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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 | |
---|---|---|---|---|---|---|---|---|---|---|
2.00 | 0.36% | 556.00 | 558.00 | 564.00 | 564.00 | 536.00 | 556.00 | 84,951 | 16:35:21 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Books: Pubg, Pubg & Printing | 264.1M | 20.24M | 0.2497 | 22.59 | 457.17M |
TIDMBMY
RNS Number : 5903C
Bloomsbury Publishing PLC
18 June 2019
18 June 2019
Annual Financial Report
Bloomsbury Publishing Plc (the "Company")
The Company released its Preliminary Announcement of annual results for the year ended 28 February 2019 on 21 May 2019. Further to the Preliminary Announcement, the Company can confirm that the Annual Report for the year ended 28 February 2019 ("2019 Annual Report") and the Notice of Annual General Meeting ("Notice of AGM") is now being mailed to Shareholders. The 2019 Annual Report and the Notice of AGM are also available on the Company's website at www.bloomsbury-ir.co.uk.
AGM
The Company's Annual General Meeting will be held on Wednesday 17 July 2019 at 12.00 noon at 50 Bedford Square, London WC1B 3DP. Shareholders are recommended to vote online at www.signalshares.com.
National Storage Mechanism
Pursuant to Listing Rule 9.6.1, the 2019 Annual Report and the Notice of AGM have been submitted to the National Storage Mechanism and will shortly be available for inspection at http://www.morningstar.co.uk/uk/NSM.
Additional Information
In accordance with Disclosure Guidance and Transparency Rule 6.3.5(2)(b), additional information is set out in the appendices to this announcement. The directors' 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 2019 Annual Report. The text below should be read in conjunction with the Company's final results for the period ended 28 February 2019 which were announced in unedited full text on 21 May 2019. This information is not a substitute for reading the 2019 Annual Report.
Enquiries:
Maya Abu-Deeb
Group General Counsel & Company Secretary
Bloomsbury Publishing Plc
Telephone +44(0)20 7631 5627
APPIX 1: Directors' Responsibilities Statement
The following directors' responsibility statement is extracted from the 2019 Annual Report (page 46)
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.
Safe harbour
Under the Companies Act 2006, a safe harbour limits the liability of Directors in respect of statements in and omissions from the Strategic Report and the Directors' Report. Pages 1 to 145 of the Annual Report, and the front and back covers to the Annual Report, are included within the Directors' Report by reference and so are included within the safe harbour.
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 21 May 2019.
APPIX 2: Principal Risks and Uncertainties
The following description of the principal risks and uncertainties that the Company faces is extracted from the 2019 Annual Report (pages 26 to 29)
Principal Risks
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 2019, the Principal Risks have not changed substantially, save that the volatility of paper material costs and Brexit have been added as Principal Risks.
Key area Risk Description Mitigation 1. 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 dependence discover, and so teams skilled in internet on buy, Bloomsbury's sales. internet print and e-books Engage with multiple retailing sold through internet internet retailers. retailers who may Increase focus on developing control discoverability. other marketing opportunities and other revenue streams, e.g. Academic & Professional digital products, rights and services. -------------------- --------------------------- -------------------------------- 2. Rights Dependence The timing for completing Increase the number and services on timing high margin rights of rights and services of closing and services deals deals to reduce the rights and can depend on the dependency on individual services performance by multiple deals. deals parties including the main customer. -------------------- --------------------------- -------------------------------- Generating The pipeline of Increase the portfolio
new/ new products and of products and agreements non-renewal agreements might to grow income and of be uneven. reduce the dependency subscription A customer or partner on individual agreements. and might not renew Senior managers are services larger agreements responsible for ensuring agreements that generate significant strong performance ongoing income. by Bloomsbury of its obligations and strong customer care. -------------------- --------------------------- -------------------------------- Entrepreneurial A deal may require Similar to ordinary risk upfront staff time publishing risks: increase and costs but fail the portfolio of deals to close, resulting to leverage economies in lost investment. of scale and reduce volatility. -------------------- --------------------------- -------------------------------- 3. 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 and provisions depend on judgemental assumptions. assumptions, e.g. Rigorous audit of valuations. goodwill, advances, intangible rights, inventory and returns provisions. -------------------- --------------------------- -------------------------------- 4. Information Productivity Continuing to improve Board level representation and of IT systems staff efficiency on steering IT strategy, technology and data depends on the IT implementation and systems systems and data IT operations. keeping pace with the needs of the business. -------------------- --------------------------- -------------------------------- Cybersecurity Unauthorised access Clear responsibility could be made to for systems, increasing Bloomsbury's systems use of the cloud, monitoring to perpetrate a security risks, internal fraud or cause damage. control reviews of the systems and up-to-date anti-virus software are amongst the measures in place. -------------------- --------------------------- -------------------------------- 5. Growth Digital development Unforeseen hold-ups Develop high-quality of digital may delay development online content services of new online content in markets we understand services and revenue well. for the services Standardise the digital may not grow in delivery platform to line with our stretching simplify and speed targets. up the development and implementation of new online content services. -------------------- --------------------------- -------------------------------- Development Consumer e-book Continue to supply of the prices may not hold books in all formats