Record results in unprecedented times: Bloomsbury has reported very strong interim results – revenues grew 10% to £78.3m, with PBT reaching £4.0m, ahead of the Board’s expectations and a record since H108. The performance in fundamental terms reflects the strength in demand for its titles, alongside a surge in demand for digital products. By division, Consumer (+17%) underpinned the group’s growth in the period to a significant extent, with both Adult and Children’s seeing similar growth rates (and it is notable that Harry Potter UK print sales grew 8% yoy from mid-July to end-Sept). Balance sheet strength comes to the fore: Diversifying the portfolio has been a key plank of the strategy in recent periods, helping improve the quality and resilience of growth. The success of this can be seen in Bloomsbury Digital Resources growing 47% in H1 (with a near 3x increase in customer numbers), leaving the Academic & Professional business up 1% (and Non Consumer close to flat). Balance sheet strength is a key part of facilitating this – a net cash position of £44.1m is better than expected and should allow both ongoing content investment to drive future growth and an active consideration of M&A opportunities. A dividend of 1.28p has also been announced. The value of resilient growth: Management note that the company continues to trade well in the first 6 weeks of H2. In light of the ongoing impressive performance, we upgrade FY21E revenues & EPS 11%/36% respectively, with FY22E estimates flat / up 7%. On our new estimates the shares currently trade at <11x CY22E earnings – we believe they are fundamentally mis-priced given the ongoing trajectory of resilient organic growth and the scope for accretive M&A as balance sheet headroom is deployed. The ability of Bloomsbury to navigate volatile macro-economic conditions deserves greater recognition in our view.