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"value": "a) Reporting entityBloomsbury Publishing Plc (the \u201cCompany\u201d) is a public limited company incorporated in England and Wales and domiciled in the United Kingdom. The address of the Company\u2019s registered office can be found on page 212. The consolidated financial statements of the Company as at and for the year ended 28 February 2025 comprise the Company and its subsidiaries (together referred to as the \u201cGroup\u201d). The Group is primarily involved in the publication of books and other related services.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
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"value": "a) Reporting entityBloomsbury Publishing Plc (the \u201cCompany\u201d) is a public limited company incorporated in England and Wales and domiciled in the United Kingdom. The address of the Company\u2019s registered office can be found on page 212. The consolidated financial statements of the Company as at and for the year ended 28 February 2025 comprise the Company and its subsidiaries (together referred to as the \u201cGroup\u201d). The Group is primarily involved in the publication of books and other related services.",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
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"value": "a) Reporting entityBloomsbury Publishing Plc (the \u201cCompany\u201d) is a public limited company incorporated in England and Wales and domiciled in the United Kingdom. The address of the Company\u2019s registered office can be found on page 212. The consolidated financial statements of the Company as at and for the year ended 28 February 2025 comprise the Company and its subsidiaries (together referred to as the \u201cGroup\u201d). The Group is primarily involved in the publication of books and other related services.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
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"value": "a) Reporting entityBloomsbury Publishing Plc (the \u201cCompany\u201d) is a public limited company incorporated in England and Wales and domiciled in the United Kingdom. The address of the Company\u2019s registered office can be found on page 212. The consolidated financial statements of the Company as at and for the year ended 28 February 2025 comprise the Company and its subsidiaries (together referred to as the \u201cGroup\u201d). The Group is primarily involved in the publication of books and other related services.",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
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"value": "a) Reporting entityBloomsbury Publishing Plc (the \u201cCompany\u201d) is a public limited company incorporated in England and Wales and domiciled in the United Kingdom. The address of the Company\u2019s registered office can be found on page 212. The consolidated financial statements of the Company as at and for the year ended 28 February 2025 comprise the Company and its subsidiaries (together referred to as the \u201cGroup\u201d). The Group is primarily involved in the publication of books and other related services.",
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"value": "b) Statement of complianceThe Group financial statements have been prepared and approved by the Directors in accordance with UK-adopted international accounting standards (\u201cIFRS\u201d) and the requirements of the Companies Act 2006.",
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"concept": "ifrs-full:StatementOfIFRSCompliance",
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"value": "c) Basis of preparationThe consolidated financial statements have been prepared on a going concern basis (see Note 1d)) and under the historical cost convention as modified by the revaluation of financial assets and liabilities at fair value.This year, we have adopted a rounding practice to present current and prior year figures in millions instead of thousands. This change aims to enhance the clarity and usability of our financial statements. These consolidated financial statements were approved for issue by the Board of Directors on 21 May 2025.d) Going concernThe Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report on pages 10 to 90. The financial position of the Group, its cash flows and liquidity position are described in the Financial Review on pages 30 to 34. In addition, Note 24 to the financial statements includes the Group\u2019s objectives, policies and processes for managing its capital, its financial risk management objectives, details of its financial instruments, and its exposures to credit risk and liquidity risk.The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence at least 12 months from the date of approval of the financial statements, being the period of the detailed going concern assessment reviewed by the Board, and, therefore, continue to adopt the going concern basis of accounting in preparing the consolidated financial statements. The Board has modelled a severe but plausible downside scenario. This assumes that:\u2022 print revenues are reduced by 20% during 2025/2026 with recovery during 2026/2027;\u2022 digital revenues are reduced by 20% during 2025/2026 with recovery during 2026/2027;\u2022 print costs are increased by 2% from 2025/2026 and staff costs are increased by 2% from 2026/2027;\u2022 downside assumptions about extended debtor days during 2025/2026, with recovery during 2026/2027; and\u2022 cash preservation measures are implemented, and variable costs are reduced.At 28 February 2025, the Group had available liquidity of \u00a360.6m, comprising central cash balances and its undrawn \u00a320m Revolving Credit Facility (\u201cRCF\u201d). The RCF agreement is to November 2027. Under the severe but plausible downside scenario, the Group would maintain sufficient liquidity headroom even before modelling the mitigating effect of actions that management would take in the event that these downside risks were to crystallise. Details of the bank facility and its covenants are shown in Note 24c).b) Basis of consolidationi. Business combinationsBusiness combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The Group measures goodwill at the acquisition date as:\u2022 the fair value of consideration transferred; plus\u2022 the recognised amount of any non-controlling interest in the acquiree; less\u2022 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed.Where the excess is negative, a bargain purchase gain is recognised immediately in the income statement.Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with the business combination are expensed as incurred.Any contingent consideration payable is measured and recognised at fair value at the acquisition date. Subsequent changes to the fair value of contingent consideration are recognised in the income statement. 2. Material accounting policies continuedManagement exercises judgement in determining the classification of its investments in its businesses, in line with the following:ii. SubsidiariesThe consolidated financial statements comprise the financial information of the Company and its subsidiaries. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.Accounting policies of subsidiaries are aligned with accounting policies adopted by the Group to ensure consistency.All subsidiaries, except Bloomsbury Publishing India Private Limited, have a reporting period year end of 28/29 February. Bloomsbury Publishing India Private Limited has a reporting period year end of 31 March, which aligns with the Indian Government\u2019s financial year. The Group financial statements include the results for Bloomsbury Publishing India Private Limited for the year to 28 February.iii. Transactions eliminated on consolidationIntra-Group balances and transactions, and any unrealised income and expenses arising from intra-Group transactions, are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.iv. Joint venturesJoint ventures are entities in which the Group holds an interest on a long-term basis and has rights to the net assets through contractually agreed sharing of control. Investments in joint ventures are accounted for by the equity method and are initially recognised at the fair value of consideration transferred.The Group\u2019s share of its joint venture\u2019s post acquisition profit or losses is recognised in the income statement. The Group\u2019s share of its joint venture\u2019s results is recognised as a component of operating profit as these operations form part of the core publishing business of the Group and are an integral part of the existing wholly-owned business. The cumulative post-acquisition profit or loss is adjusted against the carrying amount of the investment. When the Group\u2019s share of losses in a joint venture equals, or exceeds, its interest in the joint venture, the Group does not recognise further losses unless the Group has incurred obligations or made payments on behalf of the joint venture. c) RevenueRevenue represents the fair value of consideration received from the provision of goods, services and rights falling within the Group\u2019s ordinary activities, after deduction of trade discounts, value added tax and anticipated returns. Where the goods or services promised within a contract are distinct, they are identified as separate performance obligations and are accounted for separately. Where contractual arrangements consist of two or more performance obligations, such as access to multiple titles, the transaction price is allocated between the distinct performance obligations on the basis of their relative stand-alone selling prices. i. Print:\u2022 Print sales: Revenue from the sale of printed books is recognised at the point in time when control passes. This is at the point of shipment when the title passes to the customer, when the Group has a present right to payment and has satisfied the relevant performance obligations under the contract.A provision for anticipated returns is made based primarily on historical return rates and customer trends in each territory. If these do not reflect actual returns in future periods, then revenues could be understated or overstated for a particular period. The provision for anticipated future sales returns is recognised in trade and other liabilities in the statement of financial position. A returns asset is recognised in Finished Goods, Inventory for the Group\u2019s right to recover products from customers on settling the returns liability.ii. Digital:\u2022 Ebook sales: Revenue from ebook sales is recognised when content is delivered, i.e. access has been given to the customer.\u2022 Subscription income: Revenue is generated from customers through the sale of digital materials to educational establishments, libraries and professionals. Revenue for digital subscriptions is derived from the periodic subscription or update of the product. Revenue is recognised on a straight-line basis over the period of subscription, or if less, the expected useful economic life of the product, unless the product is downloadable or the goods or services are not delivered in a consistent manner over time, in which case revenue is recognised based on the value received by the customer.iii. Rights and services\u2022 Revenue from the licence of publishing and distribution rights, including film, paperback, electronic, overseas publishing rights, and sponsorship, is recognised when the Group has provided the associated material and collectability is probable.\u2022 Management services contracts: Revenue is primarily generated from multi-year contractual arrangements related to the delivery of online platform build, editorial and management services. Revenue is recognised over time based on contractual milestones as the customer gains benefit from the assets created or services provided. d) Foreign currenciesi. Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u201cthe functional currency\u201d). These consolidated financial statements are presented in sterling as this is the most representative currency of the Group\u2019s operations. All financial information presented in sterling has been rounded to the nearest million, except where otherwise stated.ii. Transactions and balancesTransactions in currencies other than the functional currency are recorded in the functional currency at the rates of exchange prevailing on the dates of the transactions. Assets and liabilities in foreign currencies are translated into sterling at the closing rates of exchange at the date of the statement of financial position. Exchange differences are charged or credited to the income statement within administrative expenses.iii. Group companiesThe results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:\u2022 Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position.\u2022 Income and expenses are translated at the average exchange rates over the period,\u2022 All resulting exchange differences are recognised in other comprehensive income and presented in the translation reserve in equity. On disposal of a foreign entity these exchange differences are recycled to the income statement. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and are translated at the closing rate. Exchange differences arising are recognised in other comprehensive income.e) TaxationThe tax expense represents the sum of the tax currently payable and deferred tax.i. Current taxThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted, or substantively enacted, at the reporting date.The Group recognises liabilities for anticipated tax issues based on estimates of the additional taxes that are likely to become due, which require judgement. Amounts are accrued based on the Directors\u2019 interpretation of specific tax law in the relevant country and the likelihood of settlement. The Directors use in-house tax experts, professional firms and previous experience when assessing tax risks. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current tax and deferred tax provisions in the period in which such determination is made. ii. Deferred taxDeferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent 2. Material accounting policies continuedthat it is probable that taxable profit will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit and does not give risk to an equal taxable and deductible temporary difference. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be generated to allow all, or part, of the asset to be recovered.Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based upon tax rates that have been enacted, or substantively enacted, by the end of the reporting period. iii. Current and deferred tax for the yearCurrent and deferred tax is charged or credited in the income statement, except when it relates to items credited or charged directly to other comprehensive income or equity, in which case the deferred tax is also recognised in other comprehensive income or equity, respectively. f) Goodwill and other intangible assetsi. GoodwillGoodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business (see Note 2b)i) less accumulated impairment losses, if any. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units (or groups of cash-generating units) that are expected to benefit from the synergies of the combination. In the period the Children\u2019s Trade and Adult Trade cash-generating units have been combined into a single Consumer Division cash-generating unit. This change reflects how the Division is managed with the strategic focus on the consumer market as a whole. A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently where there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than it\u2019s carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in profit or loss in the consolidated income statement. An impairment loss recognised for goodwill is not reversed in subsequent periods. On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ii. Other intangible assetsOther intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. Except for goodwill and assets under construction, intangible assets are amortised on a straight-line basis in the income statement over their expected useful lives by equal annual instalments at the following rates:Publishing relationships \u2013 5% to 20% per annumImprints \u2013 3% to 33% per annumSubscriber and customer relationships \u2013 7% to 10% per annumTrademarks \u2013 over the life of the trademark Product and systems development \u2013 10% to 50% per annumAssets under construction relate to the costs of developing a product, typically an online platform, which is yet to go live.Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted prospectively if appropriate.iii. Product and systems developmentCosts that are directly associated with the purchase and implementation of systems, such as software products, are recognised as intangible assets. Likewise, costs incurred in developing a product, typically an online platform or production files, are recognised as intangible assets.Expenditure is only capitalised if costs can be measured reliably, the product is technically and commercially feasible, future economic benefits are probable, and the Group has sufficient resources to complete development and use the asset.g) Property, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment loss.Property, plant and equipment are depreciated in order to write down their cost less residual value using the straight-line method over their expected useful lives at the following rates: Short leasehold improvements \u2013 over the remaining life of the leaseFurniture and fittings \u2013 10% per annumComputers and other office equipment \u2013 33% per annumMotor vehicles \u2013 25% per annumDepreciation is prorated in the years of acquisition and disposal of an asset. The estimated useful lives, residual value and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.An item of property, plant and equipment is derecognised on disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement.h) LeasesThe Group assesses whether a contract contains a lease at the inception of the contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognises a right-of-use asset and a lease liability at the lease commencement date with respect to all lease arrangements, except for short-term leases (leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, the lease payments are recognised as an operating expense on a straight-line basis over the term of the lease.The right-of-use asset is initially measured at cost, comprising the initial amount of the lease liability plus any initial direct costs incurred and an estimate of costs to restore the underlying asset, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the asset or the end of the lease term. The Group applies IAS 36 to determine whether a right-of-use asset is impaired. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. The lease liability is measured at amortised cost using the effective interest method. Management uses judgement to determine the lease term where extension and termination options are available within the lease. i) Impairment of tangible and intangible assets excluding goodwillAt the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement. Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Impairment reversals are included in the income statement, except to the extent they reverse gains previously recognised in other comprehensive income. j) InventoriesThe cost of work in progress and finished goods represents the amounts charged to the Group for origination, inbound freight, paper, printing and binding. Inventories are valued at the lower of cost and net realisable value. Cost is determined using the weighted average cost method. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale. Provisions are made for slow-moving and obsolete stock. A returns asset is recognised in Finished Goods, Inventory for the Group\u2019s right to recover products from customers on settling a returns liability.l) ProvisionsA provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).m) Financial instrumentsFinancial assets and financial liabilities are recognised when the Group has become a party to the contractual provisions of the instrument. The Group\u2019s financial assets and liabilities are as below:Trade receivablesTrade receivables and other receivables are measured on initial recognition at fair value, and are subsequently measured at amortised cost using the effective interest rate method, less any impairment. Provisions for bad and doubtful debts are based on the expected credit loss model. The \u201csimplified approach\u201d is used with the expected loss allowance measured at an amount equal to the lifetime expected credit losses. Cash and cash equivalentsCash and cash equivalents in the statement of cash flows comprise cash in hand and at bank, other short-term deposits held by the Group with maturities of three months or less and bank overdrafts. Bank overdrafts are included in current liabilities in the statement of financial position.Trade payablesTrade payables are not interest bearing and are initially recognised at fair value and subsequently at amortised cost using the effective interest method.BorrowingsBorrowings are recognised initially at fair value, which is proceeds received net of transaction costs incurred. Borrowings are subsequently stated at amortised cost with any difference between the proceeds (net of transaction costs) and the redemption value being recognised in the income statement over the period of the borrowings using the effective interest method. Accrued interest is included as part of borrowings.o) Employee benefitsi. Defined contribution plansPension costs relating to defined contribution pension schemes are recognised in the income statement in the period for which related services are rendered by the employee. ii. Termination benefitsTermination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan either to terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy.iii. Share-based payment transactionsThe Group issues equity-settled share-based payment instruments to certain employees. Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of equity-settled share-based payments is charged to the income statement on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest. Options granted under the Sharesave Plan are equity-settled. The fair values of such options have been calculated using the Black\u2013Scholes model based on publicly available market data. Awards granted under the Group\u2019s Performance Share Plan are equity-settled. Awards granted in 2021 and 2022 are subject to the following performance conditions; Earnings Per Share (60%), Non-Consumer operating profit (15%), Consumer operating profit (15%) and BDR revenue (10%). Awards granted in 2023 and 2024 are subject to the following performance conditions: Earnings Per Share (60%), Non-Consumer operating profit (17.5%), Consumer operating profit (17.5%) and Bloomsbury International Revenue (5%). The fair value of this element of the awards is calculated using the Black\u2013Scholes model. Where the awards are subject to a holding period, we have used the Chaffe or Ghaidarov model to determine a discount for lack of marketability. q) Segmental reportingOperating segments, which have not been aggregated, are reported in a manner that is consistent with the internal reporting provided to the Chief Executive (\u201cCE\u201d), regarded as the Chief Operating Decision Maker.The CE views the Group primarily from a nature-of-business basis, reflecting the Divisional performance of Consumer, and Non-Consumer, made up of Academic & Professional and Special Interest. Segment results that are reported to the CE include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Performance is evaluated based on operating profit contributions using the same accounting policies as adopted for the Group\u2019s financial statements.r) DividendsFinal dividends are recognised as liabilities once they are appropriately authorised by the Company\u2019s Shareholders. Interim dividends are recorded when paid.s) Critical accounting estimates and judgementsEstimates and judgements are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. The resultant estimates will, by definition, not necessarily equal the related actual results and may require adjustment in subsequent accounting periods. The estimates and assumptions that may cause a material adjustment to the carrying amount of assets and liabilities in the next financial year are:i. Book returnsThe level of sales returns liability is set out in Note 18.Printed books are normally sold on a sale-or-return basis. The timing of returns of unsold books is uncertain. A provision is made against sales for the expected future returns of books that have not occurred by the end of an accounting period. The sales returns liability represents 7.0% of annual gross title sales (2024: 7.2%).This is an estimate as it requires management to estimate the level of expected future returns. As books are returnable by customers, the Group makes a provision against books sold in the accounting period which is then carried forward in anticipation of book returns received 2. Material accounting policies continuedsubsequent to the period end. The provision is recorded by sub-division and is based on the estimated time lag following a sale before a return is made, based on the historic returns data. The provision is calculated by reference to historical returns rates, customer trends and expected future returns.If these estimates do not reflect actual returns in future periods, then revenues could be understated or overstated for a particular period. In Note 18 we have disclosed the impact on revenue of a 10% increase or decrease in actual returns in the year. ii. Author advancesTrade and other receivables in the Group Statement of Financial Position, in Note 17, include royalty advances (i.e. net unearned advances to authors). A provision is made against gross advances (paid and payable) to the extent that they are not expected to be fully earned from anticipated future sales of a title and subsidiary rights receivable.This is an estimate as it requires management to estimate the future sales of a title. The Directors review all royalty advances for triggers indicating that a provision may be required and, additionally, at the end of each financial year, a review is carried out on advances for all published titles where the initial publication date is 12 months or earlier from the reporting period end date to assess whether a provision is required.If it is unlikely that royalties from future title sales and subsidiary rights will fully earn down the advance, a provision is made in the income statement on a title-by-title basis, with regard to historical net sales, expected future net sales and taking account of the life cycle of a book, for the difference between the carrying value and the anticipated recoverable amount from future earnings.In Note 4, we have disclosed the provision made against advances in the year.iii. Impairment reviewsThe carrying value of goodwill arising on the acquisition of businesses combinations by the Group is set out in Note 11. The carrying value of the Company\u2019s Investment in subsidiary companies is set out in Note 34. This is an estimate as it requires an estimation of future cash flows relating to each CGU or investment. IFRS require management to undertake an annual test for impairment of indefinite life assets and, for finite life assets, to test for impairment if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Group currently undertakes an annual impairment test covering goodwill and reviews finite life assets to consider whether a full impairment review is required. The Company tests the recoverability of investments annually.Intangible assets and investment recoverability are areas involving management judgement, requiring assessment as to whether the carrying value of assets can be supported by the net present value of future cash flows derived from such assets using cash flow projections that have been discounted at an appropriate rate. In calculating the net present value of the future cash flows, certain assumptions are required to be made. Note 11 details the assumptions used, and sensitivities analysis performed, on the value-in-use calculations for goodwill. The key assumptions used in the cash flow projections for Investments are discount rates, long-term growth rates, revenue growth rates and forecast operating profits.iv. InventoryThe level of inventories and the inventory provision are set out in Note 16 to the financial statements.For each line of inventory, a provision is made against the cost of the inventory, where the Net Realisable Value is less than cost. Net Realisable Value is the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale. This is an estimate as it requires management to estimate the net realisable value for inventory. At the end of each reporting period a review is carried out on all published titles where inventory is held. A provision is made by the Group against unsold inventory on a title-by-title basis, with regard to historical net sales and expected future net sales, to value the inventories at the lower of cost and net realisable value. 