FX.co ★ Bloomsbury FY24 Results Climb, Lifts Dividend; Sees FY25 Ahead Of View; Names New Chair; Stock Down

Bloomsbury Publishing Plc (BMY.L) announced a significant increase in profit and revenue for fiscal 2024 and recommended a higher dividend. Looking forward to fiscal 2025, the company projects that trading will be slightly ahead of current market expectations. Separately, Bloomsbury has appointed John Bason to replace Richard Lambert as Chairman.

In London trading, Bloomsbury shares were at 562.48 pence, down by 6.25%. The company noted that Lambert, after seven years as Chairman, intends to retire and will step down as Director following the Annual General Meeting on July 16.

John Bason, currently an Independent Non-Executive Director, will assume the role of Chairman, contingent on his re-election as a director. Bason joined the Bloomsbury Board on April 1, 2022, and subsequently became Chair of the Remuneration Committee.

For fiscal 2024, profit before taxation surged by 63% to £41.5 million, up from £25.4 million in the previous year. Earnings per share increased by 59% to 39.11 pence, compared to 24.54 pence a year ago.

Adjusted profit before taxation stood at £48.7 million, up from £31.1 million the previous year. Adjusted earnings per share were 46.62 pence, compared to 30.56 pence a year ago. Revenue rose by 30% to £342.7 million, from £264.1 million last year.

The Board has recommended a final dividend of 10.99 pence per share, bringing the total annual dividend to 14.69 pence per share, representing a 25% year-on-year increase.

Looking ahead, Bloomsbury expects its trading for 2025 to slightly exceed the current consensus. The Board's market expectation for the year includes revenue of £283.6 million and an adjusted profit before taxation of £35.4 million.

Additionally, the company has launched Bloomsbury 2030, outlining its vision for the next six years.