Interim Results

Bloomsbury Publishing PLC
29 September 2000


                    Bloomsbury Publishing Plc
                                
         Results for the six months ended 30th June 2000

Bloomsbury Publishing Plc is pleased to announce its results for
the six months ended 30th June 2000.

Highlights

- Turnover increased by 78.3% to £11.365m for the first  six
  months (1999: 6.374m). Turnover for the full year in 1999  was
  £20.863m
  
- Gross profit increased 40.5% to £4.463m for the first  six
  months (1999: 3.176m). Gross profit for the full year in  1999
  was £10.783m
  
- Backlist revenues increased to 38.2% (1999: 25.2%) for the
  first six months of the year
  
- Cyclical  nature  of business smoothing out  with  pre-tax
  profits  for  the  first  six months of  £0.273m  (1999:  loss
  £0.103m). Pre-tax profit for the full year in 1999 was £2.616m.
  
- Interim dividend increased to 1 pence per share (1999: 0.8
  pence per share)
  
- Net  cash  on deposit of £1.562m (1999: net debt  £0.471m)
  before  receiving  net  funds from  the  placing  of  £1.579m,
  following the acquisition of A&C Black Plc
  
- Harry  Potter series of books continue to be in  positions
  one,  two,  three,  and  four on many bestsellers  lists.  All
  turnover from Harry Potter and the Goblet of Fire occurred  in
  the second half of the year
  
- Encarta World English Dictionary sales have remained strong
  with the book now on sale in over sixty countries
  
- The  business reference database, the third major database
  was announced in May 2000
  
- A&C Black Plc, publishers of Who's Who, was acquired on 3rd
  July 2000
  


Nigel Newton commenting on the company's prospects for the  rest
of the year

'The run up to Christmas will always have a major effect on  the
business  cycle.  However,  with the  growth  in  the  backlist,
Bloomsbury  USA  and the revenues from the three databases,  the
company  is generating cash throughout the year. Current trading
is  strong and we are likely to exceed our budgets for the year.
The  company  has  a  highly valuable  library  of  intellectual
property, which will generate revenue streams for many years  to
come.  To  ensure that we continue this growth, we are investing
in  the  future and are identifying ways in which we can broaden
the  exploitation of our licences. Our excellent results for the
first six months of this year are the start of greater things to
come.'



CHAIRMAN'S STATEMENT

OVERVIEW
I  am  pleased to report a strong performance for the first half
of  2000.  Turnover for the first six months  was  up  78.3%  to
£11.365  million (1999: £6.374 million), which was  due  to  the
successes  of new books such as Kitchen Confidential by  Anthony
Bourdain,  Joanna  Trollope's  Marrying  the  Mistress  and   in
paperback, East of the Mountains by David Guterson. Revenue from
backlist  books also continued to grow in the first  six  months
and  now represents 38.2% of book sales (1999: 25.2%, rising  to
29.8%  for the whole of 1999). Gross profit increased  40.5%  to
£4.463 million (1999: £3.176 million), although the gross profit
margin  fell to 39.3% (1999: 49.8%) due to a greater  proportion
of  book  sales than sales of rights, which have higher margins,
for  the  first six months. Pre-tax profit increased  to  £0.273
million (1999: loss £0.103 million) confirming that our strategy
to smooth out the cyclical nature of the business is succeeding.
Pre-tax  profits  for the full year in 1999  were  £2.616m.  The
strength  of our list in the second half of 1999 and  the  first
half  of  2000  helped generate a net cash  position  of  £1.562
million compared to a net debt of £0.471 million at the  end  of
1999.  This was before receiving net funds of £1.579m  from  the
placing, following the acquisition of A&C Black Plc.

With the release of Harry Potter and the Prisoner of Azkaban  in
paperback in April this year, the Harry Potter series  of  books
continue  to be in positions one, two, three, and four  on  many
bestsellers  lists. This achievement however should not  eclipse
other  successes we are having, especially with Bloomsbury  USA,
and the Reference and Electronic Media Division. These are still
in  the  early  life of their development but  are  both  making
contributions  to  earnings and are  building  the  content  and
commercial relationships that will generate significant  returns
in the coming years.

INTERIM DIVIDEND
The  directors have declared an interim dividend of 1 pence  per
share  (1999:  0.8 pence per share) which will be paid  on  23rd
November 2000 to those shareholders on the register at close  of
business on 3rd November 2000.

REVIEW
Book Division
The  new  millennium has seen our strongest  list  to  date.  It
included  Marrying  the  Mistress, the latest  novel  by  Joanna
Trollope,   Anil's Ghost, Michael Ondaatje's first  novel  since
The  English  Patient, winner of the Booker Prize, East  of  the
Mountains  by David Guterson, and Harry Potter and the  Prisoner
of Azkaban in paperback.