3. Revenue and segmental analysisThe Group is comprised of two worldwide publishing divisions: Consumer and Non-Consumer, reflecting the core customers for our different operations. Previously, the Consumer Division was further split out into two operating segments: Children\u2019s Trade and Adult Trade. During the year, the Children\u2019s Trade and Adult Trade operating results have been combined into a single Consumer category for reporting regularly reviewed by the Chief Operating Decision Maker. This change reflects how the Division is managed with the strategic focus on the consumer market as a whole. Comparative information for prior periods has been restated to reflect this change. Non-Consumer continues to be split between two operating segments: Academic & Professional and Special Interest. Each reportable segment represents a cash-generating unit for the purpose of impairment testing. We have allocated goodwill between reportable segments. These divisions are the basis on which the Group primarily reports its segment information. Segments derive their revenue from book publishing, sale of publishing and distribution rights, management and other publishing services.The analysis by segment is shown below:Academic & Special Non-Consumer Professional Interest Consumer Unallocated Total Year ended 28 February 2025\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019mExternal revenue 256.0 83.3 21.7 105.0 \u2013 361.0Cost of sales (122.4) (24.3) (10.4) (34.7) \u2013 (157.1)Gross profit 133.6 59.0 11.3 70.3 \u2013 203.9Marketing and distribution costs (42.2) (8.7) (3.7) (12.4) \u2013 (54.6)Contribution before administrative expenses 91.4 50.3 7.6 57.9 \u2013 149.3Administrative expenses excluding highlighted items (59.8) (37.8) (8.7) (46.5) \u2013 (106.3)Share of joint venture result \u2013 \u2013 \u2013 \u2013 (0.1) (0.1)Operating profit/(loss) before highlighted items/segment results 31.6 12.5 (1.1) 11.4 (0.1) 42.9Amortisation of acquired intangible assets (0.4) (7.7) (0.3) (8.0) \u2013 (8.4)Other highlighted items \u2013 \u2013 \u2013 \u2013 (1.2) (1.2)Operating profit/(loss) 31.2 4.8 (1.4) 3.4 (1.3) 33.3Finance income \u2013 0.1 \u2013 0.1 1.2 1.3Finance costs (0.2) (0.1) \u2013 (0.1) (1.8) (2.1)Profit/(loss) before taxation and highlighted items 31.4 12.5 (1.1) 11.4 (0.7) 42.1Amortisation of acquired intangible assets (0.4) (7.7) (0.3) (8.0) \u2013 (8.4)Other highlighted items \u2013 \u2013 \u2013 \u2013 (1.2) (1.2)Profit/(loss) before taxation 31.0 4.8 (1.4) 3.4 (1.9) 32.5Taxation \u2013 \u2013 \u2013 \u2013 (7.1) (7.1)Profit/(loss) for the year 31.0 4.8 (1.4) 3.4 (9.0) 25.4Operating profit/(loss) before highlighted items/segment results 31.6 12.5 (1.1) 11.4 (0.1) 42.9Depreciation 2.1 0.8 0.2 1.0 \u2013 3.1Amortisation of internally generated intangibles 1.3 2.4 0.4 2.8 \u2013 4.1EBITDA before highlighted items 35.0 15.7 (0.5) 15.2 (0.1) 50.13. Revenue and segmental analysis continuedAcademic & Special Non-Year ended 29 February 2024Consumer Professional Interest Consumer Unallocated Total (restated*)\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019mExternal revenue 249.2 70.5 23.0 93.5 \u2013 342.7Cost of sales (115.3) (22.0) (10.8) (32.8) \u2013 (148.1)Gross profit 133.9 48.5 12.2 60.7 \u2013 194.6Marketing and distribution costs (40.6) (5.9) (3.3) (9.2) \u2013 (49.8)Contribution before administrative expenses 93.3 42.6 8.9 51.5 \u2013 144.8Administrative expenses excluding highlighted items (55.3) (33.2) (8.4) (41.6) \u2013 (96.9)Share of joint venture result \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Operating profit before highlighted items/segment results 38.0 9.4 0.5 9.9 \u2013 47.9Amortisation of acquired intangible assets (0.4) (4.4) (0.1) (4.5) \u2013 (4.9)Other highlighted items \u2013 \u2013 \u2013 \u2013 (2.4) (2.4)Operating profit/(loss) 37.6 5.0 0.4 5.4 (2.4) 40.6Finance income \u2013 \u2013 \u2013 \u2013 1.3 1.3Finance costs (0.2) (0.1) \u2013 (0.1) (0.1) (0.4)Profit before taxation and highlighted items 37.8 9.3 0.5 9.8 1.2 48.8Amortisation of acquired intangible assets (0.4) (4.4) (0.1) (4.5) \u2013 (4.9)Other highlighted items \u2013 \u2013 \u2013 \u2013 (2.4) (2.4)Profit/(loss) before taxation 37.4 4.9 0.4 5.3 (1.2) 41.5Taxation \u2013 \u2013 \u2013 \u2013 (9.2) (9.2)Profit/(loss) for the year 37.4 4.9 0.4 5.3 (10.4) 32.3Operating profit before highlighted items/segment results 38.0 9.4 0.5 9.9 \u2013 47.9Depreciation 1.8 0.8 0.3 1.1 \u2013 2.9Amortisation of internally generated intangibles 1.2 3.2 0.4 3.6 \u2013 4.8EBITDA before highlighted items 41.0 13.4 1.2 14.6 \u2013 55.6Total assets 28 February 29 February 2025 2024 (restated*) \u00a3\u2019m\u00a3\u2019mConsumer 41.2 29.3Academic & Professional 127.5 71.2Special Interest 11.6 13.0Unallocated 205.0 258.2Total assets 385.3 371.7Unallocated primarily represents centrally held assets, including system development; property, plant and equipment; right-of-use assets; receivables; and cash.External revenue by source and destination SourceUnitedNorth Kingdom America Australia India Total Destination\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019mYear ended 28 February 2025 United Kingdom 74.1 4.1 \u2013 \u2013 78.2 North America 11.9 186.7 \u2013 \u2013 198.6 Continental Europe 31.3 2.0 \u2013 \u2013 33.3 Australasia 3.2 \u2013 16.8 \u2013 20.0 Middle East and Asia 11.7 0.3 \u2013 5.9 17.9 Rest of the world 11.4 1.6 \u2013 \u2013 13.0Overseas countries 69.5 190.6 16.8 5.9 282.8Total 143.6 194.7 16.8 5.9 361.0Year ended 29 February 2024 United Kingdom 77.4 2.8 \u2013 \u2013 80.2 North America 18.1 172.6 \u2013 \u2013 190.7 Continental Europe 28.1 0.8 \u2013 \u2013 28.9 Australasia 2.3 \u2013 16.3 \u2013 18.6 Middle East and Asia 11.2 0.3 \u2013 5.4 16.9 Rest of the world 6.6 0.8 \u2013 \u2013 7.4Overseas countries 66.3 174.5 16.3 5.4 262.5Total 143.7 177.3 16.3 5.4 342.7During the year, sales to one customer exceeded 10% of Group revenue (2024: one customer). The value of these sales was \u00a3119.5m (2024: \u00a3106.2m). This customer purchases from all operating segments and represents 8% (2024: 11%) of gross trade receivables.Analysis of non-current assets (excluding deferred tax assets and financial instruments) by geographic location 28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mUnited Kingdom (country of domicile) 65.3 67.8North America 82.0 21.8Other 0.2 0.4Total 147.5 90.03. Revenue and segmental analysis continuedGroup revenues by product typeAcademic & Special Non-Year ended Consumer Professional InterestConsumer Total 28 February 2025\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m1Print194.1 37.9 17.7 55.6 249.7Ebooks 43.0 15.2 2.0 17.2 60.2Digital Resources \u2013 27.0 \u2013 27.0 27.0Audio 10.5 \u2013 0.4 0.4 10.92Rights and services8.4 3.2 1.6 4.8 13.2Total 256.0 83.3 21.7 105.0 361.0Year ended Academic & Special Non-29 February 2024Consumer Professional InterestConsumer Total (restated*)\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m1Print198.9 28.5 18.8 47.3 246.2Ebooks 38.0 12.3 2.0 14.3 52.3Digital Resources \u2013 26.6 \u2013 26.6 26.6Audio 6.4 \u2013 0.5 0.5 6.92Rights and services5.9 3.1 1.7 4.8 10.7Total 249.2 70.5 23.0 93.5 342.71 Print includes print books and games.2 Rights and services revenue includes revenue from copyright and trademark licences, management contracts, advertising and publishing services.Contract balancesOnline digital platforms sales within the Digital revenue stream, generally, entail customer billings at, or near, the contract\u2019s inception and, accordingly, Digital contract liability balances are primarily related to subscription performance obligations to be delivered over time.Ebook sales within the Digital revenue stream are, generally, derived from ebook aggregators, who provide periodic sales reports over time. The extent of contract assets is related to the timing of receiving these reports.Within the Rights and services revenue stream are licences for multiple titles at a fixed price. As the performance obligations within these arrangements are, generally, when the customer is granted access, the extent of contract assets will ultimately depend upon the difference between revenue recognised and billings to date.Refer to Note 17 for opening and closing balances of contract assets. Refer to Note 18 for opening and closing balances of contract liabilities. Revenue recognised during the period from changes in contract liabilities was driven primarily by the release of revenue over time from digital subscriptions and the delivery of print books invoiced, but not delivered, in the previous financial year.The below table depicts the remaining transaction price on unsatisfied, or partially unsatisfied, performance obligations from contracts with customers:Total remaining Contract Committed transaction 2028 Year ended Salesliabilitiessalesprice 20262027and later28 February 2025 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m\u00a3\u2019m \u00a3\u2019m\u00a3\u2019m \u00a3\u2019mPrint 249.7 1.3 1.5 2.8 2.8 \u2013 \u2013Digital 98.1 9.4 2.6 12.0 8.2 1.4 2.4Rights and services 13.2 0.4 0.8 1.2 0.7 0.4 0.1Total 361.0 11.1 4.9 16.0 11.7 1.8 2.5Total remaining Contract Committed transaction 2027 Year ended Salesliabilitiessalesprice 20252026and later29 February 2024 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m\u00a3\u2019m \u00a3\u2019m\u00a3\u2019m \u00a3\u2019mPrint 246.2 1.9 5.3 7.2 7.1 \u2013 0.1Digital 85.8 9.2 3.5 12.7 8.7 1.2 2.8Rights and services 10.7 \u2013 0.6 0.6 0.3 0.3 \u2013Total 342.7 11.1 9.4 20.5 16.1 1.5 2.9* Restated to show the Consumer Division as one operating segment.4. Operating profitOperating profit is stated after charging the following amounts: Year ended Year ended 28 February 29 February 2025 2024 Notes\u00a3\u2019m\u00a3\u2019mPurchase of goods and changes in inventories 16 80.3 74.3Provision made against advances 10.0 7.3Depreciation of property, plant and equipment 13 1.1 0.9Depreciation of right-of-use assets 14 2.0 2.0Highlighted items (see next page) 9.6 7.3Loss on disposal of property, plant and equipment \u2013 0.2Loss on disposal of other intangible assets \u2013 0.2Exchange loss 0.2 0.9Loss allowance for financial assets (0.1) 0.6Staff costs (excluding termination benefits) 5 78.8 69.34. Operating profit continuedHighlighted itemsYear ended Year ended 28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mLegal and other professional fees on acquisitions 0.7 0.7Integration and restructuring costs 0.5 1.7Other highlighted items 1.2 2.4Amortisation of acquired intangible assets 8.4 4.9Total highlighted items 9.6 7.3Highlighted items charged to operating profit comprise significant non-cash charges and major one-off initiatives, which are highlighted in the income statement because, in the opinion of the Directors, separate disclosure is helpful in understanding the underlying performance and future profitability of the business.All highlighted items are included in administrative expenses in the income statement. For the year ended 28 February 2025, legal and other professional fees of \u00a30.7m were incurred as a result of the Rowman & Littlefield acquisition. Integration and restructuring costs primarily relate to the integration of the Rowman & Littlefield acquisition and restructuring. For the year ended 29 February 2024, legal and other professional fees of \u00a30.7m were incurred as a result of completed and ongoing acquisitions. Integration and restructuring costs primarily relate to the integration of the ABC-CLIO, LLC and Head of Zeus Limited acquisitions and restructuring.Auditor\u2019s remunerationAmounts payable to Crowe U.K. LLP and its associates in respect of both audit and non-audit services for the year ended 28 February 2025 and 29 February 2024 are as follows:Year ended Year ended 28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mFees payable to the Company\u2019s Auditor for the audit of the Parent Company and consolidated financial statements 0.4 0.3The external auditor did not provide any non-audit services during the year (2024: None).5. Staff costsStaff costs, including Directors, during the year were:Year ended Year ended 28 February 29 February 2025 2024 Notes\u00a3\u2019m\u00a3\u2019mSalaries (including bonuses) 67.4 59.2Social security costs 6.7 5.8Pension costs 23 2.8 2.5Share-based payment charge 22 1.9 1.8Staff costs (excluding termination benefits) 78.8 69.3Termination benefits 0.6 1.1Total 79.4 70.4For the year ended 28 February 2025 \u00a30.2m (year ended 29 February 2024: \u00a30.3m) of termination benefits are included in restructuring within highlighted items. The average monthly number of employees during the year was:Year ended Year ended 28 February 29 February 20252024Editorial, production and selling 967 834Finance and administration 194 160Total 1,161 994Staff costs are charged to administrative expenses. During the year two (2024: two) Directors were accruing benefits under defined contribution pension arrangements.Total emoluments for Directors was:Year ended Year ended 28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mShort-term employee benefits 2.1 2.2Post-employment benefits 0.1 0.1Total 2.2 2.3The Group considers key management personnel as defined under IAS 24 \u201cRelated Party Disclosures\u201d to be the Directors of the Company; this includes Non-Executive Directors and the heads of the global divisions, major geographic regions and departments who are actively involved in strategic decision making that make up the Executive Committee (for further details on membership, see pages 96 to 97).Total emoluments for Executive Directors and other key management personnel were:Year ended Year ended 28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mShort-term employee benefits 5.8 6.3Post-employment benefits 0.2 0.2Share-based payment charge 1.2 1.3Total 7.2 7.86. Finance income and finance costsYear ended Year ended 28 February 29 February 2025 2024 Notes\u00a3\u2019m\u00a3\u2019mFinance incomeInterest on bank deposits 1.1 1.2Other interest receivable 0.2 0.1Total 1.3 1.3Finance costsInterest on bank loans 1.6 \u2013Interest on lease liabilities 25 0.3 0.3Other interest payable 0.2 0.1Total 2.1 0.47. Taxationa) Tax charge for the yearYear ended Year ended 28 February 29 February 2025 2024 Notes\u00a3\u2019m\u00a3\u2019mCurrent taxation UK corporation tax Current year \u2013 3.3 Adjustment in respect of prior years (0.2) (0.5)Overseas taxation Current year 11.6 11.9 Adjustment in respect of prior years (0.8) 1.1 10.6 15.8Deferred tax 15 UK Origination and reversal of temporary differences (2.0) (2.7) Adjustment in respect of prior years 0.1 0.2 Tax rate adjustment \u2013 (0.7)Overseas Origination and reversal of temporary differences (1.8) (2.7) Adjustment in respect of prior years 0.2 (0.7) (3.5) (6.6)Total taxation expense 7.1 9.2b) Factors affecting tax charge for the year The tax on the Group\u2019s profit before tax differs from the standard rate of corporation tax in the United Kingdom of 25% (2024: 24.5%). The reasons for this are explained below: Year ended Year ended 28 February 202529 February 2024\u00a3\u2019m % \u00a3\u2019m %Profit before taxation 32.5 100.0 41.5 100.0Profit on ordinary activities multiplied by the standard rate of corporation tax in the UK of 25% (2024: 24.50%) 8.1 25.0 10.2 24.5Effects of: Non-deductible revenue expenditure 0.6 1.9 0.1 0.2Non-taxable income (1.9) (5.9) (1.0) (2.3)Different rates of tax in foreign jurisdictions 0.8 2.6 0.5 1.3Tax losses \u2013 \u2013 (0.2) (0.5)Movement in deferred tax rate \u2013 \u2013 (0.7) (1.6)Adjustment to tax charge in respect of prior yearsCurrent tax (1.0) (3.1) 0.6 1.4Deferred tax 0.3 0.9 (0.5) (1.2)Tax charge for the year before disallowable costs on highlighted items 6.9 21.4 9.0 21.8Highlighted itemsDisallowable costs 0.2 0.5 0.2 0.4Tax charge for the year 7.1 21.9 9.2 22.2Non-taxable income mainly relates to tax deduction claims for foreign income.Different rates of tax in foreign jurisdictions is where we are paying tax at higher rates in the US (including paying state taxes) and Australia. Tax losses relate to the recognition of previously unrecognised tax losses or losses in the year that have not been recognised as deferred tax assets. Adjustments to prior periods primarily arise where an outcome is obtained on certain tax matters which differs from expectations held when the related provision was made. Where the outcome is more favourable than the provision made, the difference is released, lowering the current year tax charge. Where the outcome is less favourable than our provision, an additional charge to current year tax will occur. We are not aware of any significant unprovided exposures that are considered likely to materialise. c) Factors affecting tax charge for future yearsFactors which may affect the future tax charges include changes in tax legislation, transfer pricing regulations and the level and mix of profitability in different countries.d) Tax effects of components of other comprehensive incomeBefore tax Tax charge After tax Before tax Tax charge After tax 2025 2025 2025 2024 2024 2024 \u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019mExchange difference on translating foreign operations 0.9 \u2013 0.9 (4.7) \u2013 (4.7)Other comprehensive income 0.9 \u2013 0.9 (4.7) \u2013 (4.7)8. DividendsYear ended Year ended 28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mAmounts paid in the year Prior period 10.99p final dividend per share (2024: 10.34p) 9.0 8.3Interim 3.89p dividend per share (2024: 3.70p) 3.2 3.0Total dividend payments in the year 12.2 11.3Amounts arising in respect of the yearInterim 3.89p dividend per share for the year (2024: 3.70p) 3.2 3.0Proposed 11.54p final dividend per share for the year (2024: 10.99p) 9.4 9.0Total dividend 15.43p per share for the year (2024: 14.69p) 12.6 12.0The Directors are recommending a final dividend of 11.54 pence per share, which, subject to Shareholder approval at the Annual General Meeting on 16 July 2025, will be paid on 22 August 2025 to Shareholders on the register at close of business on 25 July 2025.9. Earnings per shareThe basic earnings per share for the year ended 28 February 2025 is calculated using a weighted average number of Ordinary shares in issue of 81,420,330 (2024: 81,212,654) after deducting shares held by the Employee Benefit Trust. The diluted earnings per share is calculated by adjusting the weighted average number of Ordinary shares to take account of all dilutive potential Ordinary shares, which are in respect of unexercised share options and the Performance Share Plan.Year ended Year ended 28 February 29 February 2025 2024 NumberNumberWeighted average shares in issue 81,420,330 81,212,654Dilution 1,147,233 1,353,296Diluted weighted average shares in issue 82,567,563 82,565,950\u00a3\u2019m \u00a3\u2019mProfit after tax attributable to owners of the Company 25.4 32.3Basic earnings per share 31.14p 39.77pDiluted earnings per share 30.71p 39.11p\u00a3\u2019m \u00a3\u2019mAdjusted profit attributable to owners of the Company 34.2 38.5Adjusted basic earnings per share 42.03p 47.40pAdjusted diluted earnings per share 41.45p 46.62pAdjusted profit is derived as follows:Year ended Year ended 28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mProfit before taxation 32.5 41.5Amortisation of acquired intangible assets 8.4 4.9Other highlighted items 1.2 2.4Adjusted profit before tax 42.1 48.8Tax expense 7.1 9.2Deferred tax movements on goodwill and acquired intangible assets 0.6 0.7Tax expense on other highlighted items 0.2 0.4Adjusted tax 7.9 10.3Adjusted earnings 34.2 38.5The Group includes the benefit of tax amortisation of intangible assets within adjusted tax as this benefit more accurately aligns the adjusted tax charge with the expected cash tax payments.10. Business CombinationsOn 28 May 2024, the Group acquired the academic publishing business of the Rowman & Littlefield Publishing Group. The transaction was structured as a sale and purchase agreement for the acquisition of certain assets that make up the academic publishing business of the Rowman & Littlefield Publishing Group, Inc. (\u201cRowman & Littlefield\u201d). The consideration was $83m (\u00a365m), of which $76m (\u00a360m) was satisfied in cash on completion and $7m (\u00a35m) was satisfied in cash post completion. The consideration was subject to a working capital adjustment and assignment of certain contracts. Rowman & Littlefield is one of the most respected independent publishers in the US Academic market. It is the biggest acquisition by Bloomsbury to date, and significantly accelerates and strengthens Bloomsbury\u2019s academic and digital presence in North America. The acquired business operates in the Academic & Professional Division. The table below summarises the fair value to the Group included in the consolidated statement of financial position of the major categories of assets and liabilities of Rowman & Littlefield at the date of acquisition.Fair value to the GroupNet assets acquired\u00a3\u2019mAssetsPublishing Rights 29.2Imprints 2.5Ebook and print on demand production files 3.6Other intangible assets 35.3Total non-current assets 35.3Inventories 2.0Trade and other receivables 0.5Total current assets 2.5Total assets 37.8LiabilitiesTrade and other liabilities 1.6Total current liabilities 1.6Total liabilities 1.6Identifiable net assets 36.2Goodwill 28.6Total 64.8Identifiable intangible assets of \u00a335.3m consist of publishing rights, imprints, ebook and print on demand (\u201cPOD\u201d) production files. Ebook and POD production files are included under the Product Development asset heading in Other intangible assets (Note 12). The publishing 10. Business Combinations continuedrights have a useful life of ten years, the imprints have useful lives ranging from three to nine years and the ebook and POD production files have a useful life of three years. The goodwill arising of \u00a328.6m is attributable to the expected profitability of the acquired business and the synergies expected to arise after the acquisition. The full amount of goodwill is expected to be deductible for tax purposes. Transaction costs of \u00a30.7m have been expensed in the year within administrative expenses. From 28 May 2024, revenue of \u00a319.8m and loss attributable to owners of the Company of \u00a30.8m have been included in the consolidated income statement for the period ended 28 February 2025 in relation to Rowman & Littlefield. This loss includes the interest expense to service the loan taken out to acquire Rowman & Littlefield, acquired intangible amortisation and other highlighted items. If the acquisition had occurred on 1 March 2024, the revenue and profit attributable to shareholders of the combined entity for the current year would have been \u00a3367.5m and \u00a325.4m, respectively.11. Goodwill28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mCost At start of year 52.6 52.9Acquisitions 28.6 \u2013Exchange differences 0.4 (0.3)At end of year 81.6 52.6ImpairmentAt start of year 4.3 4.3Exchange differences \u2013 \u2013At end of year 4.3 4.3Net book valueAt end of year 77.3 48.3At start of year 48.3 48.6Goodwill is not amortised, but instead, in accordance with IFRS, is subject to annual impairment reviews. Any impairment losses are recognised immediately in the income statement. Management aligns the monitoring of goodwill with how it reviews the performance of the business. Goodwill is monitored by management at the publishing division level. As disclosed in Note 3 revenue and segmental analysis, during the year, the Children\u2019s Trade and Adult Trade operating results have been combined into a single Consumer category. This change reflects how the Division is managed with the strategic focus on the consumer market as a whole. Comparative information for prior periods has been restated to reflect this change. These cash-generating units (\u201cCGUs\u201d) are the smallest identifiable group of assets that generates cash flows that are largely independent of the cash flows from other assets or groups of assets. Typically, acquisitions are integrated into existing publishing divisions, and the goodwill arising is allocated to the CGUs that are expected to benefit from the synergies of the acquisition. The Rowman & Littlefield acquisition has been entirely allocated to the Academic & Professional Division as this CGU will operate the business combination. The following is a summary of goodwill allocation for each publishing division:28 February 29 February 2025 2024 (restated*) \u00a3\u2019m\u00a3\u2019mAcademic & Professional 67.5 38.5Consumer 4.8 4.8Special Interest 5.0 5.0Total 77.3 48.3Impairment testingThe recoverable amount of the Group\u2019s goodwill has been considered with regard to value-in-use calculations. These calculations use the pre-tax future cash flow projections of each CGU based on the Board\u2019s approved budgets for the year ended 28 February 2026 and the Board-approved five-year plan. The calculations include a terminal value based on the projections for the final year of the five-year plan with a long-term growth rate assumption applied.The key assumptions for calculating value in use are:Discount rates CAGR \u2013 Revenue Long-term growth2025 20242025 20242025 2024(restated *)(restated*)(restated *)%%%%%%Academic & Professional 12.6 11.9 6.5 4.3 2.0 2.0Consumer 12.6 13.5 1.5 (1.4) 2.0 2.0Special Interest 11.7 12.5 2.9 3.2 2.0 2.0* Restated to show the Consumer Division as one cash-generating unit (see prior page).Discount ratesThe discount rates applied to the cash flows are calculated using a pre-tax rate based on the weighted average cost of capital for the comparable public companies. This is adjusted for risks specific to the market in which the CGU operates. Revenue growth ratesGrowth rates have been calculated based on those applied to the Board-approved budget for the year ended 28 February 2026 and five-year plan. They incorporate future expectations of growth in backlist revenues and strategic plan for each publishing division. The five-year forecasts are extrapolated to perpetuity on the basis that the relevant CGUs are long-established business units. The long-term growth rates are blended rates formed from the territory-specific long-term growth rates. Gross marginsGross margins have been based on historic performance and expected changes to the sales mix in future periods. SensitivityManagement has performed sensitivity analysis based on the key assumptions for calculating the value in use. The discount rate has been increased by 2.0% and the long-term growth rate has been decreased from 2.0% to 0.0%. In addition, management has applied a severe but plausible downside scenario in accordance with the going concern review as set out on page 154. This assumes that:\u2022 print revenues are reduced by 20% during 2025/2026, with recovery during 2026/2027; and\u2022 digital revenues are reduced by 20% during 2025/2026, with recovery during 2026/2027.Under these circumstances, management has not identified any reasonably possible changes to key assumptions that would cause the carrying value of goodwill of the CGUs to exceed its recoverable amount for Consumer and Academic & Professional divisions. Likewise, management has not identified any reasonably possible changes to key assumptions that would cause the carrying value of goodwill of the CGUs to exceed its recoverable amount for the old Adult Trade and Children\u2019s Trade Divisions. For the Special Interest Division a 2.0% increase in the discount rate would give rise to an impairment of \u00a32.0m (2024: \u00a3nil). Reducing the long-term growth rate to 0% would give rise to a \u00a31.5m impairment (2024: 0%, \u00a3nil). Applying a severe but plausible downside scenario in accordance with the going concern review would give rise to a \u00a32.8m impairment (2024: 0%, \u00a3nil).12. Other intangible assetsSubscriber and Publishing customer Systems Product Assets under rights Imprints relationships Trademarks development development construction Total \u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019mCostAt 28 February 2023 37.0 14.1 4.4 0.4 11.4 21.2 0.8 89.3Additions \u2013 \u2013 \u2013 0.2 0.7 3.1 1.1 5.1Transfers \u2013 \u2013 \u2013 \u2013 \u2013 0.8 (0.8) \u2013Disposals \u2013 \u2013 \u2013 \u2013 (5.0) \u2013 \u2013 (5.0)Exchange differences (0.7) (0.2) \u2013 \u2013 (0.1) (0.1) \u2013 (1.1)At 29 February 2024 36.3 13.9 4.4 0.6 7.0 25.0 1.1 88.3Acquisitions 29.2 2.5 \u2013 \u2013 \u2013 3.6 \u2013 35.3Additions \u2013 \u2013 \u2013 \u2013 0.5 3.1 1.2 4.8Transfers \u2013 \u2013 \u2013 \u2013 (0.2) 1.5 (1.3) \u2013Disposals \u2013 \u2013 \u2013 \u2013 (0.7) \u2013 \u2013 (0.7)Exchange differences 0.4 \u2013 \u2013 \u2013 \u2013 0.1 \u2013 0.5At 28 February 2025 65.9 16.4 4.4 0.6 6.6 33.3 1.0 128.2AmortisationAt 28 February 2023 18.0 4.5 4.2 0.1 9.2 15.1 \u2013 51.1Disposals \u2013 \u2013 \u2013 \u2013 (4.8) \u2013 \u2013 (4.8)Charge for the year 3.5 1.8 0.1 0.1 0.9 4.0 \u2013 10.4Exchange differences (0.2) \u2013 \u2013 \u2013 (0.1) (0.1) \u2013 (0.4)At 29 February 2024 21.3 6.3 4.3 0.2 5.2 19.0 \u2013 56.3Disposals \u2013 \u2013 \u2013 \u2013 (0.7) \u2013 \u2013 (0.7)Charge for the year 6.0 1.5 0.1 \u2013 0.7 4.2 \u2013 12.5Exchange differences 0.1 \u2013 (0.1) \u2013 \u2013 \u2013 \u2013 \u2013At 28 February 2025 27.4 7.8 4.3 0.2 5.2 23.2 \u2013 68.1Net book valueAt 28 February 2025 38.5 8.6 0.1 0.4 1.4 10.1 1.0 60.1At 29 February 2024 15.0 7.6 0.1 0.4 1.8 6.0 1.1 32.0Acquisitions relates to the purchase of Rowman & Littlefield; see Note 10.13. Property, plant and equipmentComputers Short and other leasehold Furniture office improvements and fittings equipment Total\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m \u00a3\u2019mCostAt 28 February 2023 3.0 1.5 4.5 9.0Additions 0.1 \u2013 0.6 0.7Disposals (0.1) (0.3) (1.6) (2.0)Exchange differences \u2013 \u2013 (0.1) (0.1)At 29 February 2024 3.0 1.2 3.4 7.6Additions 0.2 0.4 0.8 1.4Disposals (0.2) (0.1) (0.4) (0.7)At 28 February 2025 3.0 1.5 3.8 8.3DepreciationAt 28 February 2023 2.3 1.0 3.2 6.5Charge for the year 0.3 0.1 0.5 0.9Disposals (0.1) (0.2) (1.5) (1.8)Exchange differences \u2013 (0.1) (0.1) (0.2)At 29 February 2024 2.5 0.8 2.1 5.4Charge for the year 0.1 0.1 0.9 1.1Disposals (0.2) (0.1) (0.4) (0.7)At 28 February 2025 2.4 0.8 2.6 5.8Net book valueAt 28 February 2025 0.6 0.7 1.2 2.5At 29 February 2024 0.5 0.4 1.3 2.2The depreciation charge is included in administrative expenses. 