Bloomsbury shares dive after publisher reports declining profits
Bloomsbury Publishing shares plunged on Thursday after the company posted lower annual profits despite growing turnover.
Shares in the business plummeted 16 per cent to 547p by the early afternoon, making them the FTSE 250's worst performer by some distance.
The publisher of Harry Potter and the popular Sarah J. Maas books revealed its pre-tax profits decreased by 22 per cent to £32.5million in the year ending 28 February.
Profits in its consumer arm fell to £31million, having more than doubled to £37.4million in the previous 12 months thanks to soaring demand for Sarah J Maas titles.
Bloomsbury's overall revenue still tipped up by 5 per cent to £361million thanks to the takeover of academic publisher Rowman & Littlefield, which contributed £19.8million in sales during the year.
Described as a 'game-changer' by Nigel Newton, Bloomsbury's founder and chief executive, the £65million acquisition was the largest in the firm's history.
It has also helped compensate for budgetary pressures impacting the UK and US higher education markets.
More British universities are recording financial deficits owing to National Insurance contribution hikes and overseas student numbers falling following new restrictions on bringing dependents.
Meanwhile, US colleges are struggling with declining enrolment levels, partly caused by lower birth rates.
Combined with sales of print academic books dropping because of the shift towards digital learning, Bloomsbury's academic and professional organic revenues slipped by 10 per cent in the last fiscal year.
Amidst subdued trade in the UK and the US, Bloomsbury is shifting its attention to Asia.
The company intends to open an office in Singapore later this year to try and capitalise on the continent's soaring student population.
The World Bank predicts there will be 600 million higher education students globally by 2040, of which over 60 per cent will be in Asia.
Newton said the focus on Asia means Bloomsbury will be 'well placed geographically and structurally to benefit from student growth alongside the continued shift to digital learning.'
He added that the company expected trading for the 2026 financial year to align with consensus forecasts, with turnover totalling £349.2million and profits before tax and highlighted items rising to £45.1million.
Among the Bloomsbury books due for release in the coming months include the crime novel A Case of Life and Limb by Sally Smith, Celebrate: Joyful Baking All Year Round by Paul Hollywood, and the paperback version of Gillian Anderson's Want.
Newton added: 'The resilience of demand for Bloomsbury titles and the excellent sales of our digital products demonstrate the strength of our long-term growth strategy, the publishing judgement of our editors, the reach of our sales and marketing and value of our content.'
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The Independent
12 minutes ago
- The Independent
Can an American pope apply US-style fundraising and standards to fix troubled Vatican finances?
As a bishop in Peru, Robert Prevost was often on the lookout for used cars that he could buy cheap and fix up himself for use in parishes around his diocese. With cars that were really broken down, he'd watch YouTube videos to learn how to fix them. That kind of make-do-with-less, fix-it-yourself mentality could serve Pope Leo XIV well as he addresses one of the greatest challenges facing him as pope: The Holy See's chronic, 50 million to 60 million euro ($57-68 million) structural deficit, 1 billion euro ($1.14 billion) pension fund shortfall and declining donations that together pose something of an existential threat to the central government of the 1.4-billion strong Catholic Church. As a Chicago-born math major, canon lawyer and two-time superior of his global Augustinian religious order, the 69-year-old pope presumably can read a balance sheet and make sense of the Vatican's complicated finances, which have long been mired in scandal. Whether he can change the financial culture of the Holy See, consolidate reforms Pope Francis started and convince donors that their money is going to good use is another matter. Leo already has one thing going for him: his American-ness. U.S. donors have long been the economic life support system of the Holy See, financing everything from papal charity projects abroad to restorations of St. Peter's Basilica at home. Leo's election as the first American pope has sent a jolt of excitement through U.S. Catholics, some of whom had soured on donating to the Vatican after years of unrelenting stories of mismanagement, corruption and scandal, according to interviews with top Catholic fundraisers, philanthropists and church management experts. 'I think the election of an American is going to give greater confidence that any money given is going to be cared for by American principles, especially of stewardship and transparency,' said the Rev. Roger Landry, director of the Vatican's main missionary fundraising operation in the U.S., the Pontifical Mission Societies. 'So there will be great hope that American generosity is first going to be appreciated and then secondly is going to be well handled,' he said. 'That hasn't always been the circumstance, especially lately.' Reforms and unfinished business Pope Francis was elected in 2013 on a mandate to reform the Vatican's opaque finances and made progress during his 12-year pontificate, mostly on the regulatory front. With help from the late Australian Cardinal George Pell, Francis created an economy ministry and council made up of clergy and lay experts to supervise Vatican finances, and he wrestled the Italian-dominated bureaucracy into conforming to international accounting and budgetary standards. He authorized a landmark, if deeply problematic, corruption trial over a botched London property investment that convicted a once-powerful Italian cardinal. And he punished the Vatican's Secretariat of State that had allowed the London deal to go through by stripping it of its ability to manage its own assets. But Francis left unfinished business and his overall record, at least according to some in the donor community, is less than positive. Critics cite Pell's frustrated reform