Final Results
Bloomsbury Publishing PLC
20 March 2002
Bloomsbury Publishing Plc
Preliminary Results for the Year Ended 31 December 2001
London, 20 March 2002: Bloomsbury Publishing Plc is pleased to announce
preliminary results for the year ended 31 December 2001.
Highlights
• Turnover: increased by 20.6% to £61.14m (2000, £50.68m)
• Pre-tax profit before goodwill amortisation: increased by 62.5% to
£9.35m (2000, £5.76m)
• Basic earnings per share before goodwill amortisation: increased by
47.5% to 38.41 pence (2000, 26.04 pence)
• Dividend: increased by 26% to 6.3 pence for the year (2000, 5 pence)
• Net cash balances: increased 173.8% to £15.01m (2000, £5.48m). Net cash
on deposit excludes £1.78m (2000, £1.99m) set aside for loan note holders
• £4.70 million raised for Comic Relief
Nigel Newton, Chairman of Bloomsbury Publishing, commenting on the company's
outlook for the future, said:
'The prospects for Bloomsbury in 2002 with the growth of our backlist, export,
American and electronic sales are set to be excellent. The strength of our
publishing list, which includes new novels by Joanna Trollope and Donna Tartt,
the Business encyclopaedia, and the next huge surge in Harry Potter sales, will
drive the group's future success.'
There will be a presentation to analysts today at 9.30 a.m. at Dresdner
Kleinwort Wasserstein, 20 Fenchurch Street, London EC3P 3DB.
For further information, please contact:
Simon Forrest, Impact Consultancy 07885 317 746
Kirsty Black, Impact Consultancy 07961 433 041
Impact Consultancy, Main Number 020 7479 4770
Nigel Newton, Chairman, Bloomsbury Publishing Plc 020 7494 6015
Bloomsbury Publishing plc
Chairman's Preliminary Statement
OVERVIEW
Bloomsbury had an excellent 2001. In addition to the significant growth in
turnover and profits, the company developed strongly in areas where there will
be significant growth potential in years to come, most notably with the launch
of several new electronic reference products and databases, the expansion of the
US publishing operation, and the successful integration of A&C Black. Our book
publishing went from strength to strength, both commercially and critically. For
the second year in a row, the company was voted Publisher of the Year by the
book trade in 2001.
The Highlights of 2001 were:
• Turnover: increased by 20.6% to £61.14m (2000, £50.68m)
• Pre-tax profit before goodwill amortisation: increased by 62.5% to
£9.35m (2000, £5.76m)
• Basic earnings per share before goodwill amortisation: increased by
47.5% to 38.41 pence (2000, 26.04 pence)
• Dividend: increased by 26% to 6.3 pence for the year (2000, 5.0 pence)
• Net cash balances: increased 173.7% to £15.01m (2000, £5.48m). Net cash
on deposit excludes £1.78m (2000, £1.99m) set aside for loan note holders
• £4.70 million raised for Comic Relief
Growth Strategy
During the year the company made great strides in expanding its operations. The
company is now poised for significant growth through four key areas:
• Electronic reference: creating databases with international appeal,
longevity and the ability to generate a wide variety of titles, both in
print and electronic formats.
• Bloomsbury USA: exploiting opportunities in the world's most valuable
publishing market, playing to our strengths in quality fiction with the
added benefit of identifying US authors for exploitation in the UK and
abroad.
• Internationally: extending the Bloomsbury brand to other territories in
addition to the US, setting up low-cost satellite operations and further
growing export sales in non-English speaking markets, fuelling the 30.7%
increase in overseas sales in 2001.
• Harry Potter: will drive growth through ever-expanding sales of the
series, attracting new readers as well as sales to existing readers. Sales
to adults, in particular, are building a huge new audience for the series.
REVIEW OF OPERATIONS
Book Division
Adult
2001 was a successful year, demonstrating Bloomsbury's ability to nurture new
talent as well as maximise the success of established writers. The year began
with the publication of the international bestseller, The Death of Vishnu by
Manil Suri which was longlisted for the Booker Prize and shortlisted for the
Pacific Rim Prize. It has now been published in some fifteen countries and looks
set to become a classic. Four books by our authors were on the longlist for the
Booker Prize and two books were on the longlist for the 2002 Orange Prize which
was announced on Monday.