14. Right-of-use assetsPropertyCarsEquipmentTotal\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m \u00a3\u2019mCostAt 28 February 2023 16.3 0.1 0.2 16.6Additions 0.4 0.2 \u2013 0.6Disposals (0.4) (0.1) \u2013 (0.5)Exchange differences (0.3) \u2013 \u2013 (0.3)At 29 February 2024 16.0 0.2 0.2 16.4Additions 1.8 0.1 0.2 2.1Disposals \u2013 \u2013 (0.2) (0.2)At 28 February 2025 17.8 0.3 0.2 18.3DepreciationAt 28 February 2023 7.3 0.1 0.2 7.6Charge for the year 2.0 \u2013 \u2013 2.0Disposals (0.4) (0.1) \u2013 (0.5)Exchange differences (0.2) \u2013 \u2013 (0.2)At 29 February 2024 8.7 \u2013 0.2 8.9Charge for the year 1.8 0.1 0.1 2.0Disposals \u2013 \u2013 (0.2) (0.2)At 28 February 2025 10.5 0.1 0.1 10.7Net book value At 28 February 2025 7.3 0.2 0.1 7.6At 29 February 2024 7.3 0.2 \u2013 7.5The depreciation charge is included in administrative expenses. 15. Deferred tax assets and liabilitiesa) Recognised deferred tax assets and liabilitiesDeferred tax is calculated in full on temporary differences using the tax rate appropriate to the jurisdiction in which the asset or liability arises and the tax rates that are expected to apply in the periods in which the asset or liability is settled. Movement in temporary differences during the year:Property, Retirement plant and benefit Share-based Intangible Tax losses equipment obligation payments assets OtherTotal \u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m \u00a3\u2019m\u00a3\u2019mAt 28 February 2023 1.0 0.2 0.1 0.9 (2.6) 5.2 4.8Credit/(charge) to the income statement 0.2 (0.1) \u2013 0.1 1.0 5.4 6.6Charge to equity \u2013 \u2013 \u2013 (0.2) \u2013 \u2013 (0.2)Exchange differences \u2013 \u2013 \u2013 \u2013 \u2013 (0.2) (0.2)At 29 February 2024 1.2 0.1 0.1 0.8 (1.6) 10.4 11.0Credit to the income statement 0.7 \u2013 \u2013 0.4 0.6 1.8 3.5Charge to equity \u2013 \u2013 \u2013 0.1 \u2013 \u2013 0.1At 28 February 2025 1.9 0.1 0.1 1.3 (1.0) 12.2 14.6Deferred tax assets in respect of losses are only recognised to the extent that it is anticipated they will be utilised in the foreseeable future. The Other deferred tax asset predominantly relates to temporary differences, i.e. valuation adjustments and return and inventory provisions held on the balance sheet recognised in the current tax calculation and tax return only when utilised. This predominantly relates to the US and UK. b) The analysis for financial reporting purposes is as follows:28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mDeferred tax assets 16.9 13.7Deferred tax liabilities (2.3) (2.7)Total 14.6 11.0The deferred tax liability predominantly relates to timing differences due to Intangible assets. c) Unrecognised deferred tax assets The Group had deferred tax assets not recognised in the financial statements as follows:28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mTrading losses and unrelieved foreign tax credits 3.5 3.7At 28 February 2025, the Group had unrecognised trading losses, including the gross value of unrelieved foreign tax credits, of \u00a313.8m (2024: \u00a314.6m). A deferred tax asset has not been recognised in respect of these taxable losses. Due to the nature of these losses and credits, they cannot easily be offset against future Group profits. Deferred tax is not provided on unremitted earnings of subsidiaries where the Group controls the timing of remittance and it is probable that the temporary difference will not reverse in the foreseeable future. 16. Inventories28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mWork in progress 2.7 7.3Finished goods for resale 43.6 29.3Total 46.3 36.6The cost of inventories recognised as cost of sales amounted to \u00a363.8m (2024: \u00a363.6m). In addition to this, the provision and write-down of inventories to net realisable value recognised in cost of sales amounted to \u00a316.5m (2024: \u00a310.7m).17. Trade and other receivables28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mNon-currentContract assets 0.7 0.8CurrentGross trade receivables 82.1 115.6Less: loss allowance (2.7) (3.6)Net trade receivables 79.4 112.0Income tax recoverable 4.1 2.9Other receivables 3.6 3.5Prepayments 4.0 3.1Contract assets 7.1 8.2Royalty advances 35.1 35.1Total current trade and other receivables 133.3 164.8Total trade and other receivables 134.0 165.6Non-current receivables relate to contract assets on long-term rights deals.A provision is held against gross advances payable in respect of published title advances that may not be fully earned down by anticipated future sales. As at 28 February 2025, \u00a37.1m (2024: \u00a39.0m) of royalty advances relate to titles expected to be published in more than 12 months\u2019 time. Other receivables principally comprises VAT recoverable.Trade receivables principally comprises amounts receivable from the sale of books due from distributors. The majority of trade debtors are secured by credit insurance and, in certain territories, by third-party distributors. The \u201csimplified approach\u201d is used with the expected loss allowance measured at an amount equal to the lifetime expected credit losses.The Directors consider that the carrying amount of trade and other receivables approximates to their fair values. The Group\u2019s exposure to credit and currency risks is disclosed in Note 24. The average number of days\u2019 credit taken for sales of books by the Group was 80 days (2024: 120 days). A loss allowance is made with reference to specific debts, past default experience, trading history and the current economic environment. Movements on the Group loss allowance for trade receivables are as follows:28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mAt start of year 3.6 3.3Amounts created 0.7 1.3Amounts utilised (0.8) (0.2)Amounts released (0.8) (0.7)Exchange differences \u2013 (0.1)At end of year 2.7 3.618. Trade and other liabilities28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mCurrent Trade payables 36.4 48.1Sales returns liability 18.6 18.8Taxation and social security 1.6 1.4Other payables 6.6 5.4Accruals 58.7 67.2Contract liabilities 11.1 11.1Total current trade and other liabilities 133.0 152.0Total trade and other liabilities 133.0 152.0Trade payables are non-interest bearing and are normally settled on terms of between 30 and 90 days. If actual returns were 10% higher or lower in the year, revenue would have been \u00a32.2m lower/higher (2024: \u00a31.6m lower/higher).Other payables principally comprises sub rights payable to authors. 19. BorrowingsReconciliation of movements of liabilities to cash flows arising from financing activities:Liability Equity TotalShare Other capital/ Lease financial share Other Retained liabilityBorrowingsliabilitiespremiumreservesearningsTotal\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019mBalance at 29 February 2024 8.9 \u2013 \u2013 48.3 23.7 130.5 211.4Changes from financing cash flowsEquity dividend paid \u2013 \u2013 \u2013 \u2013 \u2013 (12.2) (12.2)Purchase of shares by the Employee Benefit Trust \u2013 \u2013 \u2013 \u2013 (3.8) \u2013 (3.8)Proceeds from exercise of share options \u2013 \u2013 \u2013 \u2013 3.1 (2.7) 0.4Principal paid on lease liabilities (2.3) \u2013 \u2013 \u2013 \u2013 \u2013 (2.3)Proceeds from borrowings \u2013 29.4 \u2013 \u2013 \u2013 \u2013 29.4Repayment of borrowing \u2013 (6.2) \u2013 \u2013 \u2013 \u2013 (6.2)Interest paid (0.3) (1.6) (0.2) \u2013 \u2013 \u2013 (2.1)Total changes from financing cash flows (2.6) 21.6 (0.2) \u2013 (0.7) (14.9) 3.2Other changesLiability-relatedRight-of-use asset additions 2.0 \u2013 \u2013 \u2013 \u2013 \u2013 2.0Foreign exchange movements 0.2 0.4 \u2013 \u2013 \u2013 \u2013 0.6Interest expense 0.3 1.6 0.2 \u2013 \u2013 \u2013 2.1Total liability-related other changes 2.5 2.0 0.2 \u2013 \u2013 \u2013 4.7Total equity-related other changes \u2013 \u2013 \u2013 \u2013 2.4 25.5 27.9Balance at 28 February 2025 8.8 23.6 \u2013 48.3 25.4 141.1 247.2Liability Equity TotalShare capital/ Lease share Other Retained liabilityBorrowingspremiumreservesearningsTotal\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019mBalance at 28 February 2023 10.7 \u2013 48.3 26.5 113.0 198.5Changes from financing cash flowsEquity dividend paid \u2013 \u2013 \u2013 \u2013 (11.3) (11.3)Purchase of shares by the Employee Benefit Trust \u2013 \u2013 \u2013 (2.8) \u2013 (2.8)Proceeds from exercise of share options \u2013 \u2013 \u2013 3.7 (3.3) 0.4Cancellation of share options \u2013 \u2013 \u2013 \u2013 (0.6) (0.6)Principal paid on lease liabilities (2.2) \u2013 \u2013 \u2013 \u2013 (2.2)Interest paid (0.3) \u2013 \u2013 \u2013 \u2013 (0.3)Total changes from financing cash flows (2.5) \u2013 \u2013 0.9 (15.2) (16.8)Other changesLiability-relatedRight-of-use asset additions 0.6 \u2013 \u2013 \u2013 \u2013 0.6Foreign exchange movements (0.2) \u2013 \u2013 \u2013 \u2013 (0.2)Interest expense 0.3 \u2013 \u2013 \u2013 \u2013 0.3Total liability-related other changes 0.7 \u2013 \u2013 \u2013 \u2013 0.7Total equity-related other changes \u2013 \u2013 \u2013 (3.7) 32.7 29.0Balance at 29 February 2024 8.9 \u2013 48.3 23.7 130.5 211.4As at 28 February 2025, the Group has non-current borrowings amounting to \u00a323.6m under a loan agreement with Lloyds Bank Plc. The loan agreement includes financial covenants that require the Group to maintain a minimum interest cover and a maximum net debt to EBITDA ratio. The Group is required to comply with these covenants quarterly, with the next compliance assessment due as at 31 May 2025.As at the 28 February 2025, the Group was in compliance with all covenants. However, if the Group fails to comply with these covenants in the future, the lender may have the right to demand immediate repayment of the loan, which could result in the liability becoming repayable within 12 months after the reporting period. The Group has assessed its financial position and forecasts and believes that it will continue to comply with the covenants. Nevertheless, the risk remains that non-compliance could occur, potentially affecting the classification of the liability and the Group\u2019s liquidity position.20. ProvisionsAuthor advancesProperty Total\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m29 February 2024 1.1 0.5 1.6Created in the year 1.2 0.4 1.6Utilised in the year (0.4) \u2013 (0.4)28 February 2025 1.9 0.9 2.8Non-current \u2013 0.9 0.9Current 1.9 \u2013 1.9The property provision includes amounts provided for dilapidations. The author advance provision is a provision against future cash outflows on published titles where the Group does not expect to fully recover the advance. 21. Share capital and other reservesShare capital 28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mAuthorised: 108,811,522 Ordinary shares of 1.25p each (2024: 108,811,522 Ordinary shares of 1.25p each) 1.4 1.4Allotted, called up and fully paid:81,608,672 Ordinary shares of 1.25p each (2024: 81,608,672 Ordinary shares of 1.25p each) 1.0 1.0The Company has one class of Ordinary share that carries equal voting rights and no contractual right to receive payment. No shares are held by the Company as Treasury shares. Directors and other employees of the Group have been granted options to purchase 1,553,663 (2024: 1,621,976) Ordinary shares with an aggregate nominal value of \u00a319,421 (2024: \u00a320,275) (see Note 22).Share premiumThis reserve records the amount above nominal value received for shares sold less transaction costs. Translation reserveThe translation reserve comprises all foreign currency differences arising from the translation of the financial information of foreign operations.Merger reserve The merger reserve comprises the amount that would otherwise arise in share premium relating to specific share issue, wherein more than 90% of the shares in a subsidiary are acquired and the consideration includes the issue of new shares by the Company, thereby attracting merger relief under the Companies Act 2006.Share-based payment reserveThe share-based payment reserve comprises cumulative amounts charged in respect of employee share-based payment arrangements.21. Share capital and other reserves continuedOwn shares held by the Employee Benefit TrustThe Employee Benefit Trust (\u201cEBT\u201d) is an independent discretionary trust established to acquire issued shares of the Company to satisfy any of the share-based incentive schemes (see Note 22) and plans of the Company. All employees of the Group are potential beneficiaries of the EBT. The results and net assets of the EBT are included in the consolidated financial statements of the Group. The market value of the 212,935 shares of the Company held at 28 February 2025 (2024: 170,817) in the EBT was \u00a31.3m (2024: \u00a30.9m). While the trustee has power to subscribe for Ordinary shares and to acquire Ordinary shares in the market or from Treasury, it is not permitted to hold more than 5% of the issued share capital without prior approval of the Shareholders.As at the date of signing this Annual Report, the Trust held 205,648 Ordinary shares of 1.25p pence being, approximately, 0.3% of the issued Ordinary share capital. Retained earningsThe retained earnings reserve comprises profit for the year attributable to owners of the Company and other items recognised directly through equity as presented on the consolidated statement of changes in equity.22. Share-based payments Options over shares of the ultimate parent undertaking, Bloomsbury Publishing Plc, have been granted to employees of the Group under various schemes. The total share-based payment charge to the income statement for the year was as follows:28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mEquity-settled share-based transactions 1.5 1.6Cash-settled share-based transactions 0.4 0.2Total 1.9 1.8National Insurance contributions are payable by the Company in respect of some of the share-based payment transactions. These contributions are payable on the date of exercise based on the intrinsic value of the share-based payments and are, therefore, treated as cash-settled awards. The Group had an accrual for National Insurance at 28 February 2025 of \u00a30.5m (2024: \u00a30.5m), of which none related to vested options. The weighted average share price at the date of exercise for share options exercised during the period was 697 pence.a) The Bloomsbury Performance Share Plan (\u201cthe PSP\u201d)The Group operates the PSP for Directors and senior employees. Awards under the scheme are granted as conditional share awards. The number of Ordinary shares comprised in an award is calculated using a share value equal to the closing middle-market price on the dealing day before the award date. The vesting period is three years and for awards granted during the year ended February 2022 and February 2023, the award is subject to the following performance conditions: EPS (60%), Non-Consumer operating profit (15%), Consumer operating profit (15%) and BDR revenue (10%). For awards granted during the year ended February 2024 and February 2025, the award is subject to the following performance conditions: EPS (60%), Non-Consumer operating profit (17.5%), Consumer operating profit (17.5%) and Bloomsbury International Revenue (5%). For details of the performance conditions, see the Directors\u2019 Remuneration Report on pages 121 to 141. Awards are not exercisable after the vesting date and awards that vest on the vesting date are automatically exercised. Except in certain circumstances, awards lapse if the employee leaves the Group. Year ended Year ended 28 February 29 February 2025 2024 NumberNumberOutstanding at start of year 1,070,170 1,391,210Granted during the year 297,987 425,721Exercised during the year (324,862) (599,464)Cancelled during the year \u2013 (125,766)Lapsed during the year (14,698) (21,531)Outstanding at end of year 1,028,597 1,070,170Exercisable at end of year 304,889 339,560Year ended Year ended 28 February 29 February 2025 2024 Range of exercise price of outstanding awards (pence) \u2013 \u2013Weighted average remaining contracted life (months) 17 19Expense recognised for the year (\u00a3\u2019m) 1.6 1.6The share awards granted in the year to 28 February 2025 have been measured based on the share price at the date of grant as they are only subject to non-market conditions. The inputs were:All Share price 690 penceExercise price \u2013Expected term 3 yearsExpected volatility N/ARisk-free interest rate N/AFair value charge per award 580 \u2013 690 penceThis award is subject to the following performance conditions: EPS (60%), Non-Consumer operating profit (17.5%), Consumer operating profit (17.5%) and Bloomsbury International Revenue (5%).The awards for Executive Directors only will be subject to clawback provisions and to a two-year post-vesting holding period.b) The Bloomsbury Sharesave Plan 2014The Group operates an HM Revenue and Customs-approved savings-related share option scheme under which employees are granted options to purchase Ordinary shares in the Company in three years\u2019 time, dependent upon their entering into a contract to make monthly contributions to a savings account over the period of the savings term. The Sharesave Plan is open to all UK employees.Weighted Weighted Shareaverage Share average options exercise price options exercise price 2025 20252024 2024 Number PenceNumberPenceOutstanding at start of year 551,806 307 648,326 236Granted during the year 176,161 490 226,867 352Exercised during the year (172,416) 247 (237,920) 172Lapsed during the year (30,485) 330 (85,467) 259Outstanding at end of year 525,066 387 551,806 307Exercisable at end of year 7,287 280 51,865 169Year ended Year ended 28 February 29 February 2025 2024 Range of exercise price of outstanding options (pence) 280\u2013490 169\u2013352Weighted average remaining contracted life (months) 25 24Expense recognised for the year (\u00a3\u2019m) 0.3 0.223. Retirement benefit obligationsPension costsThe pension costs charged to the income statement of \u00a32.8m (2024: \u00a32.5m) relate to the Group\u2019s defined contribution and defined benefit pension arrangements. Defined contribution plansThe Group operates defined contribution retirement benefit plans for all qualifying employees.The total cost charged to the income statement of \u00a32.8m (2024: \u00a32.5m) represents contributions payable to these schemes by the Group at rates specified in the rules of the schemes. At 28 February 2025, there were \u00a3Nil prepaid contributions (29 February 2024: \u00a3Nil). At 28 February 2025, there were \u00a30.5m outstanding contributions (29 February 2024: \u00a30.5m).Defined benefit planA subsidiary company operates a defined benefit scheme for some staff which is accounted for in accordance with IAS 19. Accrual of benefits ceased in 1997, with the scheme now operated as a closed fund. There is no obligation in respect of medical costs. The scheme is actuarially valued every three years. The last full actuarial valuation was carried out as at 29 February 2024 by a qualified independent actuary.Contributions paid to the scheme during the year were \u00a3Nil (2024: \u00a3Nil). As the scheme has an excess of assets compared to the scheme liabilities, the Directors\u2019 best estimate of the contributions to be paid by the Group to the plan for the period commencing 1 March 2025, in respect of the deficit repair contributions, is \u00a3Nil. Given the scheme has an excess of assets compared to scheme liabilities, the Group has previously sought legal advice on the application of the asset ceiling and concluded that adjustments are required for this scheme. As a result, IFRIC 14 applies and an asset ceiling adjustment has been applied.In accordance with IFRS requirements, we have not included certain details of the defined benefit pension plan in this year\u2019s financial statements as the amounts are not material. 24. Financial instruments and risk managementCapital management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to Shareholders as well as sustaining the future development of the business. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to Shareholders and issue new shares. The Group\u2019s overall strategy remains unchanged from 2024.The capital structure of the Group comprises equity attributable to owners of the Company, comprising issued capital, reserves and retained earnings as disclosed in the consolidated statement of changes in equity and Note 21. Categories of financial instruments 28 February 29 February 2025 2024 Notes\u00a3\u2019m\u00a3\u2019mLoans and receivablesCash and cash equivalents 40.6 65.8Trade receivables 17 79.4 112.0Contract assets 17 7.8 9.0Total loans and receivables 127.8 186.8Financial liabilities measured at amortised costTrade payables 18 36.4 48.1Other payables due in less than one year 8.2 6.8Sales returns liability 18 18.6 18.8Accruals 18 58.7 67.2Lease liabilities 25 8.8 8.9Borrowings 23.6 \u2013Total financial liabilities measured at amortised cost 154.3 149.8Net financial instruments (26.5) 37.0There is no material difference between the fair value and book value of financial assets and liabilities. Financial risk managementThe Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance from the key risks of market risk (including currency risk and interest rate risk), credit risk and liquidity risk. The Board has approved the Group Treasury policies and procedures by which the Group Treasury function is to be managed. The Group Treasury function is headed by the Group Finance Director and is part of Bloomsbury\u2019s Finance Department. It operates under a delegated authority from the Board. The Treasury management policies and procedures focus on the investment of surplus operating cash likely to be needed in order to support Bloomsbury\u2019s ongoing operations, foreign currency requirements and interest rate risk management. The Group does not use derivative contracts for speculative purposes. The policies are reviewed at least on an annual basis by the Group Finance Director and any amendments are approved by the Board. The Board is assisted in its oversight role by Internal Audit, which undertakes regular reviews of risk management controls and procedures, the results of which are reported to the Audit Committee. a) Market riskMarket risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Group\u2019s activities expose it mainly to the financial risks of changes in foreign currency exchange rates and changes in interest rates. The Group incurs costs in the same currencies as it earns revenue, creating some degree of natural hedging. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. Risk management is carried out by Group Treasury under policies approved by the Board of Directors. Group Treasury monitors the distribution of its cash assets so as to control exposure to the relative performance of any particular territory, currency or institution.The Board provides written principles for overall risk management, as well as policies covering specific areas, such as funding, foreign exchange risk, interest rate risk, credit risk and investment of excess liquidity.(i) Interest rate riskThe Group has significant interest-bearing assets in the form of cash and cash equivalents and, as such, cash flows are dependent on changes in market interest rates. Interest rate profile of financial instruments28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mFixed rate instrumentsFinancial assets 1.1 3.2Financial liabilities \u2013 \u2013Total 1.1 3.2Variable rate instrumentsFinancial assets 39.5 62.6Financial liabilities (23.6) \u2013Total 15.9 62.6Fixed rate financial assets are short-term bank deposits with a maturity date range of one day to one month. Variable rate financial assets are cash at bank. Variable rate financial liabilities are the term loan facility.Fair value sensitivity analysis for fixed rate financial instrumentsThe Group does not account for any fixed rate financial assets at fair value through profit or loss. Therefore, a change in interest rates at 28 February 2025 would not affect the income statement. 24. Financial instruments and risk management continuedCash flow sensitivity analysis for variable rate financial instrumentsThe Group derived the following sensitivities to assess the impact of changes in interest rates, based on the effect of the market volatility in the current climate and the previous 12 months. The analysis assumes all other variables remain constant. 28 February 2025 29 February 2024Profit or loss Equity Profit or loss Equity \u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019mImpact on profit or loss and equity 1% increase in base rate of interest (2024: 1%) 0.1 \u2013 0.4 \u20130.5% decrease in base rate of interest (2024: 0.5%) (0.1) \u2013 (0.3) \u2013(ii) Currency riskThe Directors believe that, in its current circumstances, the Group\u2019s risk from foreign currency exposure is limited and no active currency risk management by hedging is considered necessary, as a significant proportion of revenues is matched by expenditure in the same local currency, creating some degree of natural hedging.The Group\u2019s exposure to foreign currency risk was as follows:Loans and receivables Financial liabilities28 February 29 February 28 February 29 February 202520242025 2024\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019mGBP 55.2 62.4 73.3 77.7USD 66.2 114.4 72.0 61.3EURO 0.2 0.6 0.2 0.7AUD 4.3 7.4 7.9 9.0INR 1.9 2.0 0.9 1.1Total 127.8 186.8 154.3 149.8No significant amounts of loans and receivables or financial liabilities are denominated in currencies other than sterling, US dollars, euros, Australian dollars or Indian rupees.Foreign currency sensitivity analysis The Group derived the following sensitivities based on the outstanding foreign currency denominated financial assets and liabilities at the year end. The sensitivity analysis includes loans to foreign operations within the Group where the denomination of the loan is in a currency other than the functional currency of the lender or the borrower. The use of a 10% sensitivity rate has been determined based on the effect of the market volatility in exchange rates between the current and previous year end, and represents management\u2019s assessment of the reasonably possible change in foreign exchange rates. A positive number below indicates an increase in profit or equity. 28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mImpact on equity 10% weakening in US dollar against pound sterling (2024: 10%) (1.4) (4.7)10% strengthening in US dollar against pound sterling (2024: 10%) 1.4 4.7Impact on income statement10% weakening in US dollar against pound sterling (2024: 10%) 1.9 (0.2)10% strengthening in US dollar against pound sterling (2024: 10%) (1.9) 0.2A 10% weakening or strengthening against GBP for all other currencies is not expected to yield a significant foreign exchange movement.b) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s trade and other receivables (Note 17) and cash and cash equivalents. Cash and cash equivalentsThe credit risk on liquid funds is limited because the counterparties are banks with high credit ratings as assigned by international credit-rating agencies.Trade receivablesThe carrying amount of financial assets represents the maximum credit exposure. The amounts presented in the statement of financial position are net of allowances for doubtful receivables, estimated by the Group\u2019s management based on trading experience and the current economic environment. An analysis of the relevant provisions is set out in Note 17.The Group always measures the loss allowance for trade receivables at an amount equal to lifetime expected credit loss (\u201cECL\u201d). To measure ECLs, trade receivables are split into groups with the same characteristics to calculate loss rates. Where possible, we have calculated this probability based on historic loss experience using recent sales history, the timing of when the cash was received for the debt and the level of debt not collected for that population.The Group determines its concentration of credit risk based on the individual characteristics of its customers and publicly available knowledge of specific circumstances affecting those customers. The Group defines counterparties as having similar characteristics if they are related entities. 