Bloomsbury Publishing PLC Acquisition of IB Tauris & Co. Limited (8122M)
May 01 2018 - 12:25PM
UK Regulatory
TIDMBMY
RNS Number : 8122M
Bloomsbury Publishing PLC
01 May 2018
The following amendments have been made to the 'Acquisition of
IBT Tauris & Co. Limited' announcement released on 1 May 2018
at 07.00 under RNS No 6564M.
Headline changed from 'Acquisition of IBT Tauris & Co.
Limited' to 'Acquisition of IB Tauris & Co. Limited'.
General text in first paragraph changed from 'IBT Tauris &
Co. Limited' to 'IB Tauris & Co. Limited'
All other details remain unchanged.
The full amended text is shown below.
1 May 2018
Acquisition of IB Tauris & Co. Limited
Bloomsbury Publishing Plc ("Bloomsbury") announces that it has
today completed the acquisition of the entire issued share capital
of IB Tauris & Co. Limited ("IBT" or the "Acquisition"), the
London-based academic publisher. The consideration was GBP5.8
million, of which GBP4.8m was satisfied in cash at completion and
up to GBP1.0m will be paid post-completion, subject to working
capital and other adjustments.
IBT has a world-leading list in Middle East Studies, History,
Politics and International Relations. Other subject areas in which
it has a sizeable presence are Visual Culture, Classics, Ancient
History and Religion. IBT has a back list of 4,000 titles and
publishes about 200 new titles annually. Around 90% of sales are in
print, so there is significant potential to grow digital revenues.
IBT titles will be included within Bloomsbury's digital resources.
The business will operate within Bloomsbury's Academic &
Professional division.
IBT generated GBP4.3* million of revenue in the year ended 31
December 2017. There are opportunities for profit enhancements
following the integration of the business into Bloomsbury. The
Acquisition is expected to make a small profit in its first year,
before reorganisation and acquisition costs, then be earnings
enhancing thereafter. It will contribute approximately GBP3.5
million of revenue to Bloomsbury in the year ending 28 February
2019.
Nigel Newton, Chief Executive of Bloomsbury commented:
"The acquisition of IBT consolidates our significant presence in
humanities and social science academic publishing. IBT's
complementary lists have good growth potential, especially with
their inclusion within Bloomsbury's Digital Resources strategy.
This acquisition represents another key step in our strategy to
continue to grow quality recurring revenues through our digital
resource offering."
Notes:
1. * signifies that these numbers are unaudited.
2. The statement in this announcement regarding the enhancement
of earnings does not constitute a profit forecast nor should it be
interpreted as meaning that the earnings of Bloomsbury for the
current or future years will necessarily match or exceed the
historical published earnings of Bloomsbury.
For further information, please contact:
+44 (0) 20 7631
Bloomsbury Publishing Plc 5630
Nigel Newton, Chief Executive
Wendy Pallot, Group Finance
Director
+44 (0) 203 727
FTI Consulting 1000
Charles Palmer / Dwight Burden SCBloomsbury@fticonsulting.com
/ Emma Hall / Leah Dudley
This information is provided by RNS
The company news service from the London Stock Exchange
END
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