Harry Potter publisher, Bloomsbury, has reported its best ever financial results.

Its record results suggest people are turning to books as a form of affordable entertainment during the cost-of-living crisis - and that the lockdown readers never gave up, as reported by The Times.

Bloomsbury reported sales for the year to February 28 of £264.1 million, an increase of 15% on the previous year, while its profits were up 16% to £31.1 million.

The publisher, which was founded in 1986, had its fortunes transformed in 1994, when it paid £2,500 for a manuscript which had already been rejected by its rivals.

That manuscript was Harry Potter and the Philosopher's Stone, which was still the third-bestselling children's book in the UK in 2022 - 26 years after it was first published.

Physical books make up 70% of Bloomsbury's sales, with ebooks making up 13% and audiobooks just 2%.