24. Financial instruments and risk management continuedAt 28 February 2025, the exposure to credit risk for gross trade receivables by geographical region was as follows:28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mUnited Kingdom 39.5 44.5North America 37.4 64.3Australia 3.3 4.9India 1.9 1.9Total 82.1 115.6The Group has a significant concentration of credit risk due to its use of third-party distributors. Credit limits for the final customers are set by the distributors based on a combination of payment history and third-party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history. The distributors belong to established international groups whose business includes a number of publishing interests and clients. The Group\u2019s risk is limited as significant amounts outstanding through the UK distributors are secured by credit insurance, and in the US, credit risk for significant amounts outstanding through distributors rests with the distributors. The balances with the US distributor make up 89% (2024: 86%) of the North America trade receivable balance. In the UK, balances with the distributors make up 91% (2024: 92%) of the UK trade receivable balance. c) Liquidity riskCurrently, the Group has moderate borrowing and has sufficient cash deposits to meet its debts as they fall due. The Board has modelled a severe but plausible pessimistic downside scenario; see Note 1d) on going concern for further details. Under this scenario the Group is expected to have sufficient liquidity for at least 12 months from the date of approval of the financial statements and would not breach any of the loan covenants.Cash flow budgets and forecasts are prepared by the operating entities of the Group, aggregated for the Group and regularly reviewed by the Board, and the actual cash position of the Group and each entity is compared monthly against budget. This allows management to ensure that each operating entity and the Group have sufficient cash to meet operational needs. Surplus cash held by the operating entities, over and above the balance required for working capital management, is invested in interest-bearing accounts and money market deposits. The Group\u2019s financial liabilities are trade payables, sales returns liability, accruals, lease liabilities and other payables as shown above as well as borrowings. All financial liabilities are due within one year with the exception of borrowings.Revolving credit facilityThe Group has an unsecured revolving credit facility with Lloyds Bank Plc. No amounts were drawn under the facility during the year ended 28 February 2025 (2024: \u00a3nil). As at 28 February 2025, the facility remains fully undrawn (2024: fully undrawn) with \u00a320.0m of undrawn borrowing facilities (2024: \u00a320.0m) available. The agreement is to November 2027. The facility comprises a committed revolving credit facility of \u00a320m, and an uncommitted incremental term loan facility of up to \u00a320m. The facility is subject to two covenants, being a maximum net debt to EBITDA ratio of 2.5x and a minimum interest cover covenant of 4x. Term loan facilityOn 15 May 2024, the Group entered into an unsecured term loan facility with Lloyds Bank Plc, running for three years to May 2027. The loan principal is \u00a329.7m with a variable interest rate of SOFR (Secured Overnight Financing Rate) + 1.4% per annum, calculated quarterly. The facility is subject to two covenants, being a maximum net debt to EBITDA ratio of 2.5x and a minimum interest cover covenant of 4x. The loan is classified and measured at amortised cost in accordance with IFRS 9. The effective interest rate method is used to allocate interest expense over the relevant period. The loan was initially recognised at its fair value, net of transaction costs amounting to \u00a30.3m. The interest expense for the period is calculated using the effective interest rate method. The interest expense recognised in the Income Statement for the year ended 28 February 2025 is \u00a31.6m.During the period, the Company made partial repayments totalling \u00a36.2m. Under the terms of the agreement, the loan is repayable at the Group\u2019s discretion, with no fixed repayment schedule.At 28 February 2025, the carrying amount of the loan is \u00a323.6m, which includes the principal amount, accrued interest and net of repayments made during the year. The loan has been treated as non-current to reflect the expected timing of when the loan will be repaid. The non-current treatment assessment is disclosed further in Note 19.25. LeasesThe Group\u2019s lease portfolio consists of office properties, cars and equipment. The amounts recognised in the income statement are as follows:28 February 29 February 2025 2024 Notes\u00a3\u2019m\u00a3\u2019mInterest on lease liabilities 6 0.3 0.3Depreciation of right-of-use assets 14 2.0 2.0The maturities of the Group\u2019s lease liabilities are as follows:28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mLess than one year 2.8 2.4One to five years 11.1 5.4More than five years 8.0 1.6Total undiscounted lease liabilities 21.9 9.4Lease liabilities included in the Consolidated Statement of Financial Position 8.8 8.9Current 1.5 2.4Non-current 7.3 6.5The above undiscounted lease liabilities includes the new US office lease entered into but yet to commence.26. Commitments and contingent liabilitiesa) Capital commitments28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mProperty, plant and equipment 0.7 \u2013Intangible assets 0.9 0.4Total 1.6 0.4b) Other commitmentsThe Group is committed to paying royalty advances to authors in subsequent financial years. As at 28 February 2025, this commitment amounted to \u00a324.3m (2024: \u00a328.4m).c) GuaranteesThe Company and certain of its subsidiaries have provided guarantees to Lloyds Bank Plc in relation to the Group\u2019s borrowing facilities \u2013 see Note 24c). 27. Related party transactionsThere are no related party transactions other than key management remuneration as disclosed in Note 5.28. Investments in subsidiary companiesThe Group\u2019s subsidiary companies at 28 February 2025 are:Proportion Country of of equity Nature of business Registered incorporationcapital heldduring the yearofficeSubsidiary undertakings held directly by Bloomsbury Publishing Plc:A & C Black Limited England and Wales 100% Intermediate 1.holding companyBloomsbury India UK Limited England and Wales 100% Intermediate 1.holding companyBloomsbury Publishing Inc. USA 100% Publishing 2.Bloomsbury Information Limited England and Wales 100% Publishing 1.Bloomsbury Professional Limited England and Wales 100% Publishing 1.Bloomsbury Publishing PTY Limited Australia 100% Publishing 3.The Continuum International Publishing Group Limited England and Wales 100% Publishing 1.Hart Publishing Limited England and Wales 100% Publishing 1.Head of Zeus Limited England and Wales 100% Publishing 1.Bloomsbury Publishing Ireland Limited Ireland 100% Publishing 6.Osprey Publishing Limited England and Wales 100% Publishing 1.Bloomsbury Book Publishing Company Limited England and Wales 100% Publishing 1.I.B. Tauris & Co. Limited England and Wales 100% Publishing 1.Oberon Books Limited England and Wales 100% Publishing 1.Bloomsbury Media Limited England and Wales 100% Dormant 1.Subsidiary undertakings held through a subsidiary company:A & C Black Publishers Limited England and Wales 100% Publishing 1.Christopher Helm (Publishers) Limited England and Wales 100% Publishing 1.Oxford International Publishers Limited t/a Berg Publishers England and Wales 100% Publishing 1.John Wisden and Company Limited England and Wales 100% Publishing 1.Shire Publications Limited England and Wales 100% Publishing 1.British Wildlife Publishing Limited England and Wales 100% Publishing 1.Bloomsbury Publishing India Private Limited India 100% Publishing 4.Berg Fashion Library Limited England and Wales 100% Dormant 1.A & C Black (Distribution) Limited England and Wales 100% Dormant 1.A & C Black (Storage) Limited England and Wales 100% Dormant 1.Adlard Coles Limited England and Wales 100% Dormant 1.Alphabooks Limited England and Wales 100% Dormant 1.F. Lewis (Publishers) Limited England and Wales 100% Dormant 1.Featherstone Education Limited England and Wales 100% Dormant 1.Hambledon and London Limited England and Wales 100% Dormant 1.Herbert Press Limited England and Wales 100% Dormant 1.John Wisden (Holdings) Limited England and Wales 100% Dormant 1.Methuen Drama Limited England and Wales 100% Dormant 1.Nautical Publishing Co Limited England and Wales 100% Dormant 1.Philip Wilson Publishers Limited England and Wales 100% Dormant 1.Reed\u2019s Almanac Limited England and Wales 100% Dormant 1.Sheffield Academic Press Limited England and Wales 100% Dormant 1.T & T Clark Limited Scotland 100% Dormant 5.The Athlone Press Limited England and Wales 100% Dormant 1.Thoemmes Limited England and Wales 100% Dormant 1.All subsidiary undertakings are included in the consolidation.The following lists all Bloomsbury registered office addresses. Please see the wholly owned subsidiary list for relevant registered office codes.1. 50 Bedford Square, London WC1B 3DP, United Kingdom.2. 1385 Broadway, Fifth Floor, New York, NY 10018, USA.3. Level 4, 387 George Street, Sydney, NSW 2000, Australia.4. DDA Complex, LSC, Building No. 4, Second Floor, Pocket C-6&7, Vasant Kunj, New Delhi, 110070, India. 5. C/O Bloomsbury Professional Limited, 83 Princes Street, Edinburgh EH2 2ER, United Kingdom.6. C/O Deloitte Ireland LLP, 29 Earlsfort Terrace, Dublin 2, D02 AY28, Ireland.For the year ended 28 February 2025, the following subsidiary companies were entitled to exemption from audit under section 479A of the Companies Act 2006:Company Subsidiary namenumberBloomsbury Information Limited 06409758Bloomsbury Professional Limited 05233465The Continuum International Publishing Group Limited 03833148A & C Black Publishers Limited 00189153Christopher Helm (Publishers) Limited 01953639Oxford International Publishers Limited t/a Berg Publishers 03143617John Wisden and Company Limited 00135590Hart Publishing Limited 03307205Osprey Publishing Limited 03471853Shire Publications Limited 00868867British Wildlife Publishing Limited 06810049Bloomsbury Book Publishing Company Limited 03830397I.B. Tauris & Co. Limited 01761687Head of Zeus Limited 07769235Oberon Books Limited 02082142The Group\u2019s joint venture undertakings at 28 February 2025 are:Nature of Proportion business Country of of equity during the Registered incorporationcapital heldyearofficeJoint venture undertakings held directly by Bloomsbury Publishing Plc:CYP and Bloomsbury (Beijing) Culture Development Co., Ltd China 50% Publishing 1.1. Floor 5, B Block, No. 1132, HuihHe South Street, Banbidian Village, Gaobeidian Township, Chaoyang District, Beijing, PRC.",
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"value": "c) Basis of preparationThe consolidated financial statements have been prepared on a going concern basis (see Note 1d)) and under the historical cost convention as modified by the revaluation of financial assets and liabilities at fair value.This year, we have adopted a rounding practice to present current and prior year figures in millions instead of thousands. This change aims to enhance the clarity and usability of our financial statements. These consolidated financial statements were approved for issue by the Board of Directors on 21 May 2025.",
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"value": "d) Going concernThe Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report on pages 10 to 90. The financial position of the Group, its cash flows and liquidity position are described in the Financial Review on pages 30 to 34. In addition, Note 24 to the financial statements includes the Group\u2019s objectives, policies and processes for managing its capital, its financial risk management objectives, details of its financial instruments, and its exposures to credit risk and liquidity risk.The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence at least 12 months from the date of approval of the financial statements, being the period of the detailed going concern assessment reviewed by the Board, and, therefore, continue to adopt the going concern basis of accounting in preparing the consolidated financial statements. The Board has modelled a severe but plausible downside scenario. This assumes that:\u2022 print revenues are reduced by 20% during 2025/2026 with recovery during 2026/2027;\u2022 digital revenues are reduced by 20% during 2025/2026 with recovery during 2026/2027;\u2022 print costs are increased by 2% from 2025/2026 and staff costs are increased by 2% from 2026/2027;\u2022 downside assumptions about extended debtor days during 2025/2026, with recovery during 2026/2027; and\u2022 cash preservation measures are implemented, and variable costs are reduced.At 28 February 2025, the Group had available liquidity of \u00a360.6m, comprising central cash balances and its undrawn \u00a320m Revolving Credit Facility (\u201cRCF\u201d). The RCF agreement is to November 2027. Under the severe but plausible downside scenario, the Group would maintain sufficient liquidity headroom even before modelling the mitigating effect of actions that management would take in the event that these downside risks were to crystallise. Details of the bank facility and its covenants are shown in Note 24c).",
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"value": "b) Basis of consolidationi. Business combinationsBusiness combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The Group measures goodwill at the acquisition date as:\u2022 the fair value of consideration transferred; plus\u2022 the recognised amount of any non-controlling interest in the acquiree; less\u2022 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed.Where the excess is negative, a bargain purchase gain is recognised immediately in the income statement.Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with the business combination are expensed as incurred.Any contingent consideration payable is measured and recognised at fair value at the acquisition date. Subsequent changes to the fair value of contingent consideration are recognised in the income statement. 2. Material accounting policies continuedManagement exercises judgement in determining the classification of its investments in its businesses, in line with the following:ii. SubsidiariesThe consolidated financial statements comprise the financial information of the Company and its subsidiaries. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.Accounting policies of subsidiaries are aligned with accounting policies adopted by the Group to ensure consistency.All subsidiaries, except Bloomsbury Publishing India Private Limited, have a reporting period year end of 28/29 February. Bloomsbury Publishing India Private Limited has a reporting period year end of 31 March, which aligns with the Indian Government\u2019s financial year. The Group financial statements include the results for Bloomsbury Publishing India Private Limited for the year to 28 February.iii. Transactions eliminated on consolidationIntra-Group balances and transactions, and any unrealised income and expenses arising from intra-Group transactions, are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.iv. Joint venturesJoint ventures are entities in which the Group holds an interest on a long-term basis and has rights to the net assets through contractually agreed sharing of control. Investments in joint ventures are accounted for by the equity method and are initially recognised at the fair value of consideration transferred.The Group\u2019s share of its joint venture\u2019s post acquisition profit or losses is recognised in the income statement. The Group\u2019s share of its joint venture\u2019s results is recognised as a component of operating profit as these operations form part of the core publishing business of the Group and are an integral part of the existing wholly-owned business. The cumulative post-acquisition profit or loss is adjusted against the carrying amount of the investment. When the Group\u2019s share of losses in a joint venture equals, or exceeds, its interest in the joint venture, the Group does not recognise further losses unless the Group has incurred obligations or made payments on behalf of the joint venture. ",
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"value": "c) RevenueRevenue represents the fair value of consideration received from the provision of goods, services and rights falling within the Group\u2019s ordinary activities, after deduction of trade discounts, value added tax and anticipated returns. Where the goods or services promised within a contract are distinct, they are identified as separate performance obligations and are accounted for separately. Where contractual arrangements consist of two or more performance obligations, such as access to multiple titles, the transaction price is allocated between the distinct performance obligations on the basis of their relative stand-alone selling prices. i. Print:\u2022 Print sales: Revenue from the sale of printed books is recognised at the point in time when control passes. This is at the point of shipment when the title passes to the customer, when the Group has a present right to payment and has satisfied the relevant performance obligations under the contract.A provision for anticipated returns is made based primarily on historical return rates and customer trends in each territory. If these do not reflect actual returns in future periods, then revenues could be understated or overstated for a particular period. The provision for anticipated future sales returns is recognised in trade and other liabilities in the statement of financial position. A returns asset is recognised in Finished Goods, Inventory for the Group\u2019s right to recover products from customers on settling the returns liability.ii. Digital:\u2022 Ebook sales: Revenue from ebook sales is recognised when content is delivered, i.e. access has been given to the customer.\u2022 Subscription income: Revenue is generated from customers through the sale of digital materials to educational establishments, libraries and professionals. Revenue for digital subscriptions is derived from the periodic subscription or update of the product. Revenue is recognised on a straight-line basis over the period of subscription, or if less, the expected useful economic life of the product, unless the product is downloadable or the goods or services are not delivered in a consistent manner over time, in which case revenue is recognised based on the value received by the customer.iii. Rights and services\u2022 Revenue from the licence of publishing and distribution rights, including film, paperback, electronic, overseas publishing rights, and sponsorship, is recognised when the Group has provided the associated material and collectability is probable.\u2022 Management services contracts: Revenue is primarily generated from multi-year contractual arrangements related to the delivery of online platform build, editorial and management services. Revenue is recognised over time based on contractual milestones as the customer gains benefit from the assets created or services provided. d) Foreign currenciesi. Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u201cthe functional currency\u201d). These consolidated financial statements are presented in sterling as this is the most representative currency of the Group\u2019s operations. All financial information presented in sterling has been rounded to the nearest million, except where otherwise stated.ii. Transactions and balancesTransactions in currencies other than the functional currency are recorded in the functional currency at the rates of exchange prevailing on the dates of the transactions. Assets and liabilities in foreign currencies are translated into sterling at the closing rates of exchange at the date of the statement of financial position. Exchange differences are charged or credited to the income statement within administrative expenses.iii. Group companiesThe results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:\u2022 Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position.\u2022 Income and expenses are translated at the average exchange rates over the period,\u2022 All resulting exchange differences are recognised in other comprehensive income and presented in the translation reserve in equity. On disposal of a foreign entity these exchange differences are recycled to the income statement. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and are translated at the closing rate. Exchange differences arising are recognised in other comprehensive income.e) TaxationThe tax expense represents the sum of the tax currently payable and deferred tax.i. Current taxThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted, or substantively enacted, at the reporting date.The Group recognises liabilities for anticipated tax issues based on estimates of the additional taxes that are likely to become due, which require judgement. Amounts are accrued based on the Directors\u2019 interpretation of specific tax law in the relevant country and the likelihood of settlement. The Directors use in-house tax experts, professional firms and previous experience when assessing tax risks. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current tax and deferred tax provisions in the period in which such determination is made. ii. Deferred taxDeferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent 2. Material accounting policies continuedthat it is probable that taxable profit will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit and does not give risk to an equal taxable and deductible temporary difference. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be generated to allow all, or part, of the asset to be recovered.Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based upon tax rates that have been enacted, or substantively enacted, by the end of the reporting period. iii. Current and deferred tax for the yearCurrent and deferred tax is charged or credited in the income statement, except when it relates to items credited or charged directly to other comprehensive income or equity, in which case the deferred tax is also recognised in other comprehensive income or equity, respectively. f) Goodwill and other intangible assetsi. GoodwillGoodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business (see Note 2b)i) less accumulated impairment losses, if any. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units (or groups of cash-generating units) that are expected to benefit from the synergies of the combination. In the period the Children\u2019s Trade and Adult Trade cash-generating units have been combined into a single Consumer Division cash-generating unit. This change reflects how the Division is managed with the strategic focus on the consumer market as a whole. A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently where there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than it\u2019s carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in profit or loss in the consolidated income statement. An impairment loss recognised for goodwill is not reversed in subsequent periods. On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ii. Other intangible assetsOther intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. Except for goodwill and assets under construction, intangible assets are amortised on a straight-line basis in the income statement over their expected useful lives by equal annual instalments at the following rates:Publishing relationships \u2013 5% to 20% per annumImprints \u2013 3% to 33% per annumSubscriber and customer relationships \u2013 7% to 10% per annumTrademarks \u2013 over the life of the trademark Product and systems development \u2013 10% to 50% per annumAssets under construction relate to the costs of developing a product, typically an online platform, which is yet to go live.Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted prospectively if appropriate.iii. Product and systems developmentCosts that are directly associated with the purchase and implementation of systems, such as software products, are recognised as intangible assets. Likewise, costs incurred in developing a product, typically an online platform or production files, are recognised as intangible assets.Expenditure is only capitalised if costs can be measured reliably, the product is technically and commercially feasible, future economic benefits are probable, and the Group has sufficient resources to complete development and use the asset.g) Property, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment loss.Property, plant and equipment are depreciated in order to write down their cost less residual value using the straight-line method over their expected useful lives at the following rates: Short leasehold improvements \u2013 over the remaining life of the leaseFurniture and fittings \u2013 10% per annumComputers and other office equipment \u2013 33% per annumMotor vehicles \u2013 25% per annumDepreciation is prorated in the years of acquisition and disposal of an asset. The estimated useful lives, residual value and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.An item of property, plant and equipment is derecognised on disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement.h) LeasesThe Group assesses whether a contract contains a lease at the inception of the contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognises a right-of-use asset and a lease liability at the lease commencement date with respect to all lease arrangements, except for short-term leases (leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, the lease payments are recognised as an operating expense on a straight-line basis over the term of the lease.The right-of-use asset is initially measured at cost, comprising the initial amount of the lease liability plus any initial direct costs incurred and an estimate of costs to restore the underlying asset, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the asset or the end of the lease term. The Group applies IAS 36 to determine whether a right-of-use asset is impaired. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. The lease liability is measured at amortised cost using the effective interest method. Management uses judgement to determine the lease term where extension and termination options are available within the lease. i) Impairment of tangible and intangible assets excluding goodwillAt the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement. Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Impairment reversals are included in the income statement, except to the extent they reverse gains previously recognised in other comprehensive income. j) InventoriesThe cost of work in progress and finished goods represents the amounts charged to the Group for origination, inbound freight, paper, printing and binding. Inventories are valued at the lower of cost and net realisable value. Cost is determined using the weighted average cost method. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale. Provisions are made for slow-moving and obsolete stock. A returns asset is recognised in Finished Goods, Inventory for the Group\u2019s right to recover products from customers on settling a returns liability.l) ProvisionsA provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).m) Financial instrumentsFinancial assets and financial liabilities are recognised when the Group has become a party to the contractual provisions of the instrument. The Group\u2019s financial assets and liabilities are as below:Trade receivablesTrade receivables and other receivables are measured on initial recognition at fair value, and are subsequently measured at amortised cost using the effective interest rate method, less any impairment. Provisions for bad and doubtful debts are based on the expected credit loss model. The \u201csimplified approach\u201d is used with the expected loss allowance measured at an amount equal to the lifetime expected credit losses. Cash and cash equivalentsCash and cash equivalents in the statement of cash flows comprise cash in hand and at bank, other short-term deposits held by the Group with maturities of three months or less and bank overdrafts. Bank overdrafts are included in current liabilities in the statement of financial position.Trade payablesTrade payables are not interest bearing and are initially recognised at fair value and subsequently at amortised cost using the effective interest method.BorrowingsBorrowings are recognised initially at fair value, which is proceeds received net of transaction costs incurred. Borrowings are subsequently stated at amortised cost with any difference between the proceeds (net of transaction costs) and the redemption value being recognised in the income statement over the period of the borrowings using the effective interest method. Accrued interest is included as part of borrowings.o) Employee benefitsi. Defined contribution plansPension costs relating to defined contribution pension schemes are recognised in the income statement in the period for which related services are rendered by the employee. ii. Termination benefitsTermination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan either to terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy.iii. Share-based payment transactionsThe Group issues equity-settled share-based payment instruments to certain employees. Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of equity-settled share-based payments is charged to the income statement on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest. Options granted under the Sharesave Plan are equity-settled. The fair values of such options have been calculated using the Black\u2013Scholes model based on publicly available market data. Awards granted under the Group\u2019s Performance Share Plan are equity-settled. Awards granted in 2021 and 2022 are subject to the following performance conditions; Earnings Per Share (60%), Non-Consumer operating profit (15%), Consumer operating profit (15%) and BDR revenue (10%). Awards granted in 2023 and 2024 are subject to the following performance conditions: Earnings Per Share (60%), Non-Consumer operating profit (17.5%), Consumer operating profit (17.5%) and Bloomsbury International Revenue (5%). The fair value of this element of the awards is calculated using the Black\u2013Scholes model. Where the awards are subject to a holding period, we have used the Chaffe or Ghaidarov model to determine a discount for lack of marketability. q) Segmental reportingOperating segments, which have not been aggregated, are reported in a manner that is consistent with the internal reporting provided to the Chief Executive (\u201cCE\u201d), regarded as the Chief Operating Decision Maker.The CE views the Group primarily from a nature-of-business basis, reflecting the Divisional performance of Consumer, and Non-Consumer, made up of Academic & Professional and Special Interest. Segment results that are reported to the CE include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Performance is evaluated based on operating profit contributions using the same accounting policies as adopted for the Group\u2019s financial statements.r) DividendsFinal dividends are recognised as liabilities once they are appropriately authorised by the Company\u2019s Shareholders. Interim dividends are recorded when paid.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-8-3": {
