Record H1 results: Bloomsbury have reported very strong H1 results, with revenue up 29% to £100.7m and PBT up 225% to £12.9m. This underpinned EPS growing >200% to 12.82p. The impressive performance was seen across both divisions. Consumer saw 29% growth (24% organic) supported by a number of bestsellers including Outdoor Cooking, Piranesi and the latest Sarah J Maas title (with her titles seeing 130% growth overall). Within Consumer, Adult grew 27% with Children’s up 31%. Bloomsbury authors also won the Nobel Prize for Literature and The Women’s Prize after period end. Non-Consumer grew 27%, with Bloomsbury Digital Resources (BDR) accelerating to 44% growth as academic institutions shift to digital products. Well positioned for the future: The net cash position of £43.7m underpinned a 5% increase in the dividend to 1.34p and should support significant M&A opportunities in future. Importantly, management successfully mitigated print supply chain issues in H1, by earlier printing and agility in printing location, but the company note that retailers and online booksellers have significantly increased their stock levels to ensure inventory in place for Christmas, and this earlier ordering boosted H1 revenues. Whilst mindful of the wider external environment (including potential supply chain impediments and possible higher stock returns), the H1 strength means management are confident in Bloomsbury achieving FY expectations. Longer-term, management have set new targets for BDR – now expecting 50% organic growth and a 30% margin over the forthcoming five years. Equity mis-priced: We leave forecasts unchanged at this stage, albeit we continue to see upside risk to forecasts over the longer-term. Despite the strong run over the past year, in CY23E Bloomsbury trades at just c.1.2x sales and c.9x EBITDA – we continue to see significant further upside to go for.