Annual profits

Harry Potter publisher reports bumper annual profit

Bloomsbury Publishing today announced a 40% rise in annual profit and raised its final dividend payment by around a quarter, buoyed by a reading boom that has continued even after the pandemic shutdowns.

The London-listed publisher is perhaps best known for taking over JK Rowling’s Harry Potter series in 1997 after it was rejected by a dozen others.

He said he “achieved his highest ever results” as more people got into the habit of reading.

Bloomsbury said trading for fiscal 2023 had begun in line with board expectations, adding it would invest vigorously and seek to make new acquisitions.

“The surge in reading, which seemed like one of the only ray of light in the darkest days of the pandemic, may now be proving permanent,” chief executive Nigel Newton said in a statement.

Sales of American fantasy author Sarah J Maas’ titles rose 86%, while sales of academic publications benefited from the structural shift to online learning, the company said.

The company said its profit reached £26.7million for the financial year ended February 28, while sales rose 24% to £230.1million.

Sales increased by 41% and profits by 70% compared to the comparative two-year period.

The company has also proposed a 24% increase in its final dividend to 9.40 pence per share.