Highlights  of the paperback list included The Map  of  Love  by
Ahadaf Soueif, which has sold over 100,000 copies; Anna Pavord's
ground  breaking  The Tulip, following its hardback  success  by
selling over 50,000 copies in paperback; and the film tie-in  of
Snow  Falling on Cedars which has sold over 95,000  copies  (and
which  has sold almost three quarters of a million copies  since
it  was  first  published by Bloomsbury  five  years  ago).  Our
success with the paperback list, and the growth in its backlist,
gives  us much greater weight in selling new books into  the  UK
and export markets.
                                
2000  is  proving  to be an exceptionally strong  year  for  the
Children's  list with the range of titles expanding  to  include
books  for  children  of all ages from picture  books  to  older
fiction.  The year began very well with the hardback publication
of  the  American best seller Holes by Louis Sachar. Within  two
months  we had reprinted three times, selling over 30,000 copies
to  date.  In  early spring we had great success at the  Bologna
children's  bookfair where we sub-licensed translation  and  co-
edition  rights  for  many of our illustrated  books.  Sales  of
international licences in our children's fiction list were  very
buoyant,  and included Marianne Curley's first novel Old  Magic,
and the hotly contested auction for the North American rights to
Witch  Child by Celia Rees. Harry Potter and the Goblet of Fire,
the  fourth in the Harry Potter series, was released on July 8th
2000. All turnover from this book occurred in the second half of
the year.

Bloomsbury  USA,  though still only two years  old,  is  rapidly
establishing itself within the US book trade as one of the  most
progressive  new publishing houses. The outstanding  achievement
of  the  first  half  of  the year was Kitchen  Confidential  by
Anthony  Bourdain  which  has sold  over  125,000  copies  since
publication in May and which has remained in the New York  Times
bestseller   list  for  fourteen  weeks.  We  have   also   sold
translation rights in many countries. Looking forward  there  is
an  exciting  list  of  books  in  the  pipeline  including  the
paperback  edition  of The Tulip, already  a  huge  success  for
Bloomsbury  in  the  UK,  and the launch of  Bloomsbury's  Urban
Historicals  series  next year. Bloomsbury USA  is  providing  a
publishing  opportunity  for UK originated  works,  as  well  as
identifying US works with UK potential and further extending the
Bloomsbury brand.

Reference and Electronic Media Division
During  the  first  half of 2000, the Reference  and  Electronic
Media Division continued to expand its database development into
new  areas  while consolidating its position in  the  dictionary
market. After the successful launch of the Encarta World English
Dictionary in 1999 sales, have remained strong with the book now
being sold in over sixty countries.

Bloomsbury's strategic business relationship with Microsoft  saw
work  start  on  developing an expanded  Encarta  World  English
Dictionary  database, with ten thousand new headwords,  and  the
completion of the Encarta Quotations Database, the book of which
will be published world-wide in October this year.

Developing   reference  databases  in  house  and   establishing
partnerships  with  international  organisations  is  playing  a
crucial  role  in  building up a portfolio  of  highly  valuable
intellectual   property,  with  long-term   revenue   generating
capabilities.   In  addition  to  the  Encarta   World   English
Dictionary database, and the English Language Teaching Database,
we  announced  our  plans in May to create a business  reference
database   in   partnership  with  Perseus  Books,   a   leading
independent  business publisher based in the US. We intend  this
database  to become one of the key reference sources for  up-to-
date, accurate and accessible information in the global business
and financial environment.  In addition to the print edition  of
the  database  we are confident we will establish a  partnership
with  a  leading international business information organisation
to  create  an  online  service utilising information  from  the
database.

As work has proceeded on the Dictionary Database for Learners of
English, so we have continued to refine and develop our language
analysis  skills  and  processes. These  will  be  important  in
affirming Bloomsbury's position as an important content provider
for the new media markets, which are opening up all the time.

The  Reference  and  Electronic  Media  Division  also  has  the
responsibility for developing Bloomsbury's Internet  activities.
An  excellent example of how we are provide web support for  our
hard  copy titles was with the Harry Potter web pages which went
live  on  Bloomsbury.com shortly before the publication  of  the
latest  novel, Harry Potter and the Goblet of Fire.  During  the
launch  of the book, the site received over one million visitors
a  week. There are over 200 pages of information, news and  even
an  exclusive  interview with author JK Rowling,  an  electronic
magazine  in  effect. The success of the site confirms  that  we
have the properties to attract substantial business activity  on
the  internet. It is part of our strategy to generate a  greater
proportion  of our revenues from online activities in  the  next
few years.