Major works by established Bloomsbury authors included novels by Jane Urquhart,
Lesley Glaister and Ethan Canin. John Irving's, The Fourth Hand was a major
bestseller for Bloomsbury on its release in July, becoming the sixth Bloomsbury
book in the bestseller lists that month.
In non-fiction, Bloomsbury launched The Writer and the City series with Edmund
White's The Flaneur: A Stroll Through the Paradoxes of Paris, followed by Booker
Prize winner Peter Carey's 30 Days in Sydney. Other non-fiction titles included
South With Endurance, a dramatic pictorial documentary of Shackleton's
expedition; Anthony Bourdain's culinary adventures in A Cook's Tour; and one of
the most talked-about publications of the year, The Diaries of Kenneth Tynan.
Bloomsbury's joint venture with Virago Press on the paperback edition of
Margaret Atwood's Booker Prize winner, The Blind Assassin, made a significant
contribution.
Children's
In July, we published the paperback edition of Harry Potter and the Goblet of
Fire, which jumped straight to number one. On the back of this, Bloomsbury
became the publisher with the highest turnover with several major supermarket
chains which benefited other Bloomsbury books as well. Harry Potter sales
respond well to advertising campaigns because of the public's high prior
awareness of the series, and we saw several peaks during the year triggered by
individual campaigns followed by a huge surge at the film's release. Fans of
Harry Potter worldwide are looking forward to the next book in the series, Harry
Potter and the Order of the Phoenix, which will be published by Bloomsbury on a
publication date to be announced.
Five Little Fiends, by the talented illustrator Sarah Dyer, was shortlisted for
the Smarties prize and was awarded the bronze medal in the picture book
category. It has been sold in several languages, and the author is now working
on her second book. We also published Sabrina Fludde, the first in a remarkable
series of literary fiction titles by the Smarties prize-winning author Pauline
Fisk.
Sales of rights continued to flourish. Notable successes have been sales of
Five Little Fiends and Sorceress, the sequel to Witch Child. The children's
backlist is also gaining significant momentum with Selfish Crocodile, Holes,
Face and No Matter What all performing very strongly during the year.
During 2001, Bloomsbury raised £4.7 million for Comic Relief through the sales
of two Harry Potter books, Quidditch Through the Ages and Fantastic Beasts And
Where To Find Them, specially written for the charity by JK Rowling. Money from
sales outside the UK went to Harry's Book Fund, to help young people in poverty
overseas. The fundraising was a separate operation and is not included in these
results.
Bloomsbury USA
Bloomsbury USA is building a stable of successful authors generating
bestsellers. Although still in its development phase, it is already making its
mark in the US publishing industry. Forty-four books were published during the
year. We started off 2001 with the publication of Anna Pavord's bestseller The
Tulip in paperback, a title that will be a regular feature on our backlist for
the future. There were strong sales from The Writer and the City series with
Edmund White's The Flaneur and Peter Carey's 30 Days in Sydney. The Heart is
Deceitful Above All Things by JT Leroy was the second title from this author and
has taken him to a new level of public awareness with coverage in Time magazine,
Vanity Fair and other key media.
Our lead title in the US was A Cook's Tour by Anthony Bourdain. The launch
generated a huge amount of publicity, including a full page in USA Today (the
nation's largest circulation newspaper) and an appearance by the author on NBC's
Today programme, the number one rated morning show.
Working closely with Bloomsbury's UK children's team, Bloomsbury Children's
Books USA was launched during the year. Thirty-four titles will be published in
2002 with the inaugural list appearing in May. Early reaction has been
overwhelmingly positive and already three books have been chosen by the Junior
Library Guild as outstanding reading selections for children. A catalogue
mailing to US booksellers and reviewers had a response rate of over 10%,
indicating extremely high interest in Bloomsbury children's publishing.
Bloomsbury Audio
Bloomsbury's Audio list was launched at the end of 2001 with The Diaries of
Kenneth Tynan and Kitchen Confidential. Joanna Trollope's Girl from the South
was released on tape in February. Our first title, Simon Callow's reading of
Kenneth Tynan, was shortlisted as Audio Book of the Year.
