Robust AGM trading statement: Bloomsbury have released a robust trading statement today, delivering a strong performance with sales up 28% for the first four months, continuing the momentum seen last year. The impressive growth is being seen across the group, with Consumer up 26% and Non-Consumer up 31%, helped by 41% growth in Bloomsbury Digital Resources. Management also note that their UK Consumer print book sales outperformed the market during this period. Acquisition benefits: Management separately highlight that their two recent acquisitions have contributed a strong sales performance in June and that the company is actively targeting further acquisition opportunities - we forecast net cash of £43m at YE22E despite recent acquisitions and the announced special dividend. On the outlook, management expect the FY22 performance to be in-line with current market expectations, whilst noting that the summer weather is helping drive the success of 2 UK frontlist titles – ‘Outdoor Cooking’ by Tom Kerridge and ‘Psycho by the Sea’ by Lynne Truss. Still more to go for: We leave forecasts unchanged at this stage. Despite the strong run, the shares still trade at just c.16.5x CY23E earnings, regardless of the net cash position - we continue to believe this does not reflect the fundamental value of the group and its growth opportunity over the longer-term, fuelled by the virtuous circle created by previous investment in high quality content.