Bloomsbury Publishing

Website: Bloomsbury Publishing
Index: FTSE 250
EPIC: BMY
Supersector: Media
Sector: Media
Subsector: Publishing
Market Cap: £508.42M
Payout Frequency: Semi-Annual

Bloomsbury Publishing Dividend Analysis and Summary

Headline Dividend Details

Final dividend: 12.12p per share (up 5% YoY; prior year 11.54p)
Total dividend for FY2025/26: 16.20p per share (up 5% YoY; prior year 15.43p)
Ex-dividend date: 23/07/2026 (derived from record date)
Record date: 24/07/2026
Payment date: 21/08/2026
AGM approval: 15/07/2026
Cost of final dividend (company estimate): ~£9.8m
Dividend track record: 31 consecutive years of dividend growth; 5-year DPS CAGR 13%

Coverage and Funding

Earnings cover (adjusted diluted EPS 44.57p): ~2.75x; payout ratio ~36%
Earnings cover (reported diluted EPS 32.80p): ~2.0x; payout ratio ~49%
Cash generation: Operating cash flow £40.8m; estimated FCF (after £8.9m PPE/intangibles) ~£32m vs total DPS cash cost ~£13.1m ? cash cover ~2.4x
Balance sheet: Net cash £29.2m; undrawn £30m RCF (matures Mar-2029); $20m term loan due May-2027 (early repayment of $10m in H1)

Context from Results

Revenue £325.9m (down from £361.0m), but profit before tax and highlighted items rose to £44.9m (from £42.1m)
Academic & Professional division margin expanded to 23% (from 15%), aided by AI licensing and Rowman & Littlefield integration
Consumer division faced a tough comparator year; strong FY26/27 pipeline (notably two Sarah J. Maas releases) and upgraded guidance for 2026/27

Structural or Policy Factors Relevant to Dividends

Restructuring/streamlining (Apr-2026): Intended to enhance agility and financial performance; one-off integration/restructuring costs of £1.7m booked
Segment realignment: Special Interest moved into Consumer; no change to dividend policy stated
Distribution move: UK distribution/warehousing transitioned to Hachette (operational efficiencies expected)
Capital allocation priorities: Organic growth, debt reduction, dividends, and bolt-on M&A; net cash position provides headroom
Facilities: RCF increased to £30m and extended to Mar-2029; covenants appear conservative with ample headroom

Analysis: Sustainability, Growth Trajectory, Support

Sustainability: Dividend appears well-covered by both earnings and free cash flow, backed by a net cash balance and undrawn facilities. The move toward higher-margin academic/digital/AI-licensing revenue improves resilience.
Growth trajectory: A 5% DPS increase maintains a 31-year growth streak; management cites a strong Consumer pipeline and upgraded FY26/27 expectations. Five-year DPS CAGR of 13% suggests scope for continued mid-single-digit or better growth, contingent on delivery of the pipeline and ongoing AI licensing.
Support from performance/capital strategy: Despite lower revenue, adjusted profitability improved, especially in A&P. Capital allocation signals balanced discipline—early debt repayments, RCF extension, and selective M&A—while preserving capacity to sustain dividend growth.

Risks and Flags to Dividend Stability

Title concentration/timing risk: Meaningful reliance on major authors/franchises (e.g., Sarah J. Maas, Harry Potter) introduces volatility around launch timing and sell-through.
Customer concentration: One customer represented £88.8m of sales (>10% of revenue), a potential counterparty/channel risk.
Market normalisation: Consumer revenue fell year-on-year against a tough comparator; sustained growth depends on execution of the FY26/27 slate and market conditions.
FX and US-dollar debt exposure: $20m term loan (matures 2027) and FX translation swings could affect reported results and cash.
Integration/restructuring execution: While largely complete and efficiency-enhancing, any delays or additional one-offs could temporarily weigh on cash.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
24/07/2025	22/08/2025	Final	11.54p	GBX
30/10/2025	28/11/2025	Interim	4.0800p	GBX

Total (Annual Dividends Per Share): 15.62p

Dividend Yield = Annual Dividends Per Share (15.62p) ÷ Share Price (630p) = 2.48%

Ex Dividend Date	Payment Date	Type	Amount	Currency
23/07/2026	21/08/2026	Final	12.1200p	GBX
30/10/2025	28/11/2025	Interim	4.0800p	GBX
24/07/2025	22/08/2025	Final	11.54p	GBX
31/10/2024	29/11/2024	Interim	3.89p	GBX
25/07/2024	23/08/2024	Final	10.99p	GBX
02/11/2023	01/12/2023	Interim	3.70p	GBX
27/07/2023	25/08/2023	Final	10.34p	GBX
03/11/2022	02/12/2022	Interim	1.41p	GBX
28/07/2022	26/08/2022	Final	9.40p	GBX
04/11/2021	03/12/2021	Interim	1.34p	GBX
29/07/2021	27/08/2021	Special	9.78p	GBX
29/07/2021	27/08/2021	Final	7.58p	GBX
05/11/2020	04/12/2020	Interim	1.28p	GBX
07/11/2019	06/12/2019	Interim	1.28p	GBX
25/07/2019	23/08/2019	Final	6.75p	GBX
01/11/2018	29/11/2018	Interim	1.21p	GBX
26/07/2018	24/08/2018	Final	6.36p	GBX
02/11/2017	30/11/2017	Interim	1.15p	GBX
24/08/2017	20/09/2017	Final	5.60p	GBX
03/11/2016	30/11/2016	Interim	1.10p	GBX
25/08/2016	21/09/2016	Final	5.34p	GBX
05/11/2015	30/11/2015	Interim	1.06p	GBX
27/08/2015	23/09/2015	Final	5.08p	GBX
06/11/2014	04/12/2014	Interim	1.02p	GBX
27/08/2014	24/09/2014	Final	4.84p	GBX
30/10/2013	29/11/2013	Interim	0.98p	GBX

Year	Interim	Final	Special	Currency	Total	Change
2024	3.890	10.990		GBX	14.880	5.980
2023	3.700	10.340		GBX	14.040	29.870
2022	1.410	9.400		GBX	10.810	-42.190
2021	1.340	7.580	9.780	GBX	18.700	1,360.930
2020	1.280			GBX	1.280	-84.050
2019	1.280	6.750		GBX	8.030	6.070
2018	1.210	6.360		GBX	7.570	12.140
2017	1.150	5.600		GBX	6.750	4.810
2016	1.100	5.340		GBX	6.440	4.880
2015	1.060	5.080		GBX	6.140	4.770
2014	1.020	4.840		GBX	5.860	497.950
2013	0.980			GBX	0.980

Number of Shares:

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