"value": "c) RevenueRevenue represents the fair value of consideration received from the provision of goods, services and rights falling within the Group\u2019s ordinary activities, after deduction of trade discounts, value added tax and anticipated returns. Where the goods or services promised within a contract are distinct, they are identified as separate performance obligations and are accounted for separately. Where contractual arrangements consist of two or more performance obligations, such as access to multiple titles, the transaction price is allocated between the distinct performance obligations on the basis of their relative stand-alone selling prices. i. Print:\u2022 Print sales: Revenue from the sale of printed books is recognised at the point in time when control passes. This is at the point of shipment when the title passes to the customer, when the Group has a present right to payment and has satisfied the relevant performance obligations under the contract.A provision for anticipated returns is made based primarily on historical return rates and customer trends in each territory. If these do not reflect actual returns in future periods, then revenues could be understated or overstated for a particular period. The provision for anticipated future sales returns is recognised in trade and other liabilities in the statement of financial position. A returns asset is recognised in Finished Goods, Inventory for the Group\u2019s right to recover products from customers on settling the returns liability.ii. Digital:\u2022 Ebook sales: Revenue from ebook sales is recognised when content is delivered, i.e. access has been given to the customer.\u2022 Subscription income: Revenue is generated from customers through the sale of digital materials to educational establishments, libraries and professionals. Revenue for digital subscriptions is derived from the periodic subscription or update of the product. Revenue is recognised on a straight-line basis over the period of subscription, or if less, the expected useful economic life of the product, unless the product is downloadable or the goods or services are not delivered in a consistent manner over time, in which case revenue is recognised based on the value received by the customer.iii. Rights and services\u2022 Revenue from the licence of publishing and distribution rights, including film, paperback, electronic, overseas publishing rights, and sponsorship, is recognised when the Group has provided the associated material and collectability is probable.\u2022 Management services contracts: Revenue is primarily generated from multi-year contractual arrangements related to the delivery of online platform build, editorial and management services. Revenue is recognised over time based on contractual milestones as the customer gains benefit from the assets created or services provided. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-10-3": {
"value": "d) Foreign currenciesi. Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u201cthe functional currency\u201d). These consolidated financial statements are presented in sterling as this is the most representative currency of the Group\u2019s operations. All financial information presented in sterling has been rounded to the nearest million, except where otherwise stated.ii. Transactions and balancesTransactions in currencies other than the functional currency are recorded in the functional currency at the rates of exchange prevailing on the dates of the transactions. Assets and liabilities in foreign currencies are translated into sterling at the closing rates of exchange at the date of the statement of financial position. Exchange differences are charged or credited to the income statement within administrative expenses.iii. Group companiesThe results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:\u2022 Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position.\u2022 Income and expenses are translated at the average exchange rates over the period,\u2022 All resulting exchange differences are recognised in other comprehensive income and presented in the translation reserve in equity. On disposal of a foreign entity these exchange differences are recycled to the income statement. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and are translated at the closing rate. Exchange differences arising are recognised in other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-11-3": {
"value": "e) TaxationThe tax expense represents the sum of the tax currently payable and deferred tax.i. Current taxThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted, or substantively enacted, at the reporting date.The Group recognises liabilities for anticipated tax issues based on estimates of the additional taxes that are likely to become due, which require judgement. Amounts are accrued based on the Directors\u2019 interpretation of specific tax law in the relevant country and the likelihood of settlement. The Directors use in-house tax experts, professional firms and previous experience when assessing tax risks. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current tax and deferred tax provisions in the period in which such determination is made. ii. Deferred taxDeferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent 2. Material accounting policies continuedthat it is probable that taxable profit will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit and does not give risk to an equal taxable and deductible temporary difference. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be generated to allow all, or part, of the asset to be recovered.Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based upon tax rates that have been enacted, or substantively enacted, by the end of the reporting period. iii. Current and deferred tax for the yearCurrent and deferred tax is charged or credited in the income statement, except when it relates to items credited or charged directly to other comprehensive income or equity, in which case the deferred tax is also recognised in other comprehensive income or equity, respectively. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-11-4": {
"value": "e) TaxationThe tax expense represents the sum of the tax currently payable and deferred tax.i. Current taxThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted, or substantively enacted, at the reporting date.The Group recognises liabilities for anticipated tax issues based on estimates of the additional taxes that are likely to become due, which require judgement. Amounts are accrued based on the Directors\u2019 interpretation of specific tax law in the relevant country and the likelihood of settlement. The Directors use in-house tax experts, professional firms and previous experience when assessing tax risks. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current tax and deferred tax provisions in the period in which such determination is made. ii. Deferred taxDeferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent 2. Material accounting policies continuedthat it is probable that taxable profit will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit and does not give risk to an equal taxable and deductible temporary difference. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be generated to allow all, or part, of the asset to be recovered.Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based upon tax rates that have been enacted, or substantively enacted, by the end of the reporting period. iii. Current and deferred tax for the yearCurrent and deferred tax is charged or credited in the income statement, except when it relates to items credited or charged directly to other comprehensive income or equity, in which case the deferred tax is also recognised in other comprehensive income or equity, respectively. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-13-3": {
"value": "f) Goodwill and other intangible assetsi. GoodwillGoodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business (see Note 2b)i) less accumulated impairment losses, if any. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units (or groups of cash-generating units) that are expected to benefit from the synergies of the combination. In the period the Children\u2019s Trade and Adult Trade cash-generating units have been combined into a single Consumer Division cash-generating unit. This change reflects how the Division is managed with the strategic focus on the consumer market as a whole. A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently where there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than it\u2019s carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in profit or loss in the consolidated income statement. An impairment loss recognised for goodwill is not reversed in subsequent periods. On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ii. Other intangible assetsOther intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. Except for goodwill and assets under construction, intangible assets are amortised on a straight-line basis in the income statement over their expected useful lives by equal annual instalments at the following rates:Publishing relationships \u2013 5% to 20% per annumImprints \u2013 3% to 33% per annumSubscriber and customer relationships \u2013 7% to 10% per annumTrademarks \u2013 over the life of the trademark Product and systems development \u2013 10% to 50% per annumAssets under construction relate to the costs of developing a product, typically an online platform, which is yet to go live.Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted prospectively if appropriate.iii. Product and systems developmentCosts that are directly associated with the purchase and implementation of systems, such as software products, are recognised as intangible assets. Likewise, costs incurred in developing a product, typically an online platform or production files, are recognised as intangible assets.Expenditure is only capitalised if costs can be measured reliably, the product is technically and commercially feasible, future economic benefits are probable, and the Group has sufficient resources to complete development and use the asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-15-3": {
"value": "g) Property, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment loss.Property, plant and equipment are depreciated in order to write down their cost less residual value using the straight-line method over their expected useful lives at the following rates: Short leasehold improvements \u2013 over the remaining life of the leaseFurniture and fittings \u2013 10% per annumComputers and other office equipment \u2013 33% per annumMotor vehicles \u2013 25% per annumDepreciation is prorated in the years of acquisition and disposal of an asset. The estimated useful lives, residual value and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.An item of property, plant and equipment is derecognised on disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-16-3": {
"value": "h) LeasesThe Group assesses whether a contract contains a lease at the inception of the contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognises a right-of-use asset and a lease liability at the lease commencement date with respect to all lease arrangements, except for short-term leases (leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, the lease payments are recognised as an operating expense on a straight-line basis over the term of the lease.The right-of-use asset is initially measured at cost, comprising the initial amount of the lease liability plus any initial direct costs incurred and an estimate of costs to restore the underlying asset, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the asset or the end of the lease term. The Group applies IAS 36 to determine whether a right-of-use asset is impaired. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. The lease liability is measured at amortised cost using the effective interest method. Management uses judgement to determine the lease term where extension and termination options are available within the lease. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-17-3": {
"value": "i) Impairment of tangible and intangible assets excluding goodwillAt the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement. Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Impairment reversals are included in the income statement, except to the extent they reverse gains previously recognised in other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-18-3": {
"value": "j) InventoriesThe cost of work in progress and finished goods represents the amounts charged to the Group for origination, inbound freight, paper, printing and binding. Inventories are valued at the lower of cost and net realisable value. Cost is determined using the weighted average cost method. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale. Provisions are made for slow-moving and obsolete stock. A returns asset is recognised in Finished Goods, Inventory for the Group\u2019s right to recover products from customers on settling a returns liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-19-3": {
"value": "l) ProvisionsA provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-20-3": {
"value": "m) Financial instrumentsFinancial assets and financial liabilities are recognised when the Group has become a party to the contractual provisions of the instrument. The Group\u2019s financial assets and liabilities are as below:Trade receivablesTrade receivables and other receivables are measured on initial recognition at fair value, and are subsequently measured at amortised cost using the effective interest rate method, less any impairment. Provisions for bad and doubtful debts are based on the expected credit loss model. The \u201csimplified approach\u201d is used with the expected loss allowance measured at an amount equal to the lifetime expected credit losses. Cash and cash equivalentsCash and cash equivalents in the statement of cash flows comprise cash in hand and at bank, other short-term deposits held by the Group with maturities of three months or less and bank overdrafts. Bank overdrafts are included in current liabilities in the statement of financial position.Trade payablesTrade payables are not interest bearing and are initially recognised at fair value and subsequently at amortised cost using the effective interest method.BorrowingsBorrowings are recognised initially at fair value, which is proceeds received net of transaction costs incurred. Borrowings are subsequently stated at amortised cost with any difference between the proceeds (net of transaction costs) and the redemption value being recognised in the income statement over the period of the borrowings using the effective interest method. Accrued interest is included as part of borrowings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-21-3": {
"value": "o) Employee benefitsi. Defined contribution plansPension costs relating to defined contribution pension schemes are recognised in the income statement in the period for which related services are rendered by the employee. ii. Termination benefitsTermination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan either to terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy.iii. Share-based payment transactionsThe Group issues equity-settled share-based payment instruments to certain employees. Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of equity-settled share-based payments is charged to the income statement on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest. Options granted under the Sharesave Plan are equity-settled. The fair values of such options have been calculated using the Black\u2013Scholes model based on publicly available market data. Awards granted under the Group\u2019s Performance Share Plan are equity-settled. Awards granted in 2021 and 2022 are subject to the following performance conditions; Earnings Per Share (60%), Non-Consumer operating profit (15%), Consumer operating profit (15%) and BDR revenue (10%). Awards granted in 2023 and 2024 are subject to the following performance conditions: Earnings Per Share (60%), Non-Consumer operating profit (17.5%), Consumer operating profit (17.5%) and Bloomsbury International Revenue (5%). The fair value of this element of the awards is calculated using the Black\u2013Scholes model. Where the awards are subject to a holding period, we have used the Chaffe or Ghaidarov model to determine a discount for lack of marketability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-22-3": {
"value": "q) Segmental reportingOperating segments, which have not been aggregated, are reported in a manner that is consistent with the internal reporting provided to the Chief Executive (\u201cCE\u201d), regarded as the Chief Operating Decision Maker.The CE views the Group primarily from a nature-of-business basis, reflecting the Divisional performance of Consumer, and Non-Consumer, made up of Academic & Professional and Special Interest. Segment results that are reported to the CE include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Performance is evaluated based on operating profit contributions using the same accounting policies as adopted for the Group\u2019s financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-23-3": {
"value": "r) DividendsFinal dividends are recognised as liabilities once they are appropriately authorised by the Company\u2019s Shareholders. Interim dividends are recorded when paid.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-24-2": {
"value": "s) Critical accounting estimates and judgementsEstimates and judgements are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. The resultant estimates will, by definition, not necessarily equal the related actual results and may require adjustment in subsequent accounting periods. The estimates and assumptions that may cause a material adjustment to the carrying amount of assets and liabilities in the next financial year are:i. Book returnsThe level of sales returns liability is set out in Note 18.Printed books are normally sold on a sale-or-return basis. The timing of returns of unsold books is uncertain. A provision is made against sales for the expected future returns of books that have not occurred by the end of an accounting period. The sales returns liability represents 7.0% of annual gross title sales (2024: 7.2%).This is an estimate as it requires management to estimate the level of expected future returns. As books are returnable by customers, the Group makes a provision against books sold in the accounting period which is then carried forward in anticipation of book returns received 2. Material accounting policies continuedsubsequent to the period end. The provision is recorded by sub-division and is based on the estimated time lag following a sale before a return is made, based on the historic returns data. The provision is calculated by reference to historical returns rates, customer trends and expected future returns.If these estimates do not reflect actual returns in future periods, then revenues could be understated or overstated for a particular period. In Note 18 we have disclosed the impact on revenue of a 10% increase or decrease in actual returns in the year. ii. Author advancesTrade and other receivables in the Group Statement of Financial Position, in Note 17, include royalty advances (i.e. net unearned advances to authors). A provision is made against gross advances (paid and payable) to the extent that they are not expected to be fully earned from anticipated future sales of a title and subsidiary rights receivable.This is an estimate as it requires management to estimate the future sales of a title. The Directors review all royalty advances for triggers indicating that a provision may be required and, additionally, at the end of each financial year, a review is carried out on advances for all published titles where the initial publication date is 12 months or earlier from the reporting period end date to assess whether a provision is required.If it is unlikely that royalties from future title sales and subsidiary rights will fully earn down the advance, a provision is made in the income statement on a title-by-title basis, with regard to historical net sales, expected future net sales and taking account of the life cycle of a book, for the difference between the carrying value and the anticipated recoverable amount from future earnings.In Note 4, we have disclosed the provision made against advances in the year.iii. Impairment reviewsThe carrying value of goodwill arising on the acquisition of businesses combinations by the Group is set out in Note 11. The carrying value of the Company\u2019s Investment in subsidiary companies is set out in Note 34. This is an estimate as it requires an estimation of future cash flows relating to each CGU or investment. IFRS require management to undertake an annual test for impairment of indefinite life assets and, for finite life assets, to test for impairment if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Group currently undertakes an annual impairment test covering goodwill and reviews finite life assets to consider whether a full impairment review is required. The Company tests the recoverability of investments annually.Intangible assets and investment recoverability are areas involving management judgement, requiring assessment as to whether the carrying value of assets can be supported by the net present value of future cash flows derived from such assets using cash flow projections that have been discounted at an appropriate rate. In calculating the net present value of the future cash flows, certain assumptions are required to be made. Note 11 details the assumptions used, and sensitivities analysis performed, on the value-in-use calculations for goodwill. The key assumptions used in the cash flow projections for Investments are discount rates, long-term growth rates, revenue growth rates and forecast operating profits.iv. InventoryThe level of inventories and the inventory provision are set out in Note 16 to the financial statements.For each line of inventory, a provision is made against the cost of the inventory, where the Net Realisable Value is less than cost. Net Realisable Value is the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale. This is an estimate as it requires management to estimate the net realisable value for inventory. At the end of each reporting period a review is carried out on all published titles where inventory is held. A provision is made by the Group against unsold inventory on a title-by-title basis, with regard to historical net sales and expected future net sales, to value the inventories at the lower of cost and net realisable value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-26-2": {
"value": "3. Revenue and segmental analysisThe Group is comprised of two worldwide publishing divisions: Consumer and Non-Consumer, reflecting the core customers for our different operations. Previously, the Consumer Division was further split out into two operating segments: Children\u2019s Trade and Adult Trade. During the year, the Children\u2019s Trade and Adult Trade operating results have been combined into a single Consumer category for reporting regularly reviewed by the Chief Operating Decision Maker. This change reflects how the Division is managed with the strategic focus on the consumer market as a whole. Comparative information for prior periods has been restated to reflect this change. Non-Consumer continues to be split between two operating segments: Academic & Professional and Special Interest. Each reportable segment represents a cash-generating unit for the purpose of impairment testing. We have allocated goodwill between reportable segments. These divisions are the basis on which the Group primarily reports its segment information. Segments derive their revenue from book publishing, sale of publishing and distribution rights, management and other publishing services.The analysis by segment is shown below:Academic & Special Non-Consumer Professional Interest Consumer Unallocated Total Year ended 28 February 2025\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019mExternal revenue 256.0 83.3 21.7 105.0 \u2013 361.0Cost of sales (122.4) (24.3) (10.4) (34.7) \u2013 (157.1)Gross profit 133.6 59.0 11.3 70.3 \u2013 203.9Marketing and distribution costs (42.2) (8.7) (3.7) (12.4) \u2013 (54.6)Contribution before administrative expenses 91.4 50.3 7.6 57.9 \u2013 149.3Administrative expenses excluding highlighted items (59.8) (37.8) (8.7) (46.5) \u2013 (106.3)Share of joint venture result \u2013 \u2013 \u2013 \u2013 (0.1) (0.1)Operating profit/(loss) before highlighted items/segment results 31.6 12.5 (1.1) 11.4 (0.1) 42.9Amortisation of acquired intangible assets (0.4) (7.7) (0.3) (8.0) \u2013 (8.4)Other highlighted items \u2013 \u2013 \u2013 \u2013 (1.2) (1.2)Operating profit/(loss) 31.2 4.8 (1.4) 3.4 (1.3) 33.3Finance income \u2013 0.1 \u2013 0.1 1.2 1.3Finance costs (0.2) (0.1) \u2013 (0.1) (1.8) (2.1)Profit/(loss) before taxation and highlighted items 31.4 12.5 (1.1) 11.4 (0.7) 42.1Amortisation of acquired intangible assets (0.4) (7.7) (0.3) (8.0) \u2013 (8.4)Other highlighted items \u2013 \u2013 \u2013 \u2013 (1.2) (1.2)Profit/(loss) before taxation 31.0 4.8 (1.4) 3.4 (1.9) 32.5Taxation \u2013 \u2013 \u2013 \u2013 (7.1) (7.1)Profit/(loss) for the year 31.0 4.8 (1.4) 3.4 (9.0) 25.4Operating profit/(loss) before highlighted items/segment results 31.6 12.5 (1.1) 11.4 (0.1) 42.9Depreciation 2.1 0.8 0.2 1.0 \u2013 3.1Amortisation of internally generated intangibles 1.3 2.4 0.4 2.8 \u2013 4.1EBITDA before highlighted items 35.0 15.7 (0.5) 15.2 (0.1) 50.13. Revenue and segmental analysis continuedAcademic & Special Non-Year ended 29 February 2024Consumer Professional Interest Consumer Unallocated Total (restated*)\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019mExternal revenue 249.2 70.5 23.0 93.5 \u2013 342.7Cost of sales (115.3) (22.0) (10.8) (32.8) \u2013 (148.1)Gross profit 133.9 48.5 12.2 60.7 \u2013 194.6Marketing and distribution costs (40.6) (5.9) (3.3) (9.2) \u2013 (49.8)Contribution before administrative expenses 93.3 42.6 8.9 51.5 \u2013 144.8Administrative expenses excluding highlighted items (55.3) (33.2) (8.4) (41.6) \u2013 (96.9)Share of joint venture result \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Operating profit before highlighted items/segment results 38.0 9.4 0.5 9.9 \u2013 47.9Amortisation of acquired intangible assets (0.4) (4.4) (0.1) (4.5) \u2013 (4.9)Other highlighted items \u2013 \u2013 \u2013 \u2013 (2.4) (2.4)Operating profit/(loss) 37.6 5.0 0.4 5.4 (2.4) 40.6Finance income \u2013 \u2013 \u2013 \u2013 1.3 1.3Finance costs (0.2) (0.1) \u2013 (0.1) (0.1) (0.4)Profit before taxation and highlighted items 37.8 9.3 0.5 9.8 1.2 48.8Amortisation of acquired intangible assets (0.4) (4.4) (0.1) (4.5) \u2013 (4.9)Other highlighted items \u2013 \u2013 \u2013 \u2013 (2.4) (2.4)Profit/(loss) before taxation 37.4 4.9 0.4 5.3 (1.2) 41.5Taxation \u2013 \u2013 \u2013 \u2013 (9.2) (9.2)Profit/(loss) for the year 37.4 4.9 0.4 5.3 (10.4) 32.3Operating profit before highlighted items/segment results 38.0 9.4 0.5 9.9 \u2013 47.9Depreciation 1.8 0.8 0.3 1.1 \u2013 2.9Amortisation of internally generated intangibles 1.2 3.2 0.4 3.6 \u2013 4.8EBITDA before highlighted items 41.0 13.4 1.2 14.6 \u2013 55.6Total assets 28 February 29 February 2025 2024 (restated*) \u00a3\u2019m\u00a3\u2019mConsumer 41.2 29.3Academic & Professional 127.5 71.2Special Interest 11.6 13.0Unallocated 205.0 258.2Total assets 385.3 371.7Unallocated primarily represents centrally held assets, including system development; property, plant and equipment; right-of-use assets; receivables; and cash.External revenue by source and destination SourceUnitedNorth Kingdom America Australia India Total Destination\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019mYear ended 28 February 2025 United Kingdom 74.1 4.1 \u2013 \u2013 78.2 North America 11.9 186.7 \u2013 \u2013 198.6 Continental Europe 31.3 2.0 \u2013 \u2013 33.3 Australasia 3.2 \u2013 16.8 \u2013 20.0 Middle East and Asia 11.7 0.3 \u2013 5.9 17.9 Rest of the world 11.4 1.6 \u2013 \u2013 13.0Overseas countries 69.5 190.6 16.8 5.9 282.8Total 143.6 194.7 16.8 5.9 361.0Year ended 29 February 2024 United Kingdom 77.4 2.8 \u2013 \u2013 80.2 North America 18.1 172.6 \u2013 \u2013 190.7 Continental Europe 28.1 0.8 \u2013 \u2013 28.9 Australasia 2.3 \u2013 16.3 \u2013 18.6 Middle East and Asia 11.2 0.3 \u2013 5.4 16.9 Rest of the world 6.6 0.8 \u2013 \u2013 7.4Overseas countries 66.3 174.5 16.3 5.4 262.5Total 143.7 177.3 16.3 5.4 342.7During the year, sales to one customer exceeded 10% of Group revenue (2024: one customer). The value of these sales was \u00a3119.5m (2024: \u00a3106.2m). This customer purchases from all operating segments and represents 8% (2024: 11%) of gross trade receivables.Analysis of non-current assets (excluding deferred tax assets and financial instruments) by geographic location 28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mUnited Kingdom (country of domicile) 65.3 67.8North America 82.0 21.8Other 0.2 0.4Total 147.5 90.03. Revenue and segmental analysis continuedGroup revenues by product typeAcademic & Special Non-Year ended Consumer Professional InterestConsumer Total 28 February 2025\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m1Print194.1 37.9 17.7 55.6 249.7Ebooks 43.0 15.2 2.0 17.2 60.2Digital Resources \u2013 27.0 \u2013 27.0 27.0Audio 10.5 \u2013 0.4 0.4 10.92Rights and services8.4 3.2 1.6 4.8 13.2Total 256.0 83.3 21.7 105.0 361.0Year ended Academic & Special Non-29 February 2024Consumer Professional InterestConsumer Total (restated*)\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m1Print198.9 28.5 18.8 47.3 246.2Ebooks 38.0 12.3 2.0 14.3 52.3Digital Resources \u2013 26.6 \u2013 26.6 26.6Audio 6.4 \u2013 0.5 0.5 6.92Rights and services5.9 3.1 1.7 4.8 10.7Total 249.2 70.5 23.0 93.5 342.71 Print includes print books and games.2 Rights and services revenue includes revenue from copyright and trademark licences, management contracts, advertising and publishing services.Contract balancesOnline digital platforms sales within the Digital revenue stream, generally, entail customer billings at, or near, the contract\u2019s inception and, accordingly, Digital contract liability balances are primarily related to subscription performance obligations to be delivered over time.Ebook sales within the Digital revenue stream are, generally, derived from ebook aggregators, who provide periodic sales reports over time. The extent of contract assets is related to the timing of receiving these reports.Within the Rights and services revenue stream are licences for multiple titles at a fixed price. As the performance obligations within these arrangements are, generally, when the customer is granted access, the extent of contract assets will ultimately depend upon the difference between revenue recognised and billings to date.Refer to Note 17 for opening and closing balances of contract assets. Refer to Note 18 for opening and closing balances of contract liabilities. Revenue recognised during the period from changes in contract liabilities was driven primarily by the release of revenue over time from digital subscriptions and the delivery of print books invoiced, but not delivered, in the previous financial year.The below table depicts the remaining transaction price on unsatisfied, or partially unsatisfied, performance obligations from contracts with customers:Total remaining Contract Committed transaction 2028 Year ended Salesliabilitiessalesprice 20262027and later28 February 2025 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m\u00a3\u2019m \u00a3\u2019m\u00a3\u2019m \u00a3\u2019mPrint 249.7 1.3 1.5 2.8 2.8 \u2013 \u2013Digital 98.1 9.4 2.6 12.0 8.2 1.4 2.4Rights and services 13.2 0.4 0.8 1.2 0.7 0.4 0.1Total 361.0 11.1 4.9 16.0 11.7 1.8 2.5Total remaining Contract Committed transaction 2027 Year ended Salesliabilitiessalesprice 20252026and later29 February 2024 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m\u00a3\u2019m \u00a3\u2019m\u00a3\u2019m \u00a3\u2019mPrint 246.2 1.9 5.3 7.2 7.1 \u2013 0.1Digital 85.8 9.2 3.5 12.7 8.7 1.2 2.8Rights and services 10.7 \u2013 0.6 0.6 0.3 0.3 \u2013Total 342.7 11.1 9.4 20.5 16.1 1.5 2.9* Restated to show the Consumer Division as one operating segment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-40-2": {
