The announcement of a strategic partnership with Google Cloud marks an important step in the continuing evolution of Bloomsbury. Unlike the non-exclusive AI content licensing agreement announced at the H1 results, this is not an immediate source of incremental revenue, although there is every likelihood that we will see sales, working capital and process improvements over the medium term. This is more about the embedding a broad suite of AI and technology tools across the organisation and will see Bloomsbury challenge any perception of publishing being an old-fashioned industry. This announcement is a good time to revisit the Bloomsbury valuation. Despite a healthy upgrade to consensus expectations post the H1 results, the share price has not reacted meaningfully. The current FY1 PE and dividend yield of 11.9x / 3.3% respectively stand at a material discount (-37%) to the broader UK publishing peer group, underlining the value inherent in a business with strong track record of cash generation.