Reference and Electronic Media Division
Developing high quality content for long term exploitation is the key underlying
strategy of the Reference and Electronic Media Division. By the end of 2001,
Bloomsbury Reference had created over 28 million words of text. In 2001 alone,
we published over 8,000 pages of dictionary and reference content. This
represents an extremely valuable long-term resource for the company, a highly
flexible asset that is capable of being exploited across a wide range of print
and electronic formats. It has an international market and, after the initial
development of the core database, will be a high-margin source of repeat
revenue.
These characteristics are demonstrated by the development during the year of the
Encarta range of publications, with the successful launch of the Encarta
Thesaurus and the Encarta Concise English Dictionary (published as the
Microsoft Encarta College Dictionary in the USA). Both editions highlighted
everyday language problems, especially misspellings, and were greeted positively
by the market worldwide.
We also completed the first phase of the English Language Teaching dictionary
database which we have been developing for three years. The book was published
in March by our partners Macmillan. The book is aimed at an estimated one
billion learners of English.
We also completed the content compilation of Business, our huge new database of
business information which has the potential to become the definitive general
business reference source. Aimed at workers from the most junior manager to
CEOs, the print edition will be published in September 2002. In addition to our
partnerships on this project with The Economist Group via the economist.com and
Perseus Books in the US, we have now sold German translation rights, syndication
rights in the US, and other rights to leading corporate information providers.
We have broadened the range of partners for electronic content. In the case of
the business database we are working with the London Business School, who will
make the database available to their staff, students, executive trainees and
alumni via their intranet. Another development was the non-exclusive licence to
NHS Direct of material from the RSM Health Encyclopaedia for use in their online
service. The provision of reference data remains a lucrative area for
Bloomsbury, and the Business database in particular could be a huge source of
revenue in years to come.
A & C Black
This was A&C Black's first full year as part of the group. Most of the company's
export sales were transferred to Bloomsbury's agencies: Penguin International in
Europe and South America, Allen and Unwin in Australia, and Raincoast in Canada.
We are confident that export sales will grow significantly as a result.
In line with our strategy of exploiting electronic licensing opportunities for
the reference list, Who's Who was transferred onto an electronic database, with
a number of electronic licensing deals already concluded, including a three year
non-exclusive licence to Bloomberg.
In September, we published Raptors of the World at £49, a definitive reference
work in the ornithology imprint. The book will spawn new editions for many years
to come. Also published under this imprint was Sylvia Warblers, the winner of
the Best Bird Book of the Year.
The nautical imprint, Adlard Coles Nautical, continued its successful
relationship with the Royal Yachting Association with the RYA Book of Electronic
Navigation, the RYA Guide to Buying Motor Cruisers and the RYA Book of Knots.
One of the characteristics of specialist publishing is that the books are
essential to enthusiasts, with regular repeat sales requiring relatively light
marketing.
Another publishing highlight was SAQ (Speed, Agility and Quickness) Soccer and
SAQ Rugby, a revolutionary new training program now used by the world's top
teams including Manchester United and Newcastle United and the English, Irish
and Welsh Rugby Union teams. We also published new titles in the Blue Guides
travel series and launched the 20th edition of the standard reference work,
Black's Veterinary Dictionary.
The Children's educational and music lists also had an excellent year, with the
publication of teachers' guides to the internet and the outstandingly successful
publication of a new children's recorder series.
People
I would like to thank the employees of Bloomsbury and A&C Black for their hard
work over the last year. Our continued success is primarily a result of their
energy and skill. I would also like to thank our authors and contributors. We
would not exist without them.
Board changes
In January 2002, we made two appointments strengthening the board. Sarah
Odedina, Editorial Director for Children's books was appointed as an executive
director, and Michael Mayer, President of Berkeley International Capital
Corporation, a prominent venture capital firm in the US, joined as a
non-executive director. Both Children's and US expansion are key areas of
development for the company and their input to the board will be invaluable in
achieving our strategic goals.
Dividend
The directors recommend a final dividend of 4.8 pence per share (2000, 4.0 pence
per share) making a total of 6.3 pence per share (2000, 5 pence per share) for
the year. This represents a 26% increase in the dividend reflecting a
progressive dividend policy, a consequence of the company's increasing
profitability. However, the dividend policy will still reflect the need to
invest in developing authors, the acquisition of international rights, and the
development of new databases, all important steps to ensuring continued growth
in earnings in the years ahead. The final dividend will be payable on 4th July
2002 to Ordinary Shareholders on the register at the close of business on 17th
May 2002.
