Harry Potter publisher Bloomsbury gets lockdown boost
By Punchline reporter | 3rd June 2021
Lockdowns appear to have worked their magic for reading as a pastime, with Harry Potter publisher Bloomsbury recording a 22% surge in annual pre-tax profits.
The UK-based company saw sales up 14% to £185.1m in the year to the end of February, with profit before tax up 22% to £13.5m.
Shares in Bloomsbury Publishing were up more than 10% after the Harry Potter publisher reported strong book sales during the coronavirus lockdowns.
Chief executive Nigel Newton said: "The popularity of reading has been a ray of sunshine in an otherwise very dark year."
As the UK has faced various levels of lockdown since March last year and with workers on furlough, it seems many turned to activities like reading books to while away their time.
Bloomsbury said books on themes such as humanity, social inclusion, escapism, fantasy, cookery and baking were especially popular with readers.
Even the Harry Potter books - now more than 20 years after the franchise began - saw a 7% increase in sales.
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