"value": "4. Operating profitOperating profit is stated after charging the following amounts: Year ended Year ended 28 February 29 February 2025 2024 Notes\u00a3\u2019m\u00a3\u2019mPurchase of goods and changes in inventories 16 80.3 74.3Provision made against advances 10.0 7.3Depreciation of property, plant and equipment 13 1.1 0.9Depreciation of right-of-use assets 14 2.0 2.0Highlighted items (see next page) 9.6 7.3Loss on disposal of property, plant and equipment \u2013 0.2Loss on disposal of other intangible assets \u2013 0.2Exchange loss 0.2 0.9Loss allowance for financial assets (0.1) 0.6Staff costs (excluding termination benefits) 5 78.8 69.34. Operating profit continuedHighlighted itemsYear ended Year ended 28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mLegal and other professional fees on acquisitions 0.7 0.7Integration and restructuring costs 0.5 1.7Other highlighted items 1.2 2.4Amortisation of acquired intangible assets 8.4 4.9Total highlighted items 9.6 7.3Highlighted items charged to operating profit comprise significant non-cash charges and major one-off initiatives, which are highlighted in the income statement because, in the opinion of the Directors, separate disclosure is helpful in understanding the underlying performance and future profitability of the business.All highlighted items are included in administrative expenses in the income statement. For the year ended 28 February 2025, legal and other professional fees of \u00a30.7m were incurred as a result of the Rowman & Littlefield acquisition. Integration and restructuring costs primarily relate to the integration of the Rowman & Littlefield acquisition and restructuring. For the year ended 29 February 2024, legal and other professional fees of \u00a30.7m were incurred as a result of completed and ongoing acquisitions. Integration and restructuring costs primarily relate to the integration of the ABC-CLIO, LLC and Head of Zeus Limited acquisitions and restructuring.Auditor\u2019s remunerationAmounts payable to Crowe U.K. LLP and its associates in respect of both audit and non-audit services for the year ended 28 February 2025 and 29 February 2024 are as follows:Year ended Year ended 28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mFees payable to the Company\u2019s Auditor for the audit of the Parent Company and consolidated financial statements 0.4 0.3The external auditor did not provide any non-audit services during the year (2024: None).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-40-3": {
"value": "4. Operating profitOperating profit is stated after charging the following amounts: Year ended Year ended 28 February 29 February 2025 2024 Notes\u00a3\u2019m\u00a3\u2019mPurchase of goods and changes in inventories 16 80.3 74.3Provision made against advances 10.0 7.3Depreciation of property, plant and equipment 13 1.1 0.9Depreciation of right-of-use assets 14 2.0 2.0Highlighted items (see next page) 9.6 7.3Loss on disposal of property, plant and equipment \u2013 0.2Loss on disposal of other intangible assets \u2013 0.2Exchange loss 0.2 0.9Loss allowance for financial assets (0.1) 0.6Staff costs (excluding termination benefits) 5 78.8 69.34. Operating profit continuedHighlighted itemsYear ended Year ended 28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mLegal and other professional fees on acquisitions 0.7 0.7Integration and restructuring costs 0.5 1.7Other highlighted items 1.2 2.4Amortisation of acquired intangible assets 8.4 4.9Total highlighted items 9.6 7.3Highlighted items charged to operating profit comprise significant non-cash charges and major one-off initiatives, which are highlighted in the income statement because, in the opinion of the Directors, separate disclosure is helpful in understanding the underlying performance and future profitability of the business.All highlighted items are included in administrative expenses in the income statement. For the year ended 28 February 2025, legal and other professional fees of \u00a30.7m were incurred as a result of the Rowman & Littlefield acquisition. Integration and restructuring costs primarily relate to the integration of the Rowman & Littlefield acquisition and restructuring. For the year ended 29 February 2024, legal and other professional fees of \u00a30.7m were incurred as a result of completed and ongoing acquisitions. Integration and restructuring costs primarily relate to the integration of the ABC-CLIO, LLC and Head of Zeus Limited acquisitions and restructuring.Auditor\u2019s remunerationAmounts payable to Crowe U.K. LLP and its associates in respect of both audit and non-audit services for the year ended 28 February 2025 and 29 February 2024 are as follows:Year ended Year ended 28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mFees payable to the Company\u2019s Auditor for the audit of the Parent Company and consolidated financial statements 0.4 0.3The external auditor did not provide any non-audit services during the year (2024: None).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
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"pp-value-45-2": {
"value": "5. Staff costsStaff costs, including Directors, during the year were:Year ended Year ended 28 February 29 February 2025 2024 Notes\u00a3\u2019m\u00a3\u2019mSalaries (including bonuses) 67.4 59.2Social security costs 6.7 5.8Pension costs 23 2.8 2.5Share-based payment charge 22 1.9 1.8Staff costs (excluding termination benefits) 78.8 69.3Termination benefits 0.6 1.1Total 79.4 70.4For the year ended 28 February 2025 \u00a30.2m (year ended 29 February 2024: \u00a30.3m) of termination benefits are included in restructuring within highlighted items. The average monthly number of employees during the year was:Year ended Year ended 28 February 29 February 20252024Editorial, production and selling 967 834Finance and administration 194 160Total 1,161 994Staff costs are charged to administrative expenses. During the year two (2024: two) Directors were accruing benefits under defined contribution pension arrangements.Total emoluments for Directors was:Year ended Year ended 28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mShort-term employee benefits 2.1 2.2Post-employment benefits 0.1 0.1Total 2.2 2.3The Group considers key management personnel as defined under IAS 24 \u201cRelated Party Disclosures\u201d to be the Directors of the Company; this includes Non-Executive Directors and the heads of the global divisions, major geographic regions and departments who are actively involved in strategic decision making that make up the Executive Committee (for further details on membership, see pages 96 to 97).Total emoluments for Executive Directors and other key management personnel were:Year ended Year ended 28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mShort-term employee benefits 5.8 6.3Post-employment benefits 0.2 0.2Share-based payment charge 1.2 1.3Total 7.2 7.823. Retirement benefit obligationsPension costsThe pension costs charged to the income statement of \u00a32.8m (2024: \u00a32.5m) relate to the Group\u2019s defined contribution and defined benefit pension arrangements. Defined contribution plansThe Group operates defined contribution retirement benefit plans for all qualifying employees.The total cost charged to the income statement of \u00a32.8m (2024: \u00a32.5m) represents contributions payable to these schemes by the Group at rates specified in the rules of the schemes. At 28 February 2025, there were \u00a3Nil prepaid contributions (29 February 2024: \u00a3Nil). At 28 February 2025, there were \u00a30.5m outstanding contributions (29 February 2024: \u00a30.5m).Defined benefit planA subsidiary company operates a defined benefit scheme for some staff which is accounted for in accordance with IAS 19. Accrual of benefits ceased in 1997, with the scheme now operated as a closed fund. There is no obligation in respect of medical costs. The scheme is actuarially valued every three years. The last full actuarial valuation was carried out as at 29 February 2024 by a qualified independent actuary.Contributions paid to the scheme during the year were \u00a3Nil (2024: \u00a3Nil). As the scheme has an excess of assets compared to the scheme liabilities, the Directors\u2019 best estimate of the contributions to be paid by the Group to the plan for the period commencing 1 March 2025, in respect of the deficit repair contributions, is \u00a3Nil. Given the scheme has an excess of assets compared to scheme liabilities, the Group has previously sought legal advice on the application of the asset ceiling and concluded that adjustments are required for this scheme. As a result, IFRIC 14 applies and an asset ceiling adjustment has been applied.In accordance with IFRS requirements, we have not included certain details of the defined benefit pension plan in this year\u2019s financial statements as the amounts are not material. ",
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"pp-value-51-2": {
"value": "6. Finance income and finance costsYear ended Year ended 28 February 29 February 2025 2024 Notes\u00a3\u2019m\u00a3\u2019mFinance incomeInterest on bank deposits 1.1 1.2Other interest receivable 0.2 0.1Total 1.3 1.3Finance costsInterest on bank loans 1.6 \u2013Interest on lease liabilities 25 0.3 0.3Other interest payable 0.2 0.1Total 2.1 0.4",
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"pp-value-53-2": {
"value": "7. Taxationa) Tax charge for the yearYear ended Year ended 28 February 29 February 2025 2024 Notes\u00a3\u2019m\u00a3\u2019mCurrent taxation UK corporation tax Current year \u2013 3.3 Adjustment in respect of prior years (0.2) (0.5)Overseas taxation Current year 11.6 11.9 Adjustment in respect of prior years (0.8) 1.1 10.6 15.8Deferred tax 15 UK Origination and reversal of temporary differences (2.0) (2.7) Adjustment in respect of prior years 0.1 0.2 Tax rate adjustment \u2013 (0.7)Overseas Origination and reversal of temporary differences (1.8) (2.7) Adjustment in respect of prior years 0.2 (0.7) (3.5) (6.6)Total taxation expense 7.1 9.2b) Factors affecting tax charge for the year The tax on the Group\u2019s profit before tax differs from the standard rate of corporation tax in the United Kingdom of 25% (2024: 24.5%). The reasons for this are explained below: Year ended Year ended 28 February 202529 February 2024\u00a3\u2019m % \u00a3\u2019m %Profit before taxation 32.5 100.0 41.5 100.0Profit on ordinary activities multiplied by the standard rate of corporation tax in the UK of 25% (2024: 24.50%) 8.1 25.0 10.2 24.5Effects of: Non-deductible revenue expenditure 0.6 1.9 0.1 0.2Non-taxable income (1.9) (5.9) (1.0) (2.3)Different rates of tax in foreign jurisdictions 0.8 2.6 0.5 1.3Tax losses \u2013 \u2013 (0.2) (0.5)Movement in deferred tax rate \u2013 \u2013 (0.7) (1.6)Adjustment to tax charge in respect of prior yearsCurrent tax (1.0) (3.1) 0.6 1.4Deferred tax 0.3 0.9 (0.5) (1.2)Tax charge for the year before disallowable costs on highlighted items 6.9 21.4 9.0 21.8Highlighted itemsDisallowable costs 0.2 0.5 0.2 0.4Tax charge for the year 7.1 21.9 9.2 22.2Non-taxable income mainly relates to tax deduction claims for foreign income.Different rates of tax in foreign jurisdictions is where we are paying tax at higher rates in the US (including paying state taxes) and Australia. Tax losses relate to the recognition of previously unrecognised tax losses or losses in the year that have not been recognised as deferred tax assets. Adjustments to prior periods primarily arise where an outcome is obtained on certain tax matters which differs from expectations held when the related provision was made. Where the outcome is more favourable than the provision made, the difference is released, lowering the current year tax charge. Where the outcome is less favourable than our provision, an additional charge to current year tax will occur. We are not aware of any significant unprovided exposures that are considered likely to materialise. c) Factors affecting tax charge for future yearsFactors which may affect the future tax charges include changes in tax legislation, transfer pricing regulations and the level and mix of profitability in different countries.d) Tax effects of components of other comprehensive incomeBefore tax Tax charge After tax Before tax Tax charge After tax 2025 2025 2025 2024 2024 2024 \u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019mExchange difference on translating foreign operations 0.9 \u2013 0.9 (4.7) \u2013 (4.7)Other comprehensive income 0.9 \u2013 0.9 (4.7) \u2013 (4.7)",
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"pp-value-58-2": {
"value": "8. DividendsYear ended Year ended 28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mAmounts paid in the year Prior period 10.99p final dividend per share (2024: 10.34p) 9.0 8.3Interim 3.89p dividend per share (2024: 3.70p) 3.2 3.0Total dividend payments in the year 12.2 11.3Amounts arising in respect of the yearInterim 3.89p dividend per share for the year (2024: 3.70p) 3.2 3.0Proposed 11.54p final dividend per share for the year (2024: 10.99p) 9.4 9.0Total dividend 15.43p per share for the year (2024: 14.69p) 12.6 12.0The Directors are recommending a final dividend of 11.54 pence per share, which, subject to Shareholder approval at the Annual General Meeting on 16 July 2025, will be paid on 22 August 2025 to Shareholders on the register at close of business on 25 July 2025.",
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"pp-value-60-2": {
"value": "9. Earnings per shareThe basic earnings per share for the year ended 28 February 2025 is calculated using a weighted average number of Ordinary shares in issue of 81,420,330 (2024: 81,212,654) after deducting shares held by the Employee Benefit Trust. The diluted earnings per share is calculated by adjusting the weighted average number of Ordinary shares to take account of all dilutive potential Ordinary shares, which are in respect of unexercised share options and the Performance Share Plan.Year ended Year ended 28 February 29 February 2025 2024 NumberNumberWeighted average shares in issue 81,420,330 81,212,654Dilution 1,147,233 1,353,296Diluted weighted average shares in issue 82,567,563 82,565,950\u00a3\u2019m \u00a3\u2019mProfit after tax attributable to owners of the Company 25.4 32.3Basic earnings per share 31.14p 39.77pDiluted earnings per share 30.71p 39.11p\u00a3\u2019m \u00a3\u2019mAdjusted profit attributable to owners of the Company 34.2 38.5Adjusted basic earnings per share 42.03p 47.40pAdjusted diluted earnings per share 41.45p 46.62pAdjusted profit is derived as follows:Year ended Year ended 28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mProfit before taxation 32.5 41.5Amortisation of acquired intangible assets 8.4 4.9Other highlighted items 1.2 2.4Adjusted profit before tax 42.1 48.8Tax expense 7.1 9.2Deferred tax movements on goodwill and acquired intangible assets 0.6 0.7Tax expense on other highlighted items 0.2 0.4Adjusted tax 7.9 10.3Adjusted earnings 34.2 38.5The Group includes the benefit of tax amortisation of intangible assets within adjusted tax as this benefit more accurately aligns the adjusted tax charge with the expected cash tax payments.",
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"pp-value-64-2": {
"value": "10. Business CombinationsOn 28 May 2024, the Group acquired the academic publishing business of the Rowman & Littlefield Publishing Group. The transaction was structured as a sale and purchase agreement for the acquisition of certain assets that make up the academic publishing business of the Rowman & Littlefield Publishing Group, Inc. (\u201cRowman & Littlefield\u201d). The consideration was $83m (\u00a365m), of which $76m (\u00a360m) was satisfied in cash on completion and $7m (\u00a35m) was satisfied in cash post completion. The consideration was subject to a working capital adjustment and assignment of certain contracts. Rowman & Littlefield is one of the most respected independent publishers in the US Academic market. It is the biggest acquisition by Bloomsbury to date, and significantly accelerates and strengthens Bloomsbury\u2019s academic and digital presence in North America. The acquired business operates in the Academic & Professional Division. The table below summarises the fair value to the Group included in the consolidated statement of financial position of the major categories of assets and liabilities of Rowman & Littlefield at the date of acquisition.Fair value to the GroupNet assets acquired\u00a3\u2019mAssetsPublishing Rights 29.2Imprints 2.5Ebook and print on demand production files 3.6Other intangible assets 35.3Total non-current assets 35.3Inventories 2.0Trade and other receivables 0.5Total current assets 2.5Total assets 37.8LiabilitiesTrade and other liabilities 1.6Total current liabilities 1.6Total liabilities 1.6Identifiable net assets 36.2Goodwill 28.6Total 64.8Identifiable intangible assets of \u00a335.3m consist of publishing rights, imprints, ebook and print on demand (\u201cPOD\u201d) production files. Ebook and POD production files are included under the Product Development asset heading in Other intangible assets (Note 12). The publishing 10. Business Combinations continuedrights have a useful life of ten years, the imprints have useful lives ranging from three to nine years and the ebook and POD production files have a useful life of three years. The goodwill arising of \u00a328.6m is attributable to the expected profitability of the acquired business and the synergies expected to arise after the acquisition. The full amount of goodwill is expected to be deductible for tax purposes. Transaction costs of \u00a30.7m have been expensed in the year within administrative expenses. From 28 May 2024, revenue of \u00a319.8m and loss attributable to owners of the Company of \u00a30.8m have been included in the consolidated income statement for the period ended 28 February 2025 in relation to Rowman & Littlefield. This loss includes the interest expense to service the loan taken out to acquire Rowman & Littlefield, acquired intangible amortisation and other highlighted items. If the acquisition had occurred on 1 March 2024, the revenue and profit attributable to shareholders of the combined entity for the current year would have been \u00a3367.5m and \u00a325.4m, respectively.",
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"pp-value-67-2": {
"value": "11. Goodwill28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mCost At start of year 52.6 52.9Acquisitions 28.6 \u2013Exchange differences 0.4 (0.3)At end of year 81.6 52.6ImpairmentAt start of year 4.3 4.3Exchange differences \u2013 \u2013At end of year 4.3 4.3Net book valueAt end of year 77.3 48.3At start of year 48.3 48.6Goodwill is not amortised, but instead, in accordance with IFRS, is subject to annual impairment reviews. Any impairment losses are recognised immediately in the income statement. Management aligns the monitoring of goodwill with how it reviews the performance of the business. Goodwill is monitored by management at the publishing division level. As disclosed in Note 3 revenue and segmental analysis, during the year, the Children\u2019s Trade and Adult Trade operating results have been combined into a single Consumer category. This change reflects how the Division is managed with the strategic focus on the consumer market as a whole. Comparative information for prior periods has been restated to reflect this change. These cash-generating units (\u201cCGUs\u201d) are the smallest identifiable group of assets that generates cash flows that are largely independent of the cash flows from other assets or groups of assets. Typically, acquisitions are integrated into existing publishing divisions, and the goodwill arising is allocated to the CGUs that are expected to benefit from the synergies of the acquisition. The Rowman & Littlefield acquisition has been entirely allocated to the Academic & Professional Division as this CGU will operate the business combination. The following is a summary of goodwill allocation for each publishing division:28 February 29 February 2025 2024 (restated*) \u00a3\u2019m\u00a3\u2019mAcademic & Professional 67.5 38.5Consumer 4.8 4.8Special Interest 5.0 5.0Total 77.3 48.3Impairment testingThe recoverable amount of the Group\u2019s goodwill has been considered with regard to value-in-use calculations. These calculations use the pre-tax future cash flow projections of each CGU based on the Board\u2019s approved budgets for the year ended 28 February 2026 and the Board-approved five-year plan. The calculations include a terminal value based on the projections for the final year of the five-year plan with a long-term growth rate assumption applied.The key assumptions for calculating value in use are:Discount rates CAGR \u2013 Revenue Long-term growth2025 20242025 20242025 2024(restated *)(restated*)(restated *)%%%%%%Academic & Professional 12.6 11.9 6.5 4.3 2.0 2.0Consumer 12.6 13.5 1.5 (1.4) 2.0 2.0Special Interest 11.7 12.5 2.9 3.2 2.0 2.0* Restated to show the Consumer Division as one cash-generating unit (see prior page).Discount ratesThe discount rates applied to the cash flows are calculated using a pre-tax rate based on the weighted average cost of capital for the comparable public companies. This is adjusted for risks specific to the market in which the CGU operates. Revenue growth ratesGrowth rates have been calculated based on those applied to the Board-approved budget for the year ended 28 February 2026 and five-year plan. They incorporate future expectations of growth in backlist revenues and strategic plan for each publishing division. The five-year forecasts are extrapolated to perpetuity on the basis that the relevant CGUs are long-established business units. The long-term growth rates are blended rates formed from the territory-specific long-term growth rates. Gross marginsGross margins have been based on historic performance and expected changes to the sales mix in future periods. SensitivityManagement has performed sensitivity analysis based on the key assumptions for calculating the value in use. The discount rate has been increased by 2.0% and the long-term growth rate has been decreased from 2.0% to 0.0%. In addition, management has applied a severe but plausible downside scenario in accordance with the going concern review as set out on page 154. This assumes that:\u2022 print revenues are reduced by 20% during 2025/2026, with recovery during 2026/2027; and\u2022 digital revenues are reduced by 20% during 2025/2026, with recovery during 2026/2027.Under these circumstances, management has not identified any reasonably possible changes to key assumptions that would cause the carrying value of goodwill of the CGUs to exceed its recoverable amount for Consumer and Academic & Professional divisions. Likewise, management has not identified any reasonably possible changes to key assumptions that would cause the carrying value of goodwill of the CGUs to exceed its recoverable amount for the old Adult Trade and Children\u2019s Trade Divisions. For the Special Interest Division a 2.0% increase in the discount rate would give rise to an impairment of \u00a32.0m (2024: \u00a3nil). Reducing the long-term growth rate to 0% would give rise to a \u00a31.5m impairment (2024: 0%, \u00a3nil). Applying a severe but plausible downside scenario in accordance with the going concern review would give rise to a \u00a32.8m impairment (2024: 0%, \u00a3nil).12. Other intangible assetsSubscriber and Publishing customer Systems Product Assets under rights Imprints relationships Trademarks development development construction Total \u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019mCostAt 28 February 2023 37.0 14.1 4.4 0.4 11.4 21.2 0.8 89.3Additions \u2013 \u2013 \u2013 0.2 0.7 3.1 1.1 5.1Transfers \u2013 \u2013 \u2013 \u2013 \u2013 0.8 (0.8) \u2013Disposals \u2013 \u2013 \u2013 \u2013 (5.0) \u2013 \u2013 (5.0)Exchange differences (0.7) (0.2) \u2013 \u2013 (0.1) (0.1) \u2013 (1.1)At 29 February 2024 36.3 13.9 4.4 0.6 7.0 25.0 1.1 88.3Acquisitions 29.2 2.5 \u2013 \u2013 \u2013 3.6 \u2013 35.3Additions \u2013 \u2013 \u2013 \u2013 0.5 3.1 1.2 4.8Transfers \u2013 \u2013 \u2013 \u2013 (0.2) 1.5 (1.3) \u2013Disposals \u2013 \u2013 \u2013 \u2013 (0.7) \u2013 \u2013 (0.7)Exchange differences 0.4 \u2013 \u2013 \u2013 \u2013 0.1 \u2013 0.5At 28 February 2025 65.9 16.4 4.4 0.6 6.6 33.3 1.0 128.2AmortisationAt 28 February 2023 18.0 4.5 4.2 0.1 9.2 15.1 \u2013 51.1Disposals \u2013 \u2013 \u2013 \u2013 (4.8) \u2013 \u2013 (4.8)Charge for the year 3.5 1.8 0.1 0.1 0.9 4.0 \u2013 10.4Exchange differences (0.2) \u2013 \u2013 \u2013 (0.1) (0.1) \u2013 (0.4)At 29 February 2024 21.3 6.3 4.3 0.2 5.2 19.0 \u2013 56.3Disposals \u2013 \u2013 \u2013 \u2013 (0.7) \u2013 \u2013 (0.7)Charge for the year 6.0 1.5 0.1 \u2013 0.7 4.2 \u2013 12.5Exchange differences 0.1 \u2013 (0.1) \u2013 \u2013 \u2013 \u2013 \u2013At 28 February 2025 27.4 7.8 4.3 0.2 5.2 23.2 \u2013 68.1Net book valueAt 28 February 2025 38.5 8.6 0.1 0.4 1.4 10.1 1.0 60.1At 29 February 2024 15.0 7.6 0.1 0.4 1.8 6.0 1.1 32.0Acquisitions relates to the purchase of Rowman & Littlefield; see Note 10.",
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"pp-value-67-3": {