New Revenue Streams
We are continuing to invest a high percentage of cash generated from operations
into many areas of the business. These investments will generate significant
returns in the long-term. There is still considerable room for continued organic
growth across the board, through developing existing revenue streams and
exploiting more rights in-house, to start new revenue streams.
Prospects
2002 is off to a strong start with sales ahead of internal budgets year to date
for both Bloomsbury and A&C Black.
The list has many major titles scheduled for the autumn by some of the world's
great novelists and the backlist, which, since the acquisition of A&C Black now
comprises over 50% of the group's total, is projected to grow. As a company
still only 15 years old, the importance of a backlist already being over half of
turnover can not be emphasised enough. The prospects for Bloomsbury in 2002
with the growth of our backlist, export, American and electronic sales, are set
to be excellent. The strength of our publishing list, which includes new novels
by Joanna Trollope and Donna Tartt, the Business encyclopaedia, and the next
huge surge in Harry Potter sales, will drive the group's future success.
Nigel Newton
Chairman
20th March 2002
FINANCIAL REVIEW
Continuing returns from the long-term investment in rights and licences to books
and electronic databases increased turnover by 20.6% to £61.140m (2000,
£50.676m). The increase came predominantly from strong increases in backlist
turnover and a full-year's contribution from A&C Black. Major new books for 2001
included The Fourth Hand by John Irving, the paperback edition of Harry Potter
and the Goblet of Fire, the celebratory edition of Harry Potter and the
Philosopher's Stone, Who's Who 2001, the paperback edition of Kitchen
Confidential, and A Cook's Tour by Anthony Bourdain. Backlist revenues from book
sales for the group increased 76.5% to £37.246m (2000, 21.103m). The figures for
2000 include twelve months backlist revenues from A&C Black.
Gross profit increased 27.1% to £27.054m (2000, £21.289m). The increase in the
group's sales has given us the critical mass to enable us to reduce operating
costs. We negotiated a new print contract during 2001, which gave us more
favourable rates. We have already begun to see the benefits of this. With the
combination of print savings and increased higher margin backlist sales, the
gross profit margin increased to 44.2% (2000, 42.0%).
Marketing and distribution costs, which include the full-year cost of A&C Black,
increased by 10.8% to £8.482m (2000, £7.657m). Administrative expenses, which
included the full-year administrative expenses of A&C Black, increased by 26.9%
to £10.096m (2000, £7.953m). Goodwill amortisation of £0.600m reflects the full
year's goodwill amortisation arising from the acquisition of A&C Black.
Operating profit before the deduction of goodwill amortisation, increased 49.25%
to £8.476m (2000, £5.679m)
Cash flow for the group was very strong during the year with net cash balances
increasing from £5.485m at the end of December 2000 to £15.013m at 31st December
2001. The net cash balances exclude £1.779m (2000, £1.989m) set aside for loan
note holders from the A&C Black acquisition. The cash is being reinvested in the
business to continue the current rate of organic growth in the group, and to
fund any future acquisitions. The group generated net interest income of £0.877m
(2000, £0.077m). Profit before tax and goodwill increased by 62.5% to £9.353m
(2000, £5.756m).
The effective tax rate for the year of 32.6% (2000, 31.6%) takes account of
disallowable costs such as goodwill amortisation of £0.600m (2000, £0.299m).
Corporation tax for 2001 is also being paid quarterly in advance under the
self-assessment rules. Profit after tax and goodwill amortisation increased by
58.2% to £5.901m (2000, £3.730m).
Basic earnings per share before goodwill amortisation increased by 47.5% to
38.41 pence (2000, 26.04 pence). Fully diluted earnings per share before
goodwill amortisation increased by 45.5% to 35.80 pence (2000, 24.60 pence)
Balance sheet
Stocks increased by 8.6% to £12.493m (2000, £11.499m). Work in progress
decreased by 8.3% to £6.791m (2000, £7.408m) through the amortisation of the
balances in respect of the English Language Teaching Database, the first stage
of which was completed last year, and the Encarta World English Dictionary
database. Finished goods for resale increased 37.6% to £5.519m (2000, £4.012m).