The  prospects  for the Reference and Electronic Media  Division
are  very good. We have demonstrated that we can generate  large
scale,  quality databases, which are exploitable across  several
platforms. We are planning to begin development of new databases
in  the  near  future  to build on the successes  of  the  three
existing  databases with the aim of generating quality long-term
revenues for many years to come.

A&C BLACK
On  3rd  July of this year we acquired A&C Black Plc, the highly
respected  and  profitable  publishing  house  specialising   in
reference  and children's books. In addition, we raised  £1.579m
by  way of a placing to fund the cost of the acquisition and buy
out  any  remaining minority in the company after the offer  had
closed.  The increased size and combined expertise  of  the  two
companies    presents   exciting   publishing   and    marketing
opportunities.  A&C  Black  has had  many  years  experience  in
accessing and developing specialist markets, along with building
a highly valuable backlist from its intellectual properties. 81%
of  A&C  Black's  sales are from backlist and  new  editions  of
established annuals. It also has a very strong presence  in  the
children's  educational market. These strengths  will  certainly
help  Bloomsbury  grow  its own list even  further,  whilst  A&C
Black's  sales  should  benefit from our progressive  sales  and
marketing  approach. Our main objective is to grow the  turnover
in  the  company  through  sales of  rights,  books,  and  small
acquisitions in their niche areas. A&C Black's list lends itself
well to the potential of new reference databases to be developed
within the group. Who's Who, Writers' and Artists' Yearbook, and
the  ornithology  list are just a few examples of  the  acquired
properties    which   have   huge   potential   for   electronic
exploitation.  We  are  already  beginning  to  feel  the  great
benefits of this union predicted at the time of acquisition.

OUTLOOK
The  run up to Christmas will always have a major effect on  the
business  cycle.  However,  with the  growth  in  the  backlist,
Bloomsbury  USA  and the revenues from the three databases,  the
company  is generating cash throughout the year. Current trading
is  strong and we are likely to exceed our budgets for the year.
The  company  has  a  highly valuable  library  of  intellectual
property, which will generate revenue streams for many years  to
come.  To  ensure that we continue this growth, we are investing
in  the  future and are identifying ways in which we can broaden
the  exploitation of our licences. Our excellent results for the
first six months of this year are the start of greater things to
come.


Nigel Newton
Chairman
29th September 2000





RESULTS

The  unaudited profit and loss account for the six months  ended

30th June 2000 was as follows:

                             6 months     6 months      Year ended
                           ended 30th   ended 30th   31st December
                            June 2000    June 1999            1999
                          (unaudited)  (unaudited)       (audited)
                                £'000        £'000           £'000
                                                                  
Turnover                       11,365        6,374          20,863
Cost of sales                 (6,902)      (3,198)        (10,080)
Gross profit                    4,463        3,176          10,783
Marketing and                 (1,791)      (1,130)         (3,197)
distribution costs
Administrative expenses       (2,360)      (2,006)         (4,660)
Operating profit                  312           40           2,926
Interest (net)                   (39)        (143)           (310)
Profit/(loss) on                                                  
ordinary activities               273        (103)           2,616
before taxation
Taxation                          (71)            -           (811)
Profit/(loss) on                                                  
ordinary activities               202        (103)           1,805
after taxation
Dividends                        (168)        (106)           (529)
Retained profit/(loss) for the     34        (209)           1,276
period
Basic earnings/(loss) per                                               
ordinary                        1.44p      (0.80p)          13.56p
 share
Fully diluted                                                     
earnings/(loss) per             1.36p      (0.77p)          13.18p
ordinary share


Notes:

1.    The  earnings  per ordinary share for the  six  months  to
      30th  June  2000 is based on the profit after taxation  of
      £202,000 (1999 loss - £103,000) and on a weighted  average
      number  of ordinary shares in issue of 14,070,800 (1999  -
      13,229,805).  The  earnings per  ordinary  share  for  the
      twelve  months  to  31st December 1999  is  based  on  the
      profit   after  taxation  of  £1,805,000  and  a  weighted
      average  number of ordinary shares in issue of 13,314,273.
      The  fully  diluted earnings per share has been calculated
      by  reference  to  a weighted average number  of  Ordinary
      Shares  in  issue of 14,875,098 (6 months  ended  30  June
      1999   -  13,442,375,  year  ended  31  December  1999   -
      13,699,566) which takes account of share options.

2.    The  figures for the six months ended 30th June 2000 do not
      comprise full accounts. The financial information included in
      this document has been approved by the Directors and prepared on
      a consistent basis with the accounts for the year ended 31st
      December 1999. Accounts for the year ended 31st December 1999,
      which received an unqualified audit report, have been lodged
      with the Registrar of Companies. This announcement is being sent
      to shareholders and will be made available at our registered
      office.