efforts and the firing of the Holy See's first-ever auditor general, who says he was ousted because he had uncovered too much financial wrongdoing. Despite imposing years of belt-tightening and hiring freezes, Francis left the Vatican in somewhat dire financial straits: The main stopgap bucket of money that funds budgetary shortfalls, known as the Peter's Pence, is nearly exhausted, officials say. The 1 billion euro ($1.14 billion) pension fund shortfall that Pell warned about a decade ago remains unaddressed, though Francis had planned reforms. And the structural deficit continues, with the Holy See logging an 83.5 million euro ($95 million) deficit in 2023, according to its latest financial report. As Francis' health worsened, there were signs that his efforts to reform the Vatican's medieval financial culture hadn't really stuck, either. The very same Secretariat of State that Francis had punished for losing tens of millions of euros in the scandalous London property deal somehow ended up heading up a new papal fundraising commission that was announced while Francis was in the hospital. According to its founding charter and statutes, the commission is led by the Secretariat of State's assessor, is composed entirely of Italian Vatican officials with no professional fundraising expertise and has no required external financial oversight. To some Vatican watchers, the commission smacks of the Italian-led Secretariat of State taking advantage of a sick pope to announce a new flow of unchecked donations into its coffers after its 600 million euro ($684 million) sovereign wealth fund was taken away and given to another office to manage as punishment for the London fiasco. 'There are no Americans on the commission. I think it would be good if there were representatives of Europe and Asia and Africa and the United States on the commission,' said Ward Fitzgerald, president of the U.S.-based Papal Foundation. It is made up of wealthy American Catholics that since 1990 has provided over $250 million (219 million euros) in grants and scholarships to the pope's global charitable initiatives. Fitzgerald, who spent his career in real estate private equity, said American donors — especially the younger generation — expect transparency and accountability from recipients of their money, and know they can find non-Vatican Catholic charities that meet those expectations. 'We would expect transparency before we would start to solve the problem,' he said. That said, Fitzgerald said he hadn't seen any significant let-up in donor willingness to fund the Papal Foundation's project-specific donations during the Francis pontificate. Indeed, U.S. donations to the Vatican overall have remained more or less consistent even as other countries' offerings declined, with U.S. bishops and individual Catholics contributing more than any other country in the two main channels to donate to papal causes. A head for numbers and background fundraising Francis moved Prevost to take over the diocese of Chiclayo, Peru, in 2014. Residents and fellow priests say he consistently rallied funds, food and other life-saving goods for the neediest — experience that suggests he knows well how to raise money when times are tight and how to spend wisely. He bolstered the local Caritas charity in Chiclayo, with parishes creating food banks that worked with local businesses to distribute donated food, said the Rev. Fidel Purisaca Vigil, a diocesan spokesperson. In 2019, Prevost inaugurated a shelter on the outskirts of Chiclayo, Villa San Vicente de Paul, to house desperate Venezuelan migrants who had fled their country's economic crisis. The migrants remember him still, not only for helping give them and their children shelter, but for bringing live chickens obtained from a donor. During the COVID-19 pandemic, Prevost launched a campaign to raise funds to build two oxygen plants to provide hard-hit residents with life-saving oxygen. In 2023, when massive rains flooded the region, he personally brought food to the flood-struck zone. Within hours of his May 8 election, videos went viral on social media of Prevost, wearing rubber boots and standing in a flooded street, pitching a solidarity campaign, 'Peru Give a Hand,' to raise money for flood victims. The Rev. Jorge Millán, who lived with Prevost and eight other priests for nearly a decade in Chiclayo, said he had a 'mathematical' mentality and knew how to get the job done. Prevost would always be on the lookout for used cars to buy for use around the diocese, Millán said, noting that the bishop often had to drive long distances to reach all of his flock or get to Lima, the capital. Prevost liked to fix them up himself, and if he didn't know what to do, 'he'd look up solutions on YouTube and very often he'd find them,' Millán told The Associated Press. Before going to Peru, Prevost served two terms as prior general, or superior, of the global Augustinian order. While the order's local provinces are financially independent, Prevost was responsible for reviewing their balance sheets and oversaw the budgeting and investment strategy of the order's headquarters in Rome, said the Rev. Franz Klein, the order's Rome-based economist who worked with Prevost. The Augustinian campus sits on prime real estate just outside St. Peter's Square and supplements revenue by renting out its picturesque terrace to media organizations (including the AP) for major Vatican events, including the conclave that elected Leo pope. But even Prevost saw the need for better fundraising, especially to help out poorer provinces. Toward the end of his 12-year term and with his support, a committee proposed creation of a foundation, Augustinians in the World. At the end of 2023, it had 994,000 euros ($1.13 million) in assets and was helping fund self-sustaining projects across Africa, including a center to rehabilitate former child soldiers in Congo. 'He has a very good interest and also a very good feeling for numbers,' Klein said. 'I have no worry about the finances of the Vatican in these years because he is very, very clever.' ___ Franklin Briceño contributed from Lima, Peru. ___ Associated Press religion coverage receives support through the AP's collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content.