The increase was attributable in part to the general increase in business within
the group, but was mainly due to the additional stockholding of Harry Potter to
keep pace with demand in the wake of the film. The stock of those books held at
year-end has already been sold in 2002.
Group debtors falling due within one year and after one year decreased by 11.1%
to £30.024m (2000, £33.776m). Trade debtors decreased by 5.2% to £20.203m (2000,
£21.320m), due to sales being spread more evenly over the year, in comparison to
2000 when there was a bias of sales to the second half of the year. Prepayments
and accrued income decreased by 21.8% to £9.484m (2000, £12.123m) due to a
combination of cash received from the sale of rights and a higher rate of
amortisation of advances due to increased backlist sales.
Group creditors falling due within one year and after one year increased 7.9% to
£26.720m (2000, £24.761m). Trade creditors increased 24.7% to £8.001m (2000,
£6.414m) which reflected amounts owed to printers for the increased print runs
of Harry Potter in the last quarter of the year. Accruals and deferred income
decreased 6.3% to £11.238m (2000, £12.000m). Accruals and deferred income
includes royalty payments to authors. These vary from year to year depending on
the authors' royalty terms.
Shareholders' funds
At 31st December 2000, Shareholders' funds stood at £43.629m (2000, £38.747m).
The increase was due to retained earnings of £4.833m (2000, £2.886m) and share
options exercised during the year.
Future investment
The group is continuing to generate funds from its operations. We are investing
in books further ahead than before. This will ensure continued long-term organic
growth. We have also been more successful in acquiring world rights to books,
including film and merchandising rights. Following the digitisation of Who's Who
and the licensing deal to Bloomberg, we are exploiting other properties in the
same manner. There are many acquisition opportunities available to us, but we
wish to identify a company, list or database that will repeat the success of our
acquisition of A&C Black. Should the right acquisition opportunity arise, cash
on our balance sheet will be used as part of the consideration.
Strategy
We already have established a number of new business areas which will generate
new revenue streams in 2002. Bloomsbury Children's USA will publish thirty-four
books in its publishing programme starting in May 2002. We also had considerable
success with Harry Potter merchandise, exceeding our expectations. We are now
looking at expanding the range of merchandise to include other successful
children's illustrated books. Exploiting rights in-house generates a much higher
margin than sub-licensing to third parties and is an integral part of our
ongoing strategy of organic growth.
Colin Adams ACA
Finance Director
20th March 2002
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 31 December 2001
Notes
2001 2000
£'000 £'000
Turnover 2 61,140 50,676
Cost of sales (34,086) (29,387)
______ ______
Gross profit 27,054 21,289
Marketing and distribution costs (8,482) (7,657)
Administrative expenses: - goodwill (600) (299)
- other (10,096) (7,953)
______ ______
Operating profit 7,876 5,380
Net interest receivable 877 77
______ ______
Profit on ordinary activities before 8,753 5,457
taxation
Taxation on profit on ordinary activities (2,852) (1,727)
______ ______
Profit on ordinary activities after 5,901 3,730
taxation
Dividends 3 (1,068) (844)
______ ______
Profit for the financial year transferred
to reserves 4,833 2,886
_____ _____
Basic earnings per share 4 34.86p 24.11p
______ ______
Diluted earnings per share 4 32.50p 22.78p
______ ______
Basic earnings per share before goodwill 4 38.41p 26.04p
______ ______
Diluted earnings per share before goodwill 4 35.80p 24.60p
______ ______
Notes
All turnover and results arose from continuing operations.
There were no recognised gains or losses in either year other than the profit
for the year and on this basis a statement of recognised gains and losses has
not been prepared.
CONSOLIDATED BALANCE SHEET
at 31 December 2001
2001 2000
£'000 £'000
Fixed assets:
Intangible assets 11,067 11,667
Tangible assets 1,139 1,097
______ ______
12,206 12,764
Current assets:
Stocks 12,493 11,499
Debtors due within one year 26,165 28,680
Debtors due after more than one year 3,859 5,096
Cash at bank and in hand 16,792 7,472
______ ______
59,309 52,747
Creditors: amounts falling due within one year 26,441 23,666
______ ______
Net current assets 32,868 29,081
______ ______
Total assets less current liabilities 45,074 41,845
Creditors: amounts falling due after more than one year 279 1,095
Provisions for liabilities and charges 1,166 2,003
______ ______
43,629 38,747
______ ______
Equity capital and reserves:
Called up share capital 848 844
Share premium account 31,273 31,228
Capital redemption reserve 9 9
Profit and loss account 11,499 6,666
______ ______
Total shareholders' funds 43,629 38,747
______ ______
The financial statements were approved by the Board of Directors on 20 March 2002.