digital book up in the longer through multiple digital market term. Possible emergence delivery systems aligned of not yet known with the demands of reading technology. readers. Ensure the Group is positioned to take advantage of e-book and audio 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 alternative US readers may license Develop digital platforms book supply books from retailers to deliver, on a subscription arrangements for a limited period basis, the content at a lower cost that readers demand. to buying books, with no revenues or royalty paid to the publisher. -------------------- --------------------------- -------------------------------- 6. Title High advances Agents seek high Publish more special acquisition sought by advances for some interest trade books. agents authors. -------------------- --------------------------- -------------------------------- World rights Agents prefer to Focus acquisition on not split territorial titles where world acquired rights for English English rights are language publishing available. between US and UK. Concentrate on academic publishing where world rights are the norm. -------------------- --------------------------- -------------------------------- 7. Reputation Product and Errors in books Careful selection and service and digital content. rigorous review of quality titles by broad teams of experienced publishers, and 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 security theft of intellectual in teams and additional property, e.g. key security measures to illustrations before protect high value publication. assets and data. -------------------- --------------------------- -------------------------------- Investor City confidence Diversify the portfolio confidence undermined by events of products and services outside of Bloomsbury's to reduce dependencies control, e.g. collapse on individual customers, of a retailer. sales channels and markets. -------------------- --------------------------- -------------------------------- 8. IP and Erosion of Erosion of traditional Continue policy of copyright copyright copyrights. support for copyright Erosion of territorial and intellectual property copyrights as a rights as a fundamental result of global facet of publishing. internet retailing. Continue to police Open access. infringements of the Group's territorial copyrights and take appropriate action to enforce such rights. Develop digital services that deliver mixed open access and proprietary content in the form that customers 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. -------------------- --------------------------- -------------------------------- 9. Overseas Overseas Growing offices One Global Bloomsbury operations offices in the US, India structure of global and Australia may publishing divisions increase the operational supported by Group risks and demands functions provides on management. an effective internal control framework and oversight of the overseas offices. Keep under review the management resources deployed within this structure as the business evolves. -------------------- --------------------------- -------------------------------- 10. Volatility Increased A contracting print Provision for production of paper production market and increases variances are factored material costs to the costs of into the Group's budget costs paper around the at the beginning of world due to various each fiscal year. factors including The Group's contracts increased regulation with its printers typically may result in higher fix prices for printing production costs work for a period of for the Group. See time, and include provisions also below for the to control the extent potential impact to which increases of Brexit on the in the costs of paper costs of paper materials. may be passed on to the Group. -------------------- --------------------------- -------------------------------- 11. Brexit Impact on Falls in the value The Group's contracts the cost of sterling may with its printers typically of result in increased fix prices for printing paper materials production costs work for a period of due to increases time, and include provisions in the costs of to control the extent paper sourced by to which increases the in the costs of paper Group's printers. may be passed on to the Group. Production costs are paid by the Group in a mix of local and foreign currencies and falls in sterling will not impact on all production costs -------------------- --------------------------- -------------------------------- Impact on Disruptions to the Measures to mitigate supply supply chain may the risk of disruption chains and impact on sales to supply chains include ensuring if the delivery building in additional delays in of product is delayed. time to production delivering Logistics costs schedules and placing product to may increase as orders for additional market a result of measures paper supplies with taken to counter Bloomsbury's printers. delays and as a result of increased complexities surrounding the movement of goods across the UK/EU border. -------------------- --------------------------- --------------------------------
APPIX 3: Related Party Transactions
The following details of 'Related party transactions' are shown in note 27 to the consolidated financial statements on page 127 of the 2019 Annual Report.
27. Related party transactions
The Group has no related party transactions other than key management remuneration as disclosed in note 5.
The following detail on staff costs is extracted from note 5 (pages 105 to 106).
5. Staff costs
The Group considers key management personnel as defined under IAS 24 "Related Party Disclosures" to be the Directors of the Company, this includes Non-Executive Directors, 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 2019 2018 GBP'000 GBP'000 Short-term employee benefits 4,022 3,567 Post-employment benefits 209 219 Share-based payment charge 410 128 Total 4,641 3,914
The following detail on related parties is extracted from note 47 (page 143)
47. 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 2019 2018 GBP'000 GBP'000 Sale of goods to subsidiaries 8,553 10,759 Management recharges 9,667 9,843 Commission payable to subsidiaries (5) - Finance income from subsidiaries 77 232 Amounts owed by subsidiaries at year end 12,209 10,045 Amounts owed to subsidiaries at year end 46,890 45,583
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
ACSLIFLDRDITLIA
(END) Dow Jones Newswires
June 18, 2019 03:21 ET (07:21 GMT)
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