Bloomsbury has not only reported a very strong set of H1 results, but it has indicated that the full year outcome is now likely to be ahead of consensus expectations. The portfolio effect within the group has seen momentum within Consumer maintained and more than offsetting a challenging budgetary environment within the academic market. The strength and breadth of the Consumer performance is particularly impressive, even after a stand-out FY24. Although H2 will not benefit from a new Sarah J Maas title, this will be a year where contributions across a range of authors and across front and backlist come to the fore, demonstrating the portfolio of portfolios approach in action. Beyond the challenging academic market backdrop, Bloomsbury Digital Resources continues to grow and remains on track for the FY28 target of £41m of revenue. The Rowman & Littlefield acquisition has contributed in-line with initial expectations and represents a significant future growth driver. The FY25 PE of 19.2x and EV/EBITDA of 11.0x continue to look attractive for a group showing consistent momentum and future upgrade potential.