The Independent
17 minutes ago
- The Independent
The Trump and Musk spat is turning them both into billion-dollar losers in every way
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The president exhibited his usual pettiness, so what sent Musk ballistic was when an ally had his nomination to run Nasa withdrawn. That pal, Jared Isaacman, came out and said he was a victim of revenge – his nomination was revoked on the very day that the 'first buddy' was saying his White House goodbyes. Far from damping down the speculation as to why his appointment was suddenly off, Isaacman raised it. 'I mean, people can draw their own conclusions, but I think the directions people are going in seems to check out to me,' he said. Isaacman was not any other candidate – the billionaire had been a close collaborator with Musk ever since he led the first chartered passenger flight on SpaceX in 2021. Musk, understandably, was riled. Now it was personal. Since then, we've been treated to the spectacle of gladiatorial combat, albeit resorting to childish insults as weapons. But each man has plenty to lose. 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The Sun
28 minutes ago
- The Sun
I tried supermarket Aperol dupes – my £7 winner tastes exactly the same and makes the perfect summer cocktail
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Fragrant and moreish - but surprisingly, it wasn't my favourite. Taste: 5/5 Value: 3/5 Overall score: 8/10 Sainsbury's Taste the Difference Orange Spritz Aperitif (75cl) 8 ABV: 8 per cent £6.50, Light and easy to drink, I found this refreshing and very easy to knock back on a summer 's day. I tested all the supermarket Aperol knock-offs and the best was a THIRD of the price of real thing It was much fizzier than the big brand and whilst I enjoyed the taste, it did have a slightly bitter aftertaste. It's not as boozy as the original but it's over £11 cheaper so a very wallet-friendly tipple AND a bigger bottle." Lidl Bitterol (70cl) £6.99, ABV: 11 per cent An almost exact copy of the original Aperol. It has the same glowing, blood-orange huge and a same 11ABV. Made up into the classic Spritz cocktail, the taste really hits the spot, with the familiar rhubarb, fruity and woody notes that sit somewhere between sweet and sharp in the glass. Served over ice with prosecco and soda, it's really hard to tell the difference between this and the original - except at the till where it's less than half the price. Definitely worth stocking up for summer. Taste: 5/5 Value: 5/5 Overall score: 10/10 Aldi Aperini Aperitivo Spritz (75cl) £4.29, ABV: 6.9 per cent One sip of this and I very nearly thought I was drinking the real deal. It's not as boozy with a low 6.9 ABV and the orange colour is much lighter. It was quite sugary and the texture was a little more syrupy than the others. But it had the full and vibrant taste of the branded drink. Loved the bursts of citrus and rhubarb. It's only a little over £4 - amazing value. Taste: 4/5 Value: 5/5 Overall score: 9/10 Casa Savoia Americano Rosso (50cl) £22.25, ABV: 18.6 per cent It's more expensive than the original but this comes in a super pretty bottle and would make a lovely gift. It's mixed so you only need to add the prosecco and ice to make your aperitif. It can also be used to make negronis if you prefer. The bitter sweet flavours are perfectly balanced with notes of bitter orange, cassia, cinnamon, rhubarb and a whole host of other botanicals. Really enjoyed this and nice that it's so versatile. It's not a big bottle and I definitely would have liked more of it. Taste: 5/5 Value: 3/5 Overall score: 8/10 M&S Low Alcohol Aperitivo (50cl) £13, ABV: 0.5 per cent For a low alcohol alternative, I really enjoyed this. It had subtle flavours of juniper, pink pepper, coriander, cinnamon and lavender. The flavours were quite smoky and it wasn't overly sweet like many of the low alcohol drinks on offer. Refreshing, with a hint of vanilla. Loved this with soda or low-alcohol Prosecco. Taste: 3/5 Value: 3/5 Overall score: 6/10 Tesco Spritzi Aperitivo Blood Orange (75cl) £5, ABV: 8.4 per cent A zesty white wine-based drink which is pre-mixed so you don't have the faff of mixing it up on your own. It's quite aromatic with floral notes but more subtle in flavour than the Aperol. It was missing a bit of juiciness and a bit of punch and I thought it tasted artificially sweet. A good price at Tesco though and a decent helping of booze. Taste: 3/5 Value: 4/5 Overall score: 7/10 How to bag a bargain SUN Savers Editor Lana Clements explains how to find a cut-price item and bag a bargain… Sign up to loyalty schemes of the brands that you regularly shop with. Big names regularly offer discounts or special lower prices for members, among other perks. Sales are when you can pick up a real steal. Retailers usually have periodic promotions that tie into payday at the end of the month or Bank Holiday weekends, so keep a lookout and shop when these deals are on. Sign up to mailing lists and you'll also be first to know of special offers. It can be worth following retailers on social media too. When buying online, always do a search for money off codes or vouchers that you can use and are just two sites that round up promotions by retailer. Scanner apps are useful to have on your phone. app has a scanner that you can use to compare prices on branded items when out shopping. Bargain hunters can also use B&M's scanner in the app to find discounts in-store before staff have marked them out. And always check if you can get cashback before paying which in effect means you'll get some of your money back or a discount on the item.
