Commenting on the results, Nigel Newton, Chief Executive, said: “Bloomsbury achieved very strong results in the first half with year-on-year revenue growth of 22% to £122.9 million and profit growth of 23% to £15.9 million. These are our highest ever first half sales and profits. These results demonstrate the strength and resilience of our strategy of publishing for both the consumer and academic markets, our growth of digital revenues and our global diversification. Throughout this cost of living crisis, books remain an affordable treat. Reading offers a form of escapism and an ideal – and inexpensive – therapy for dealing with the stresses and strains of day-to-day life. The success of Bloomsbury Digital Resources (“BDR”) accelerated, with revenue growth of 69% driven by organic and acquired assets. This drove the Non-Consumer division’s revenue growth of 24% and a 54% increase in profit before tax and highlighted items1 to £7.1 million. Resilient demand saw the Consumer division revenue grow by 21%, achieving a 6% increase in profit before tax and highlighted items1 to £8.9 million. Our financial position is strong, with net cash of £41.5 million. This gives us significant opportunities for further acquisitions and investment in organic growth.
S&P Global (NYSE: SPGI) announced that it has completed the sale of its Engineering Solutions business to investment funds managed by KKR, a leading global investment firm. S&P Global received the full proceeds from the sale of $975 million in cash, subject to purchase price adjustments, which S&P expects to result in approximately $750 million of after-tax proceeds.
The transaction will also include local closings in certain jurisdictions, which are expected to occur during the balance of 2023. In the future, the Engineering Solutions business will operate as an independent company by the name of Accuris.
Engineering Solutions became part of S&P Global following the company’s merger with IHS Markit early last year. The transaction follows the announced intent in November 2022 to divest the business.