Bloomsbury’s AGM update can best be characterised as reassuring and follows on from the solid tone of the outlook statement at the FY25 final results in May. FY26 market expectations have been confirmed and as a result we are making no changes to our FY26E and FY27E estimates. Within the update; two points stand out. Firstly, the signing of Bloomsbury’s first AI content partnership. The potential for such a deal had been flagged at the final results so it is good to see this crystallise. We would expect further detail at the H1 results and we make no initial assumption around value. The second point relates to Rowman & Littlefield and the initial tranche of BDR integration. This is a key element of the R&L strategy, so again encouraging to see good progress here. The reassuring tone of the update should shine a spotlight on the attractiveness of the Bloomsbury valuation, with a FY26E PER of 12.6x and a 3.3% dividend yield.