Bloomsbury’s 1H results demonstrate the benefits of its “portfolio of portfolio” strategy and strong execution which is driving FY profit upgrades (c.7% at the PBT line). Trends in Consumer reflect, as expected, tough comparatives whilst Academic & Professional benefited from the group’s first AI licensing deal which more than offset well known budgetary pressures. Shares have been weak in the last year such that the valuation now significantly underplays the quality of BMY’s underlying business, its strong track record, medium term growth potential and positive outlook. BUY reaffirmed.
