Bloomsbury delivered a solid set of FY25/26 results with adj. EPS c.6% ahead of consensus and net cash better than expected. As anticipated, Consumer faced tough comparatives but the FY26/27 frontlist is strong and the division is well positioned for a sharp bounce-back. A&P was the standout revenue +29%, adj. PBT doubled driven by AI licensing and the Rowman & Littlefield integration which is progressing at pace (13k titles now digitised). We make no changes to forecasts at this stage but see clear potential for upgrades as the year progresses if current momentum is sustained. BUY.
