Bloomsbury is a story beyond the bestsellers, one of strategic re-investment and consistent management focus on portfolio expansion and diversification over a long period of time. A strong track record of material free cash generation has underpinned investment back into deeper content, portfolio (including acquisitions) and people, driving growth. The result is a well-diversified, digitally enabled publishing group with strong go to market propositions across consumer and academic markets. This deliberate shift has resulted in an acceleration of returns and a visibly higher quality of earnings and cash-flow. Bloomsbury has delivered diversification whilst generating growth across a broad range of metrics and strong cash-flow. This strong balance sheet has then enabled acceleration and acquisitions without diluting shareholders, a virtuous circle of cash generation and investment which has continued with the recent acquisition of the academic assets of Rowman & Littlefield. This track record has culminated in FTSE 250 inclusion. The current valuation remains relatively undemanding for such a quality track record and we can see much that is still not captured within the current price, nor expectations.