"value": "11. Goodwill28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mCost At start of year 52.6 52.9Acquisitions 28.6 \u2013Exchange differences 0.4 (0.3)At end of year 81.6 52.6ImpairmentAt start of year 4.3 4.3Exchange differences \u2013 \u2013At end of year 4.3 4.3Net book valueAt end of year 77.3 48.3At start of year 48.3 48.6Goodwill is not amortised, but instead, in accordance with IFRS, is subject to annual impairment reviews. Any impairment losses are recognised immediately in the income statement. Management aligns the monitoring of goodwill with how it reviews the performance of the business. Goodwill is monitored by management at the publishing division level. As disclosed in Note 3 revenue and segmental analysis, during the year, the Children\u2019s Trade and Adult Trade operating results have been combined into a single Consumer category. This change reflects how the Division is managed with the strategic focus on the consumer market as a whole. Comparative information for prior periods has been restated to reflect this change. These cash-generating units (\u201cCGUs\u201d) are the smallest identifiable group of assets that generates cash flows that are largely independent of the cash flows from other assets or groups of assets. Typically, acquisitions are integrated into existing publishing divisions, and the goodwill arising is allocated to the CGUs that are expected to benefit from the synergies of the acquisition. The Rowman & Littlefield acquisition has been entirely allocated to the Academic & Professional Division as this CGU will operate the business combination. The following is a summary of goodwill allocation for each publishing division:28 February 29 February 2025 2024 (restated*) \u00a3\u2019m\u00a3\u2019mAcademic & Professional 67.5 38.5Consumer 4.8 4.8Special Interest 5.0 5.0Total 77.3 48.3Impairment testingThe recoverable amount of the Group\u2019s goodwill has been considered with regard to value-in-use calculations. These calculations use the pre-tax future cash flow projections of each CGU based on the Board\u2019s approved budgets for the year ended 28 February 2026 and the Board-approved five-year plan. The calculations include a terminal value based on the projections for the final year of the five-year plan with a long-term growth rate assumption applied.The key assumptions for calculating value in use are:Discount rates CAGR \u2013 Revenue Long-term growth2025 20242025 20242025 2024(restated *)(restated*)(restated *)%%%%%%Academic & Professional 12.6 11.9 6.5 4.3 2.0 2.0Consumer 12.6 13.5 1.5 (1.4) 2.0 2.0Special Interest 11.7 12.5 2.9 3.2 2.0 2.0* Restated to show the Consumer Division as one cash-generating unit (see prior page).Discount ratesThe discount rates applied to the cash flows are calculated using a pre-tax rate based on the weighted average cost of capital for the comparable public companies. This is adjusted for risks specific to the market in which the CGU operates. Revenue growth ratesGrowth rates have been calculated based on those applied to the Board-approved budget for the year ended 28 February 2026 and five-year plan. They incorporate future expectations of growth in backlist revenues and strategic plan for each publishing division. The five-year forecasts are extrapolated to perpetuity on the basis that the relevant CGUs are long-established business units. The long-term growth rates are blended rates formed from the territory-specific long-term growth rates. Gross marginsGross margins have been based on historic performance and expected changes to the sales mix in future periods. SensitivityManagement has performed sensitivity analysis based on the key assumptions for calculating the value in use. The discount rate has been increased by 2.0% and the long-term growth rate has been decreased from 2.0% to 0.0%. In addition, management has applied a severe but plausible downside scenario in accordance with the going concern review as set out on page 154. This assumes that:\u2022 print revenues are reduced by 20% during 2025/2026, with recovery during 2026/2027; and\u2022 digital revenues are reduced by 20% during 2025/2026, with recovery during 2026/2027.Under these circumstances, management has not identified any reasonably possible changes to key assumptions that would cause the carrying value of goodwill of the CGUs to exceed its recoverable amount for Consumer and Academic & Professional divisions. Likewise, management has not identified any reasonably possible changes to key assumptions that would cause the carrying value of goodwill of the CGUs to exceed its recoverable amount for the old Adult Trade and Children\u2019s Trade Divisions. For the Special Interest Division a 2.0% increase in the discount rate would give rise to an impairment of \u00a32.0m (2024: \u00a3nil). Reducing the long-term growth rate to 0% would give rise to a \u00a31.5m impairment (2024: 0%, \u00a3nil). Applying a severe but plausible downside scenario in accordance with the going concern review would give rise to a \u00a32.8m impairment (2024: 0%, \u00a3nil).",
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},
"pp-value-72-3": {
"value": "12. Other intangible assetsSubscriber and Publishing customer Systems Product Assets under rights Imprints relationships Trademarks development development construction Total \u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019mCostAt 28 February 2023 37.0 14.1 4.4 0.4 11.4 21.2 0.8 89.3Additions \u2013 \u2013 \u2013 0.2 0.7 3.1 1.1 5.1Transfers \u2013 \u2013 \u2013 \u2013 \u2013 0.8 (0.8) \u2013Disposals \u2013 \u2013 \u2013 \u2013 (5.0) \u2013 \u2013 (5.0)Exchange differences (0.7) (0.2) \u2013 \u2013 (0.1) (0.1) \u2013 (1.1)At 29 February 2024 36.3 13.9 4.4 0.6 7.0 25.0 1.1 88.3Acquisitions 29.2 2.5 \u2013 \u2013 \u2013 3.6 \u2013 35.3Additions \u2013 \u2013 \u2013 \u2013 0.5 3.1 1.2 4.8Transfers \u2013 \u2013 \u2013 \u2013 (0.2) 1.5 (1.3) \u2013Disposals \u2013 \u2013 \u2013 \u2013 (0.7) \u2013 \u2013 (0.7)Exchange differences 0.4 \u2013 \u2013 \u2013 \u2013 0.1 \u2013 0.5At 28 February 2025 65.9 16.4 4.4 0.6 6.6 33.3 1.0 128.2AmortisationAt 28 February 2023 18.0 4.5 4.2 0.1 9.2 15.1 \u2013 51.1Disposals \u2013 \u2013 \u2013 \u2013 (4.8) \u2013 \u2013 (4.8)Charge for the year 3.5 1.8 0.1 0.1 0.9 4.0 \u2013 10.4Exchange differences (0.2) \u2013 \u2013 \u2013 (0.1) (0.1) \u2013 (0.4)At 29 February 2024 21.3 6.3 4.3 0.2 5.2 19.0 \u2013 56.3Disposals \u2013 \u2013 \u2013 \u2013 (0.7) \u2013 \u2013 (0.7)Charge for the year 6.0 1.5 0.1 \u2013 0.7 4.2 \u2013 12.5Exchange differences 0.1 \u2013 (0.1) \u2013 \u2013 \u2013 \u2013 \u2013At 28 February 2025 27.4 7.8 4.3 0.2 5.2 23.2 \u2013 68.1Net book valueAt 28 February 2025 38.5 8.6 0.1 0.4 1.4 10.1 1.0 60.1At 29 February 2024 15.0 7.6 0.1 0.4 1.8 6.0 1.1 32.0Acquisitions relates to the purchase of Rowman & Littlefield; see Note 10.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-74-2": {
"value": "13. Property, plant and equipmentComputers Short and other leasehold Furniture office improvements and fittings equipment Total\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m \u00a3\u2019mCostAt 28 February 2023 3.0 1.5 4.5 9.0Additions 0.1 \u2013 0.6 0.7Disposals (0.1) (0.3) (1.6) (2.0)Exchange differences \u2013 \u2013 (0.1) (0.1)At 29 February 2024 3.0 1.2 3.4 7.6Additions 0.2 0.4 0.8 1.4Disposals (0.2) (0.1) (0.4) (0.7)At 28 February 2025 3.0 1.5 3.8 8.3DepreciationAt 28 February 2023 2.3 1.0 3.2 6.5Charge for the year 0.3 0.1 0.5 0.9Disposals (0.1) (0.2) (1.5) (1.8)Exchange differences \u2013 (0.1) (0.1) (0.2)At 29 February 2024 2.5 0.8 2.1 5.4Charge for the year 0.1 0.1 0.9 1.1Disposals (0.2) (0.1) (0.4) (0.7)At 28 February 2025 2.4 0.8 2.6 5.8Net book valueAt 28 February 2025 0.6 0.7 1.2 2.5At 29 February 2024 0.5 0.4 1.3 2.2The depreciation charge is included in administrative expenses. 14. Right-of-use assetsPropertyCarsEquipmentTotal\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m \u00a3\u2019mCostAt 28 February 2023 16.3 0.1 0.2 16.6Additions 0.4 0.2 \u2013 0.6Disposals (0.4) (0.1) \u2013 (0.5)Exchange differences (0.3) \u2013 \u2013 (0.3)At 29 February 2024 16.0 0.2 0.2 16.4Additions 1.8 0.1 0.2 2.1Disposals \u2013 \u2013 (0.2) (0.2)At 28 February 2025 17.8 0.3 0.2 18.3DepreciationAt 28 February 2023 7.3 0.1 0.2 7.6Charge for the year 2.0 \u2013 \u2013 2.0Disposals (0.4) (0.1) \u2013 (0.5)Exchange differences (0.2) \u2013 \u2013 (0.2)At 29 February 2024 8.7 \u2013 0.2 8.9Charge for the year 1.8 0.1 0.1 2.0Disposals \u2013 \u2013 (0.2) (0.2)At 28 February 2025 10.5 0.1 0.1 10.7Net book value At 28 February 2025 7.3 0.2 0.1 7.6At 29 February 2024 7.3 0.2 \u2013 7.5The depreciation charge is included in administrative expenses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-78-2": {
"value": "15. Deferred tax assets and liabilitiesa) Recognised deferred tax assets and liabilitiesDeferred tax is calculated in full on temporary differences using the tax rate appropriate to the jurisdiction in which the asset or liability arises and the tax rates that are expected to apply in the periods in which the asset or liability is settled. Movement in temporary differences during the year:Property, Retirement plant and benefit Share-based Intangible Tax losses equipment obligation payments assets OtherTotal \u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m \u00a3\u2019m\u00a3\u2019mAt 28 February 2023 1.0 0.2 0.1 0.9 (2.6) 5.2 4.8Credit/(charge) to the income statement 0.2 (0.1) \u2013 0.1 1.0 5.4 6.6Charge to equity \u2013 \u2013 \u2013 (0.2) \u2013 \u2013 (0.2)Exchange differences \u2013 \u2013 \u2013 \u2013 \u2013 (0.2) (0.2)At 29 February 2024 1.2 0.1 0.1 0.8 (1.6) 10.4 11.0Credit to the income statement 0.7 \u2013 \u2013 0.4 0.6 1.8 3.5Charge to equity \u2013 \u2013 \u2013 0.1 \u2013 \u2013 0.1At 28 February 2025 1.9 0.1 0.1 1.3 (1.0) 12.2 14.6Deferred tax assets in respect of losses are only recognised to the extent that it is anticipated they will be utilised in the foreseeable future. The Other deferred tax asset predominantly relates to temporary differences, i.e. valuation adjustments and return and inventory provisions held on the balance sheet recognised in the current tax calculation and tax return only when utilised. This predominantly relates to the US and UK. b) The analysis for financial reporting purposes is as follows:28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mDeferred tax assets 16.9 13.7Deferred tax liabilities (2.3) (2.7)Total 14.6 11.0The deferred tax liability predominantly relates to timing differences due to Intangible assets. c) Unrecognised deferred tax assets The Group had deferred tax assets not recognised in the financial statements as follows:28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mTrading losses and unrelieved foreign tax credits 3.5 3.7At 28 February 2025, the Group had unrecognised trading losses, including the gross value of unrelieved foreign tax credits, of \u00a313.8m (2024: \u00a314.6m). A deferred tax asset has not been recognised in respect of these taxable losses. Due to the nature of these losses and credits, they cannot easily be offset against future Group profits. Deferred tax is not provided on unremitted earnings of subsidiaries where the Group controls the timing of remittance and it is probable that the temporary difference will not reverse in the foreseeable future. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-82-2": {
"value": "16. Inventories28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mWork in progress 2.7 7.3Finished goods for resale 43.6 29.3Total 46.3 36.6The cost of inventories recognised as cost of sales amounted to \u00a363.8m (2024: \u00a363.6m). In addition to this, the provision and write-down of inventories to net realisable value recognised in cost of sales amounted to \u00a316.5m (2024: \u00a310.7m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-84-2": {
"value": "17. Trade and other receivables28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mNon-currentContract assets 0.7 0.8CurrentGross trade receivables 82.1 115.6Less: loss allowance (2.7) (3.6)Net trade receivables 79.4 112.0Income tax recoverable 4.1 2.9Other receivables 3.6 3.5Prepayments 4.0 3.1Contract assets 7.1 8.2Royalty advances 35.1 35.1Total current trade and other receivables 133.3 164.8Total trade and other receivables 134.0 165.6Non-current receivables relate to contract assets on long-term rights deals.A provision is held against gross advances payable in respect of published title advances that may not be fully earned down by anticipated future sales. As at 28 February 2025, \u00a37.1m (2024: \u00a39.0m) of royalty advances relate to titles expected to be published in more than 12 months\u2019 time. Other receivables principally comprises VAT recoverable.Trade receivables principally comprises amounts receivable from the sale of books due from distributors. The majority of trade debtors are secured by credit insurance and, in certain territories, by third-party distributors. The \u201csimplified approach\u201d is used with the expected loss allowance measured at an amount equal to the lifetime expected credit losses.The Directors consider that the carrying amount of trade and other receivables approximates to their fair values. The Group\u2019s exposure to credit and currency risks is disclosed in Note 24. The average number of days\u2019 credit taken for sales of books by the Group was 80 days (2024: 120 days). A loss allowance is made with reference to specific debts, past default experience, trading history and the current economic environment. Movements on the Group loss allowance for trade receivables are as follows:28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mAt start of year 3.6 3.3Amounts created 0.7 1.3Amounts utilised (0.8) (0.2)Amounts released (0.8) (0.7)Exchange differences \u2013 (0.1)At end of year 2.7 3.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
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"pp-value-88-2": {
"value": "18. Trade and other liabilities28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mCurrent Trade payables 36.4 48.1Sales returns liability 18.6 18.8Taxation and social security 1.6 1.4Other payables 6.6 5.4Accruals 58.7 67.2Contract liabilities 11.1 11.1Total current trade and other liabilities 133.0 152.0Total trade and other liabilities 133.0 152.0Trade payables are non-interest bearing and are normally settled on terms of between 30 and 90 days. If actual returns were 10% higher or lower in the year, revenue would have been \u00a32.2m lower/higher (2024: \u00a31.6m lower/higher).Other payables principally comprises sub rights payable to authors. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-90-2": {
"value": "19. BorrowingsReconciliation of movements of liabilities to cash flows arising from financing activities:Liability Equity TotalShare Other capital/ Lease financial share Other Retained liabilityBorrowingsliabilitiespremiumreservesearningsTotal\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019mBalance at 29 February 2024 8.9 \u2013 \u2013 48.3 23.7 130.5 211.4Changes from financing cash flowsEquity dividend paid \u2013 \u2013 \u2013 \u2013 \u2013 (12.2) (12.2)Purchase of shares by the Employee Benefit Trust \u2013 \u2013 \u2013 \u2013 (3.8) \u2013 (3.8)Proceeds from exercise of share options \u2013 \u2013 \u2013 \u2013 3.1 (2.7) 0.4Principal paid on lease liabilities (2.3) \u2013 \u2013 \u2013 \u2013 \u2013 (2.3)Proceeds from borrowings \u2013 29.4 \u2013 \u2013 \u2013 \u2013 29.4Repayment of borrowing \u2013 (6.2) \u2013 \u2013 \u2013 \u2013 (6.2)Interest paid (0.3) (1.6) (0.2) \u2013 \u2013 \u2013 (2.1)Total changes from financing cash flows (2.6) 21.6 (0.2) \u2013 (0.7) (14.9) 3.2Other changesLiability-relatedRight-of-use asset additions 2.0 \u2013 \u2013 \u2013 \u2013 \u2013 2.0Foreign exchange movements 0.2 0.4 \u2013 \u2013 \u2013 \u2013 0.6Interest expense 0.3 1.6 0.2 \u2013 \u2013 \u2013 2.1Total liability-related other changes 2.5 2.0 0.2 \u2013 \u2013 \u2013 4.7Total equity-related other changes \u2013 \u2013 \u2013 \u2013 2.4 25.5 27.9Balance at 28 February 2025 8.8 23.6 \u2013 48.3 25.4 141.1 247.2Liability Equity TotalShare capital/ Lease share Other Retained liabilityBorrowingspremiumreservesearningsTotal\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019mBalance at 28 February 2023 10.7 \u2013 48.3 26.5 113.0 198.5Changes from financing cash flowsEquity dividend paid \u2013 \u2013 \u2013 \u2013 (11.3) (11.3)Purchase of shares by the Employee Benefit Trust \u2013 \u2013 \u2013 (2.8) \u2013 (2.8)Proceeds from exercise of share options \u2013 \u2013 \u2013 3.7 (3.3) 0.4Cancellation of share options \u2013 \u2013 \u2013 \u2013 (0.6) (0.6)Principal paid on lease liabilities (2.2) \u2013 \u2013 \u2013 \u2013 (2.2)Interest paid (0.3) \u2013 \u2013 \u2013 \u2013 (0.3)Total changes from financing cash flows (2.5) \u2013 \u2013 0.9 (15.2) (16.8)Other changesLiability-relatedRight-of-use asset additions 0.6 \u2013 \u2013 \u2013 \u2013 0.6Foreign exchange movements (0.2) \u2013 \u2013 \u2013 \u2013 (0.2)Interest expense 0.3 \u2013 \u2013 \u2013 \u2013 0.3Total liability-related other changes 0.7 \u2013 \u2013 \u2013 \u2013 0.7Total equity-related other changes \u2013 \u2013 \u2013 (3.7) 32.7 29.0Balance at 29 February 2024 8.9 \u2013 48.3 23.7 130.5 211.4As at 28 February 2025, the Group has non-current borrowings amounting to \u00a323.6m under a loan agreement with Lloyds Bank Plc. The loan agreement includes financial covenants that require the Group to maintain a minimum interest cover and a maximum net debt to EBITDA ratio. The Group is required to comply with these covenants quarterly, with the next compliance assessment due as at 31 May 2025.As at the 28 February 2025, the Group was in compliance with all covenants. However, if the Group fails to comply with these covenants in the future, the lender may have the right to demand immediate repayment of the loan, which could result in the liability becoming repayable within 12 months after the reporting period. The Group has assessed its financial position and forecasts and believes that it will continue to comply with the covenants. Nevertheless, the risk remains that non-compliance could occur, potentially affecting the classification of the liability and the Group\u2019s liquidity position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-94-2": {
"value": "20. ProvisionsAuthor advancesProperty Total\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m29 February 2024 1.1 0.5 1.6Created in the year 1.2 0.4 1.6Utilised in the year (0.4) \u2013 (0.4)28 February 2025 1.9 0.9 2.8Non-current \u2013 0.9 0.9Current 1.9 \u2013 1.9The property provision includes amounts provided for dilapidations. The author advance provision is a provision against future cash outflows on published titles where the Group does not expect to fully recover the advance. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-96-2": {
"value": "21. Share capital and other reservesShare capital 28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mAuthorised: 108,811,522 Ordinary shares of 1.25p each (2024: 108,811,522 Ordinary shares of 1.25p each) 1.4 1.4Allotted, called up and fully paid:81,608,672 Ordinary shares of 1.25p each (2024: 81,608,672 Ordinary shares of 1.25p each) 1.0 1.0The Company has one class of Ordinary share that carries equal voting rights and no contractual right to receive payment. No shares are held by the Company as Treasury shares. Directors and other employees of the Group have been granted options to purchase 1,553,663 (2024: 1,621,976) Ordinary shares with an aggregate nominal value of \u00a319,421 (2024: \u00a320,275) (see Note 22).Share premiumThis reserve records the amount above nominal value received for shares sold less transaction costs. Translation reserveThe translation reserve comprises all foreign currency differences arising from the translation of the financial information of foreign operations.Merger reserve The merger reserve comprises the amount that would otherwise arise in share premium relating to specific share issue, wherein more than 90% of the shares in a subsidiary are acquired and the consideration includes the issue of new shares by the Company, thereby attracting merger relief under the Companies Act 2006.Share-based payment reserveThe share-based payment reserve comprises cumulative amounts charged in respect of employee share-based payment arrangements.21. Share capital and other reserves continuedOwn shares held by the Employee Benefit TrustThe Employee Benefit Trust (\u201cEBT\u201d) is an independent discretionary trust established to acquire issued shares of the Company to satisfy any of the share-based incentive schemes (see Note 22) and plans of the Company. All employees of the Group are potential beneficiaries of the EBT. The results and net assets of the EBT are included in the consolidated financial statements of the Group. The market value of the 212,935 shares of the Company held at 28 February 2025 (2024: 170,817) in the EBT was \u00a31.3m (2024: \u00a30.9m). While the trustee has power to subscribe for Ordinary shares and to acquire Ordinary shares in the market or from Treasury, it is not permitted to hold more than 5% of the issued share capital without prior approval of the Shareholders.As at the date of signing this Annual Report, the Trust held 205,648 Ordinary shares of 1.25p pence being, approximately, 0.3% of the issued Ordinary share capital. Retained earningsThe retained earnings reserve comprises profit for the year attributable to owners of the Company and other items recognised directly through equity as presented on the consolidated statement of changes in equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-99-2": {
"value": "22. Share-based payments Options over shares of the ultimate parent undertaking, Bloomsbury Publishing Plc, have been granted to employees of the Group under various schemes. The total share-based payment charge to the income statement for the year was as follows:28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mEquity-settled share-based transactions 1.5 1.6Cash-settled share-based transactions 0.4 0.2Total 1.9 1.8National Insurance contributions are payable by the Company in respect of some of the share-based payment transactions. These contributions are payable on the date of exercise based on the intrinsic value of the share-based payments and are, therefore, treated as cash-settled awards. The Group had an accrual for National Insurance at 28 February 2025 of \u00a30.5m (2024: \u00a30.5m), of which none related to vested options. The weighted average share price at the date of exercise for share options exercised during the period was 697 pence.a) The Bloomsbury Performance Share Plan (\u201cthe PSP\u201d)The Group operates the PSP for Directors and senior employees. Awards under the scheme are granted as conditional share awards. The number of Ordinary shares comprised in an award is calculated using a share value equal to the closing middle-market price on the dealing day before the award date. The vesting period is three years and for awards granted during the year ended February 2022 and February 2023, the award is subject to the following performance conditions: EPS (60%), Non-Consumer operating profit (15%), Consumer operating profit (15%) and BDR revenue (10%). For awards granted during the year ended February 2024 and February 2025, the award is subject to the following performance conditions: EPS (60%), Non-Consumer operating profit (17.5%), Consumer operating profit (17.5%) and Bloomsbury International Revenue (5%). For details of the performance conditions, see the Directors\u2019 Remuneration Report on pages 121 to 141. Awards are not exercisable after the vesting date and awards that vest on the vesting date are automatically exercised. Except in certain circumstances, awards lapse if the employee leaves the Group. Year ended Year ended 28 February 29 February 2025 2024 NumberNumberOutstanding at start of year 1,070,170 1,391,210Granted during the year 297,987 425,721Exercised during the year (324,862) (599,464)Cancelled during the year \u2013 (125,766)Lapsed during the year (14,698) (21,531)Outstanding at end of year 1,028,597 1,070,170Exercisable at end of year 304,889 339,560Year ended Year ended 28 February 29 February 2025 2024 Range of exercise price of outstanding awards (pence) \u2013 \u2013Weighted average remaining contracted life (months) 17 19Expense recognised for the year (\u00a3\u2019m) 1.6 1.6The share awards granted in the year to 28 February 2025 have been measured based on the share price at the date of grant as they are only subject to non-market conditions. The inputs were:All Share price 690 penceExercise price \u2013Expected term 3 yearsExpected volatility N/ARisk-free interest rate N/AFair value charge per award 580 \u2013 690 penceThis award is subject to the following performance conditions: EPS (60%), Non-Consumer operating profit (17.5%), Consumer operating profit (17.5%) and Bloomsbury International Revenue (5%).The awards for Executive Directors only will be subject to clawback provisions and to a two-year post-vesting holding period.b) The Bloomsbury Sharesave Plan 2014The Group operates an HM Revenue and Customs-approved savings-related share option scheme under which employees are granted options to purchase Ordinary shares in the Company in three years\u2019 time, dependent upon their entering into a contract to make monthly contributions to a savings account over the period of the savings term. The Sharesave Plan is open to all UK employees.Weighted Weighted Shareaverage Share average options exercise price options exercise price 2025 20252024 2024 Number PenceNumberPenceOutstanding at start of year 551,806 307 648,326 236Granted during the year 176,161 490 226,867 352Exercised during the year (172,416) 247 (237,920) 172Lapsed during the year (30,485) 330 (85,467) 259Outstanding at end of year 525,066 387 551,806 307Exercisable at end of year 7,287 280 51,865 169Year ended Year ended 28 February 29 February 2025 2024 Range of exercise price of outstanding options (pence) 280\u2013490 169\u2013352Weighted average remaining contracted life (months) 25 24Expense recognised for the year (\u00a3\u2019m) 0.3 0.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
},
"pp-value-108-2": {