3.    The  figures  exclude the results and assets of  A&C  Black
      Plc, the acquisition of which became effective on 3rd July 2000.
      Shares issued by the company in respect of the acquisition of
      A&C Black Plc are not reflected in the balance sheet at 30th
      June 2000.

4.    The  dividend is based on the number of shares estimated to
      be in issue on 3rd November 2000. This includes 2,767,172 shares
      relating to the acquisition of A&C Black Plc which was effective
      on  3rd July 2000, and assumes that the remaining minority
      interest in A&C Black Plc will be acquired under the provisions
      of the Companies Acts by 3rd November 2000.


BALANCE SHEET

                            30th June    30th June   31st December
                                 2000         1999            1999
                          (unaudited)  (unaudited)       (audited)
                                £'000        £'000           £'000
                                                                  
Fixed assets                                                      
Tangible assets                   375          323             371
                                                                  
Current assets                                                    
Stocks                         10,817        8,399           9,507
Debtors due within one         12,713       12,554          15,750
year
Debtors due after more          6,056        5,622           3,882
than one year
Cash at bank and in hand        2,231            -             554
                               31,817       26,575          29,693
                                                                  
Creditors: amounts                                                
falling due within one          9,868       10,688           9,052
year                                              
Net current assets             21,949       15,887          20,641
                                                                  
Total assets less              22,324       16,210          21,012
current liabilities
                                                                  
Creditors: amounts                                                
falling due after more          1,821        1,588           1,926
than one year
                                                                  
Provisions for                  1,981        1,070             662
liabilities and charges
                                                                  
                               18,522       13,552          18,424
                                                                  
Capital and reserves                                              
Called up share capital           704          661             700
Share premium account          13,580       10,172          13,520
Capital redemption                  9            9               9
reserve
Profit and loss account         4,229        2,710           4,195
                                     
                                                                  
Total shareholders'            18,522       13,552          18,424
funds


CASH FLOW STATEMENT





                             6 months     6 months      Year ended
                           ended 30th   ended 30th   31st December
                            June 2000    June 1999            1999
                          (unaudited)  (unaudited)       (audited)
                                £'000        £'000           £'000
                                                                  
                                                                  
Net cash                        2,061      (2,804)           (807)
inflow/(outflow) from
operating activities
                                                                  
Returns on investments                                            
and servicing of finance
Interest paid                    (63)        (140)           (323)
Interest received                 24            -               4
                                                                  
Net cash outflow from                                             
returns on investments                                            
and servicing of finance         (39)        (140)           (319)
                                                                  
Taxation                                                          
Tax paid                            -         (84)           (116)
                                                                  
Capital expenditure                                               
Purchase of fixed assets         (53)         (79)           (178)
                                                                  
Equity dividends paid               -            -           (491)
                                                                  
Financing                                                         
Repayment of loans              (356)         (57)           (413)
Share options exercised           64            -             120
Shares placed (net of               -            -           3,263
expenses)
                               ______       ______          ______
Net cash                        (292)         (57)           2,970
(outflow)/inflow
                                                                  
Increase/(decrease) in          1,677      (3,164)           1,059
cash
                                                                  


INDEPENDENT REVIEW REPORT TO BLOOMSBURY PUBLISHING Plc



Introduction
We  have  been instructed by the company to review the financial
information set out on pages 5 to 7 and we have read  the  other
information  contained  in  the interim  report  and  considered
whether  it  contains  any  apparent misstatements  or  material
inconsistencies with the financial information.



Directors' responsibilities
The   interim   report,  including  the  financial   information
contained  therein,  is  the responsibility  of,  and  has  been
approved   by   the  directors.  The  accounting  policies   and
presentation applied to the interim figures are consistent  with
those  applied  in  preparing annual accounts except  where  any
changes, and the reasons for them, are disclosed.



Review work performed
We   conducted  our  review  in  accordance  with  the  guidance
contained  in  Bulletin 1999/4 issued by the Auditing  Practices
Board.  A  review  consists principally of making  enquiries  of
group  management  and  applying analytical  procedures  to  the
financial  information and underlying financial data  and  based
thereon,   assessing   whether  the  accounting   policies   and
presentation  have  been consistently applied  unless  otherwise
disclosed. A review excludes audit procedures such as  tests  of
controls   and   verification   of   assets,   liabilities   and
transactions,  it is substantially less in scope than  an  audit
performed  in  accordance with Auditing Standards and  therefore
provides  a  lower level of assurance than an audit. Accordingly
we do not express an audit opinion on the financial information.



Review conclusion
On  the  basis  of our review we are not aware of  any  material
modifications  that should be made to the financial  information
as presented for the six months ended 30th June 2000.



HLB Kidsons
Registered Auditors
Chartered Accountants

29th September 2000