J N Newton Director C R Adams Director
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2001
2001 2000
Notes £'000 £'000
Net cash inflow from operating activities 5 12,506 4,797
Returns on investments and servicing of finance
Interest paid (68) (131)
Interest received 945 208
______ ______
Net cash inflow from returns on investments and servicing of
finance 877 77
Taxation
Tax paid (2,716) (90)
Capital expenditure
Purchase of fixed assets (320) (358)
Sale of fixed assets 16 14
______ ______
(304) (344)
Acquisitions
Purchase of subsidiary undertaking - (16,433)
Net cash acquired with subsidiary - 733
______ ______
- (15,700)
Equity dividends paid (930) (590)
Financing
Issue of ordinary share capital (net of expenses) - 17,737
Loan notes in connection with acquisition - 1,989
Repayment of loans (210) (1,025)
Share options exercised 97 67
______ ______
Net cash (outflow) / inflow from financing (113) 18,768
______ ______
Increase in cash 9,320 6,918
______ ______
NOTES
1. The above financial information does not constitute statutory accounts
as defined in section 240 of the Companies Act 1985. The above figures for the
year ended 31 December 2001 are an abridged version of the Company's audited
accounts which will be reported on by the Company's auditors before despatch to
the shareholders and filing with the Registrar of Companies.
2. Geographical analysis of turnover
The directors regard the Group's business as a single segment. Its profit and
turnover arises principally in the United Kingdom where its assets are located.
The table below analyses turnover by destination:
2001 2000
£'000 £'000
United Kingdom 38,579 33,410
North America 7,736 4,367
Continental Europe 5,953 6,572
Australasia 5,118 4,697
Others 3,754 1,630
_______ _______
61,140 50,676
_______ _______
Sales in North America include the turnover from Bloomsbury USA, co-edition
sales and the sale of rights and licences to third parties.
In the directors' opinion, disclosure of the analysis of the profit before tax
by geographical segment would be seriously prejudicial to the Group.
3. Dividends
2001 2000
£'000 £'000
Interim, paid 23 November 2001 254 168
Final proposed 4.8p per share 814 676
______ ______
1,068 844
______ ______
4. Earnings per share
Basic earnings per share has been calculated by reference to earnings of
£5,901,000 (2000, £3,730,000) and a weighted average number of Ordinary Shares
in issue of 16,926,075 (2000, 15,470,759). The diluted earnings per share has
been calculated by reference to a weighted average number of Ordinary Shares in
issue of 18,158,383 (2000, 16,377,783). Basic and diluted earnings per share
excluding goodwill have been calculated by reference to earnings of £6,501,000
(2000, £4,029,000).
The reconciliation between the weighted average number of shares for the basic
earnings per share and the diluted earnings per share is as follows:
2001 2000
Number Number
Weighted average number of shares for basic
earnings per share 16,926,075 15,470,759
Dilutive effect of share options 1,232,308 907,024
__________ __________
Weighted average number of shares for diluted
earnings per share 18,158,383 16,377,783
__________ __________
5. Cash flow statement
Reconciliation of operating profit to net cash flow from operating activities
2001 2000
£'000 £'000
Operating profit 7,876 5,380
Depreciation of tangible fixed assets 268 167
Goodwill amortisation 600 299
Profit on disposal of tangible fixed assets (6) (8)
(Increase) / decrease in stocks (994) 38
Decrease / (increase) in debtors 3,704 (8,773)
Increase in creditors 1,058 7,694
______ ______
Net cash inflow from operating activities 12,506 4,797
______ ______
6. Annual General Meeting
The Annual General Meeting will be held at 12 noon on Thursday 27th June 2002 at
38 Soho Square, London W1D 3HB.
7. Report and Accounts
Copies of the Report and Accounts will be circulated to shareholders shortly and
may be obtained after the posting date from the Company Secretary, Bloomsbury
Publishing Plc, 38 Soho Square, London W1D 3HB.
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