"value": "24. Financial instruments and risk managementCapital management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to Shareholders as well as sustaining the future development of the business. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to Shareholders and issue new shares. The Group\u2019s overall strategy remains unchanged from 2024.The capital structure of the Group comprises equity attributable to owners of the Company, comprising issued capital, reserves and retained earnings as disclosed in the consolidated statement of changes in equity and Note 21. Categories of financial instruments 28 February 29 February 2025 2024 Notes\u00a3\u2019m\u00a3\u2019mLoans and receivablesCash and cash equivalents 40.6 65.8Trade receivables 17 79.4 112.0Contract assets 17 7.8 9.0Total loans and receivables 127.8 186.8Financial liabilities measured at amortised costTrade payables 18 36.4 48.1Other payables due in less than one year 8.2 6.8Sales returns liability 18 18.6 18.8Accruals 18 58.7 67.2Lease liabilities 25 8.8 8.9Borrowings 23.6 \u2013Total financial liabilities measured at amortised cost 154.3 149.8Net financial instruments (26.5) 37.0There is no material difference between the fair value and book value of financial assets and liabilities. Financial risk managementThe Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance from the key risks of market risk (including currency risk and interest rate risk), credit risk and liquidity risk. The Board has approved the Group Treasury policies and procedures by which the Group Treasury function is to be managed. The Group Treasury function is headed by the Group Finance Director and is part of Bloomsbury\u2019s Finance Department. It operates under a delegated authority from the Board. The Treasury management policies and procedures focus on the investment of surplus operating cash likely to be needed in order to support Bloomsbury\u2019s ongoing operations, foreign currency requirements and interest rate risk management. The Group does not use derivative contracts for speculative purposes. The policies are reviewed at least on an annual basis by the Group Finance Director and any amendments are approved by the Board. The Board is assisted in its oversight role by Internal Audit, which undertakes regular reviews of risk management controls and procedures, the results of which are reported to the Audit Committee. a) Market riskMarket risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Group\u2019s activities expose it mainly to the financial risks of changes in foreign currency exchange rates and changes in interest rates. The Group incurs costs in the same currencies as it earns revenue, creating some degree of natural hedging. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. Risk management is carried out by Group Treasury under policies approved by the Board of Directors. Group Treasury monitors the distribution of its cash assets so as to control exposure to the relative performance of any particular territory, currency or institution.The Board provides written principles for overall risk management, as well as policies covering specific areas, such as funding, foreign exchange risk, interest rate risk, credit risk and investment of excess liquidity.(i) Interest rate riskThe Group has significant interest-bearing assets in the form of cash and cash equivalents and, as such, cash flows are dependent on changes in market interest rates. Interest rate profile of financial instruments28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mFixed rate instrumentsFinancial assets 1.1 3.2Financial liabilities \u2013 \u2013Total 1.1 3.2Variable rate instrumentsFinancial assets 39.5 62.6Financial liabilities (23.6) \u2013Total 15.9 62.6Fixed rate financial assets are short-term bank deposits with a maturity date range of one day to one month. Variable rate financial assets are cash at bank. Variable rate financial liabilities are the term loan facility.Fair value sensitivity analysis for fixed rate financial instrumentsThe Group does not account for any fixed rate financial assets at fair value through profit or loss. Therefore, a change in interest rates at 28 February 2025 would not affect the income statement. 24. Financial instruments and risk management continuedCash flow sensitivity analysis for variable rate financial instrumentsThe Group derived the following sensitivities to assess the impact of changes in interest rates, based on the effect of the market volatility in the current climate and the previous 12 months. The analysis assumes all other variables remain constant. 28 February 2025 29 February 2024Profit or loss Equity Profit or loss Equity \u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019mImpact on profit or loss and equity 1% increase in base rate of interest (2024: 1%) 0.1 \u2013 0.4 \u20130.5% decrease in base rate of interest (2024: 0.5%) (0.1) \u2013 (0.3) \u2013(ii) Currency riskThe Directors believe that, in its current circumstances, the Group\u2019s risk from foreign currency exposure is limited and no active currency risk management by hedging is considered necessary, as a significant proportion of revenues is matched by expenditure in the same local currency, creating some degree of natural hedging.The Group\u2019s exposure to foreign currency risk was as follows:Loans and receivables Financial liabilities28 February 29 February 28 February 29 February 202520242025 2024\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019mGBP 55.2 62.4 73.3 77.7USD 66.2 114.4 72.0 61.3EURO 0.2 0.6 0.2 0.7AUD 4.3 7.4 7.9 9.0INR 1.9 2.0 0.9 1.1Total 127.8 186.8 154.3 149.8No significant amounts of loans and receivables or financial liabilities are denominated in currencies other than sterling, US dollars, euros, Australian dollars or Indian rupees.Foreign currency sensitivity analysis The Group derived the following sensitivities based on the outstanding foreign currency denominated financial assets and liabilities at the year end. The sensitivity analysis includes loans to foreign operations within the Group where the denomination of the loan is in a currency other than the functional currency of the lender or the borrower. The use of a 10% sensitivity rate has been determined based on the effect of the market volatility in exchange rates between the current and previous year end, and represents management\u2019s assessment of the reasonably possible change in foreign exchange rates. A positive number below indicates an increase in profit or equity. 28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mImpact on equity 10% weakening in US dollar against pound sterling (2024: 10%) (1.4) (4.7)10% strengthening in US dollar against pound sterling (2024: 10%) 1.4 4.7Impact on income statement10% weakening in US dollar against pound sterling (2024: 10%) 1.9 (0.2)10% strengthening in US dollar against pound sterling (2024: 10%) (1.9) 0.2A 10% weakening or strengthening against GBP for all other currencies is not expected to yield a significant foreign exchange movement.b) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s trade and other receivables (Note 17) and cash and cash equivalents. Cash and cash equivalentsThe credit risk on liquid funds is limited because the counterparties are banks with high credit ratings as assigned by international credit-rating agencies.Trade receivablesThe carrying amount of financial assets represents the maximum credit exposure. The amounts presented in the statement of financial position are net of allowances for doubtful receivables, estimated by the Group\u2019s management based on trading experience and the current economic environment. An analysis of the relevant provisions is set out in Note 17.The Group always measures the loss allowance for trade receivables at an amount equal to lifetime expected credit loss (\u201cECL\u201d). To measure ECLs, trade receivables are split into groups with the same characteristics to calculate loss rates. Where possible, we have calculated this probability based on historic loss experience using recent sales history, the timing of when the cash was received for the debt and the level of debt not collected for that population.The Group determines its concentration of credit risk based on the individual characteristics of its customers and publicly available knowledge of specific circumstances affecting those customers. The Group defines counterparties as having similar characteristics if they are related entities. 24. Financial instruments and risk management continuedAt 28 February 2025, the exposure to credit risk for gross trade receivables by geographical region was as follows:28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mUnited Kingdom 39.5 44.5North America 37.4 64.3Australia 3.3 4.9India 1.9 1.9Total 82.1 115.6The Group has a significant concentration of credit risk due to its use of third-party distributors. Credit limits for the final customers are set by the distributors based on a combination of payment history and third-party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history. The distributors belong to established international groups whose business includes a number of publishing interests and clients. The Group\u2019s risk is limited as significant amounts outstanding through the UK distributors are secured by credit insurance, and in the US, credit risk for significant amounts outstanding through distributors rests with the distributors. The balances with the US distributor make up 89% (2024: 86%) of the North America trade receivable balance. In the UK, balances with the distributors make up 91% (2024: 92%) of the UK trade receivable balance. c) Liquidity riskCurrently, the Group has moderate borrowing and has sufficient cash deposits to meet its debts as they fall due. The Board has modelled a severe but plausible pessimistic downside scenario; see Note 1d) on going concern for further details. Under this scenario the Group is expected to have sufficient liquidity for at least 12 months from the date of approval of the financial statements and would not breach any of the loan covenants.Cash flow budgets and forecasts are prepared by the operating entities of the Group, aggregated for the Group and regularly reviewed by the Board, and the actual cash position of the Group and each entity is compared monthly against budget. This allows management to ensure that each operating entity and the Group have sufficient cash to meet operational needs. Surplus cash held by the operating entities, over and above the balance required for working capital management, is invested in interest-bearing accounts and money market deposits. The Group\u2019s financial liabilities are trade payables, sales returns liability, accruals, lease liabilities and other payables as shown above as well as borrowings. All financial liabilities are due within one year with the exception of borrowings.Revolving credit facilityThe Group has an unsecured revolving credit facility with Lloyds Bank Plc. No amounts were drawn under the facility during the year ended 28 February 2025 (2024: \u00a3nil). As at 28 February 2025, the facility remains fully undrawn (2024: fully undrawn) with \u00a320.0m of undrawn borrowing facilities (2024: \u00a320.0m) available. The agreement is to November 2027. The facility comprises a committed revolving credit facility of \u00a320m, and an uncommitted incremental term loan facility of up to \u00a320m. The facility is subject to two covenants, being a maximum net debt to EBITDA ratio of 2.5x and a minimum interest cover covenant of 4x. Term loan facilityOn 15 May 2024, the Group entered into an unsecured term loan facility with Lloyds Bank Plc, running for three years to May 2027. The loan principal is \u00a329.7m with a variable interest rate of SOFR (Secured Overnight Financing Rate) + 1.4% per annum, calculated quarterly. The facility is subject to two covenants, being a maximum net debt to EBITDA ratio of 2.5x and a minimum interest cover covenant of 4x. The loan is classified and measured at amortised cost in accordance with IFRS 9. The effective interest rate method is used to allocate interest expense over the relevant period. The loan was initially recognised at its fair value, net of transaction costs amounting to \u00a30.3m. The interest expense for the period is calculated using the effective interest rate method. The interest expense recognised in the Income Statement for the year ended 28 February 2025 is \u00a31.6m.During the period, the Company made partial repayments totalling \u00a36.2m. Under the terms of the agreement, the loan is repayable at the Group\u2019s discretion, with no fixed repayment schedule.At 28 February 2025, the carrying amount of the loan is \u00a323.6m, which includes the principal amount, accrued interest and net of repayments made during the year. The loan has been treated as non-current to reflect the expected timing of when the loan will be repaid. The non-current treatment assessment is disclosed further in Note 19.",
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"value": "24. Financial instruments and risk managementCapital management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to Shareholders as well as sustaining the future development of the business. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to Shareholders and issue new shares. The Group\u2019s overall strategy remains unchanged from 2024.The capital structure of the Group comprises equity attributable to owners of the Company, comprising issued capital, reserves and retained earnings as disclosed in the consolidated statement of changes in equity and Note 21. Categories of financial instruments 28 February 29 February 2025 2024 Notes\u00a3\u2019m\u00a3\u2019mLoans and receivablesCash and cash equivalents 40.6 65.8Trade receivables 17 79.4 112.0Contract assets 17 7.8 9.0Total loans and receivables 127.8 186.8Financial liabilities measured at amortised costTrade payables 18 36.4 48.1Other payables due in less than one year 8.2 6.8Sales returns liability 18 18.6 18.8Accruals 18 58.7 67.2Lease liabilities 25 8.8 8.9Borrowings 23.6 \u2013Total financial liabilities measured at amortised cost 154.3 149.8Net financial instruments (26.5) 37.0There is no material difference between the fair value and book value of financial assets and liabilities. Financial risk managementThe Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance from the key risks of market risk (including currency risk and interest rate risk), credit risk and liquidity risk. The Board has approved the Group Treasury policies and procedures by which the Group Treasury function is to be managed. The Group Treasury function is headed by the Group Finance Director and is part of Bloomsbury\u2019s Finance Department. It operates under a delegated authority from the Board. The Treasury management policies and procedures focus on the investment of surplus operating cash likely to be needed in order to support Bloomsbury\u2019s ongoing operations, foreign currency requirements and interest rate risk management. The Group does not use derivative contracts for speculative purposes. The policies are reviewed at least on an annual basis by the Group Finance Director and any amendments are approved by the Board. The Board is assisted in its oversight role by Internal Audit, which undertakes regular reviews of risk management controls and procedures, the results of which are reported to the Audit Committee. a) Market riskMarket risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Group\u2019s activities expose it mainly to the financial risks of changes in foreign currency exchange rates and changes in interest rates. The Group incurs costs in the same currencies as it earns revenue, creating some degree of natural hedging. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. Risk management is carried out by Group Treasury under policies approved by the Board of Directors. Group Treasury monitors the distribution of its cash assets so as to control exposure to the relative performance of any particular territory, currency or institution.The Board provides written principles for overall risk management, as well as policies covering specific areas, such as funding, foreign exchange risk, interest rate risk, credit risk and investment of excess liquidity.(i) Interest rate riskThe Group has significant interest-bearing assets in the form of cash and cash equivalents and, as such, cash flows are dependent on changes in market interest rates. Interest rate profile of financial instruments28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mFixed rate instrumentsFinancial assets 1.1 3.2Financial liabilities \u2013 \u2013Total 1.1 3.2Variable rate instrumentsFinancial assets 39.5 62.6Financial liabilities (23.6) \u2013Total 15.9 62.6Fixed rate financial assets are short-term bank deposits with a maturity date range of one day to one month. Variable rate financial assets are cash at bank. Variable rate financial liabilities are the term loan facility.Fair value sensitivity analysis for fixed rate financial instrumentsThe Group does not account for any fixed rate financial assets at fair value through profit or loss. Therefore, a change in interest rates at 28 February 2025 would not affect the income statement. 24. Financial instruments and risk management continuedCash flow sensitivity analysis for variable rate financial instrumentsThe Group derived the following sensitivities to assess the impact of changes in interest rates, based on the effect of the market volatility in the current climate and the previous 12 months. The analysis assumes all other variables remain constant. 28 February 2025 29 February 2024Profit or loss Equity Profit or loss Equity \u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019mImpact on profit or loss and equity 1% increase in base rate of interest (2024: 1%) 0.1 \u2013 0.4 \u20130.5% decrease in base rate of interest (2024: 0.5%) (0.1) \u2013 (0.3) \u2013(ii) Currency riskThe Directors believe that, in its current circumstances, the Group\u2019s risk from foreign currency exposure is limited and no active currency risk management by hedging is considered necessary, as a significant proportion of revenues is matched by expenditure in the same local currency, creating some degree of natural hedging.The Group\u2019s exposure to foreign currency risk was as follows:Loans and receivables Financial liabilities28 February 29 February 28 February 29 February 202520242025 2024\u00a3\u2019m\u00a3\u2019m\u00a3\u2019m\u00a3\u2019mGBP 55.2 62.4 73.3 77.7USD 66.2 114.4 72.0 61.3EURO 0.2 0.6 0.2 0.7AUD 4.3 7.4 7.9 9.0INR 1.9 2.0 0.9 1.1Total 127.8 186.8 154.3 149.8No significant amounts of loans and receivables or financial liabilities are denominated in currencies other than sterling, US dollars, euros, Australian dollars or Indian rupees.Foreign currency sensitivity analysis The Group derived the following sensitivities based on the outstanding foreign currency denominated financial assets and liabilities at the year end. The sensitivity analysis includes loans to foreign operations within the Group where the denomination of the loan is in a currency other than the functional currency of the lender or the borrower. The use of a 10% sensitivity rate has been determined based on the effect of the market volatility in exchange rates between the current and previous year end, and represents management\u2019s assessment of the reasonably possible change in foreign exchange rates. A positive number below indicates an increase in profit or equity. 28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mImpact on equity 10% weakening in US dollar against pound sterling (2024: 10%) (1.4) (4.7)10% strengthening in US dollar against pound sterling (2024: 10%) 1.4 4.7Impact on income statement10% weakening in US dollar against pound sterling (2024: 10%) 1.9 (0.2)10% strengthening in US dollar against pound sterling (2024: 10%) (1.9) 0.2A 10% weakening or strengthening against GBP for all other currencies is not expected to yield a significant foreign exchange movement.b) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s trade and other receivables (Note 17) and cash and cash equivalents. Cash and cash equivalentsThe credit risk on liquid funds is limited because the counterparties are banks with high credit ratings as assigned by international credit-rating agencies.Trade receivablesThe carrying amount of financial assets represents the maximum credit exposure. The amounts presented in the statement of financial position are net of allowances for doubtful receivables, estimated by the Group\u2019s management based on trading experience and the current economic environment. An analysis of the relevant provisions is set out in Note 17.The Group always measures the loss allowance for trade receivables at an amount equal to lifetime expected credit loss (\u201cECL\u201d). To measure ECLs, trade receivables are split into groups with the same characteristics to calculate loss rates. Where possible, we have calculated this probability based on historic loss experience using recent sales history, the timing of when the cash was received for the debt and the level of debt not collected for that population.The Group determines its concentration of credit risk based on the individual characteristics of its customers and publicly available knowledge of specific circumstances affecting those customers. The Group defines counterparties as having similar characteristics if they are related entities. 24. Financial instruments and risk management continuedAt 28 February 2025, the exposure to credit risk for gross trade receivables by geographical region was as follows:28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mUnited Kingdom 39.5 44.5North America 37.4 64.3Australia 3.3 4.9India 1.9 1.9Total 82.1 115.6The Group has a significant concentration of credit risk due to its use of third-party distributors. Credit limits for the final customers are set by the distributors based on a combination of payment history and third-party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history. The distributors belong to established international groups whose business includes a number of publishing interests and clients. The Group\u2019s risk is limited as significant amounts outstanding through the UK distributors are secured by credit insurance, and in the US, credit risk for significant amounts outstanding through distributors rests with the distributors. The balances with the US distributor make up 89% (2024: 86%) of the North America trade receivable balance. In the UK, balances with the distributors make up 91% (2024: 92%) of the UK trade receivable balance. c) Liquidity riskCurrently, the Group has moderate borrowing and has sufficient cash deposits to meet its debts as they fall due. The Board has modelled a severe but plausible pessimistic downside scenario; see Note 1d) on going concern for further details. Under this scenario the Group is expected to have sufficient liquidity for at least 12 months from the date of approval of the financial statements and would not breach any of the loan covenants.Cash flow budgets and forecasts are prepared by the operating entities of the Group, aggregated for the Group and regularly reviewed by the Board, and the actual cash position of the Group and each entity is compared monthly against budget. This allows management to ensure that each operating entity and the Group have sufficient cash to meet operational needs. Surplus cash held by the operating entities, over and above the balance required for working capital management, is invested in interest-bearing accounts and money market deposits. The Group\u2019s financial liabilities are trade payables, sales returns liability, accruals, lease liabilities and other payables as shown above as well as borrowings. All financial liabilities are due within one year with the exception of borrowings.Revolving credit facilityThe Group has an unsecured revolving credit facility with Lloyds Bank Plc. No amounts were drawn under the facility during the year ended 28 February 2025 (2024: \u00a3nil). As at 28 February 2025, the facility remains fully undrawn (2024: fully undrawn) with \u00a320.0m of undrawn borrowing facilities (2024: \u00a320.0m) available. The agreement is to November 2027. The facility comprises a committed revolving credit facility of \u00a320m, and an uncommitted incremental term loan facility of up to \u00a320m. The facility is subject to two covenants, being a maximum net debt to EBITDA ratio of 2.5x and a minimum interest cover covenant of 4x. Term loan facilityOn 15 May 2024, the Group entered into an unsecured term loan facility with Lloyds Bank Plc, running for three years to May 2027. The loan principal is \u00a329.7m with a variable interest rate of SOFR (Secured Overnight Financing Rate) + 1.4% per annum, calculated quarterly. The facility is subject to two covenants, being a maximum net debt to EBITDA ratio of 2.5x and a minimum interest cover covenant of 4x. The loan is classified and measured at amortised cost in accordance with IFRS 9. The effective interest rate method is used to allocate interest expense over the relevant period. The loan was initially recognised at its fair value, net of transaction costs amounting to \u00a30.3m. The interest expense for the period is calculated using the effective interest rate method. The interest expense recognised in the Income Statement for the year ended 28 February 2025 is \u00a31.6m.During the period, the Company made partial repayments totalling \u00a36.2m. Under the terms of the agreement, the loan is repayable at the Group\u2019s discretion, with no fixed repayment schedule.At 28 February 2025, the carrying amount of the loan is \u00a323.6m, which includes the principal amount, accrued interest and net of repayments made during the year. The loan has been treated as non-current to reflect the expected timing of when the loan will be repaid. The non-current treatment assessment is disclosed further in Note 19.",
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"value": "25. LeasesThe Group\u2019s lease portfolio consists of office properties, cars and equipment. The amounts recognised in the income statement are as follows:28 February 29 February 2025 2024 Notes\u00a3\u2019m\u00a3\u2019mInterest on lease liabilities 6 0.3 0.3Depreciation of right-of-use assets 14 2.0 2.0The maturities of the Group\u2019s lease liabilities are as follows:28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mLess than one year 2.8 2.4One to five years 11.1 5.4More than five years 8.0 1.6Total undiscounted lease liabilities 21.9 9.4Lease liabilities included in the Consolidated Statement of Financial Position 8.8 8.9Current 1.5 2.4Non-current 7.3 6.5The above undiscounted lease liabilities includes the new US office lease entered into but yet to commence.",
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"value": "26. Commitments and contingent liabilitiesa) Capital commitments28 February 29 February 2025 2024 \u00a3\u2019m\u00a3\u2019mProperty, plant and equipment 0.7 \u2013Intangible assets 0.9 0.4Total 1.6 0.4b) Other commitmentsThe Group is committed to paying royalty advances to authors in subsequent financial years. As at 28 February 2025, this commitment amounted to \u00a324.3m (2024: \u00a328.4m).c) GuaranteesThe Company and certain of its subsidiaries have provided guarantees to Lloyds Bank Plc in relation to the Group\u2019s borrowing facilities \u2013 see Note 24c). ",
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"value": "27. Related party transactionsThere are no related party transactions other than key management remuneration as disclosed in Note 5.",
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"value": "28. Investments in subsidiary companiesThe Group\u2019s subsidiary companies at 28 February 2025 are:Proportion Country of of equity Nature of business Registered incorporationcapital heldduring the yearofficeSubsidiary undertakings held directly by Bloomsbury Publishing Plc:A & C Black Limited England and Wales 100% Intermediate 1.holding companyBloomsbury India UK Limited England and Wales 100% Intermediate 1.holding companyBloomsbury Publishing Inc. USA 100% Publishing 2.Bloomsbury Information Limited England and Wales 100% Publishing 1.Bloomsbury Professional Limited England and Wales 100% Publishing 1.Bloomsbury Publishing PTY Limited Australia 100% Publishing 3.The Continuum International Publishing Group Limited England and Wales 100% Publishing 1.Hart Publishing Limited England and Wales 100% Publishing 1.Head of Zeus Limited England and Wales 100% Publishing 1.Bloomsbury Publishing Ireland Limited Ireland 100% Publishing 6.Osprey Publishing Limited England and Wales 100% Publishing 1.Bloomsbury Book Publishing Company Limited England and Wales 100% Publishing 1.I.B. Tauris & Co. Limited England and Wales 100% Publishing 1.Oberon Books Limited England and Wales 100% Publishing 1.Bloomsbury Media Limited England and Wales 100% Dormant 1.Subsidiary undertakings held through a subsidiary company:A & C Black Publishers Limited England and Wales 100% Publishing 1.Christopher Helm (Publishers) Limited England and Wales 100% Publishing 1.Oxford International Publishers Limited t/a Berg Publishers England and Wales 100% Publishing 1.John Wisden and Company Limited England and Wales 100% Publishing 1.Shire Publications Limited England and Wales 100% Publishing 1.British Wildlife Publishing Limited England and Wales 100% Publishing 1.Bloomsbury Publishing India Private Limited India 100% Publishing 4.Berg Fashion Library Limited England and Wales 100% Dormant 1.A & C Black (Distribution) Limited England and Wales 100% Dormant 1.A & C Black (Storage) Limited England and Wales 100% Dormant 1.Adlard Coles Limited England and Wales 100% Dormant 1.Alphabooks Limited England and Wales 100% Dormant 1.F. Lewis (Publishers) Limited England and Wales 100% Dormant 1.Featherstone Education Limited England and Wales 100% Dormant 1.Hambledon and London Limited England and Wales 100% Dormant 1.Herbert Press Limited England and Wales 100% Dormant 1.John Wisden (Holdings) Limited England and Wales 100% Dormant 1.Methuen Drama Limited England and Wales 100% Dormant 1.Nautical Publishing Co Limited England and Wales 100% Dormant 1.Philip Wilson Publishers Limited England and Wales 100% Dormant 1.Reed\u2019s Almanac Limited England and Wales 100% Dormant 1.Sheffield Academic Press Limited England and Wales 100% Dormant 1.T & T Clark Limited Scotland 100% Dormant 5.The Athlone Press Limited England and Wales 100% Dormant 1.Thoemmes Limited England and Wales 100% Dormant 1.All subsidiary undertakings are included in the consolidation.The following lists all Bloomsbury registered office addresses. Please see the wholly owned subsidiary list for relevant registered office codes.1. 50 Bedford Square, London WC1B 3DP, United Kingdom.2. 1385 Broadway, Fifth Floor, New York, NY 10018, USA.3. Level 4, 387 George Street, Sydney, NSW 2000, Australia.4. DDA Complex, LSC, Building No. 4, Second Floor, Pocket C-6&7, Vasant Kunj, New Delhi, 110070, India. 5. C/O Bloomsbury Professional Limited, 83 Princes Street, Edinburgh EH2 2ER, United Kingdom.6. C/O Deloitte Ireland LLP, 29 Earlsfort Terrace, Dublin 2, D02 AY28, Ireland.For the year ended 28 February 2025, the following subsidiary companies were entitled to exemption from audit under section 479A of the Companies Act 2006:Company Subsidiary namenumberBloomsbury Information Limited 06409758Bloomsbury Professional Limited 05233465The Continuum International Publishing Group Limited 03833148A & C Black Publishers Limited 00189153Christopher Helm (Publishers) Limited 01953639Oxford International Publishers Limited t/a Berg Publishers 03143617John Wisden and Company Limited 00135590Hart Publishing Limited 03307205Osprey Publishing Limited 03471853Shire Publications Limited 00868867British Wildlife Publishing Limited 06810049Bloomsbury Book Publishing Company Limited 03830397I.B. Tauris & Co. Limited 01761687Head of Zeus Limited 07769235Oberon Books Limited 02082142The Group\u2019s joint venture undertakings at 28 February 2025 are:Nature of Proportion business Country of of equity during the Registered incorporationcapital heldyearofficeJoint venture undertakings held directly by Bloomsbury Publishing Plc:CYP and Bloomsbury (Beijing) Culture Development Co., Ltd China 50% Publishing 1.1. Floor 5, B Block, No. 1132, HuihHe South Street, Banbidian Village, Gaobeidian Township, Chaoyang District, Beijing, PRC.",
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"value": "Registered Office 50 Bedford Square London WC1B 3DP +44 (0) 20 7631 5600",
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"period": "2024-02-29T00:00:00/2025-03-01T00:00:00"
}
}
}
}