to focus on publishing strengths.
Rigorous production procedures
and planning of titles and
digital resource content.
----------------- --------------------------- ------------------------------------
Information Being hacked and Security awareness in teams
security theft of intellectual and additional security measures
property e.g. key to protect high value assets
illustrations before and data.
publication.
----------------- --------------------------- ------------------------------------
Investor City confidence Diversify the portfolio of
confidence undermined by events products and services to
outside of Bloomsbury's reduce dependencies on individual
control e.g. collapse customers, sales channels
of a retailer. and markets.
----------------- --------------------------- ------------------------------------
IP and copyright Erosion Erosion of traditional Continue policy of support
of copyright copyrights. for copyright 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 for.
----------------- --------------------------- ------------------------------------
Piracy Piracy of titles Adopt robust anti-piracy
in print or digital policies
form. Ensure good digital rights
management protection of
e-books and digital formats.
Participate in key industry
anti-piracy initiatives.
----------------- --------------------------- ------------------------------------
Overseas Overseas Growing offices One Global Bloomsbury structure
operations offices in the US, India of global publishing divisions
and Australia may supported by Group functions
increase the operational provides an effective internal
risks and demands control framework and oversight
on management. of the overseas offices.
Keep under review the management
resources deployed within
this structure as the business
evolves.
------------------ ----------------- --------------------------- ------------------------------------
RELATED PART TRANSACTIONS
(From the Notes to the Consolidated and Company Financial Statements for the year ended 28 February 2018)
(Extract from Note 26)
26. Related party transactions
The Group has no related party transactions other than key management remuneration as disclosed in note 5.
(Extract from Note 5)
5. Staff costs
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.
Total emoluments for Executive Directors and other key management personnel were:
Year ended Year ended
28 February 29 February
2018 2017
GBP'000 GBP'000
Short-term employee
benefits 3,567 3,446
Post-employment benefits 219 199
Share-based payment
charge 128 155
Total 3,914 3,800
(Extract from Note 46)
46. Related parties
Trading transactions
During the year the Company entered into the following transactions and had the following balances with its subsidiaries:
28 February 28 February
2018 2017
GBP'000 GBP'000
Sale of goods to subsidiaries 10,759 7,177
Management recharges 9,843 9,300
Finance income from subsidiaries 232 303
Amounts owed by subsidiaries
at year end 10,045 11,293
Amounts owed to subsidiaries
at year end 45,583 29,524
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 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
ACSSFIFFAFASELM
(END) Dow Jones Newswires
June 18, 2018 07:50 ET (11:50 GMT)
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