Bloomsbury profits soar as people return to reading books amid COVID19

bloomsbury

Harry Potter books publisher Bloomsbury has announced its best half year results for more than a decade results as more people read books amid the coronavirus pandemic.

Revenues increased by 10% to £78.3 million and pre-tax profits surged 60% to £4million, the firm reported in its half year results Tuesday.

Bloomsbury pays dividend

Investors were rewarded with an interim dividend of 1.28 pence per share, a rare thing among top UK companies at the moment.

“Bloomsbury experienced excellent trading in the first half with year-on-year profit growth of 60% to £4.0 million”, said Chief Executive Nigel Newton.

“This has delivered our highest first half earnings since 2008 and exceeded the Board’s expectations.

“Online book sales and e-book revenues were significantly higher.

“The Consumer division had an excellent performance with 17% revenue growth and a £2.1 million increase in profit before tax and highlighted items to £2.7 million.

“Stand-out bestsellers during the period included Why I’m No Longer Talking to White People about Race, Crescent City: House of Earth and Blood, White Rage, Humankind and Such A Fun Age.

The publisher also has a healthy cash pile of £44.1 million, as a result of excellent trading in the first half and the swift measures taken by the Board to control costs and strengthen Bloomsbury’s balance sheet.

Bloomsburys’ share price soared more than 18% mid-morning on the London Stock Exchange to trade at £2.49.

Mark Johnson Book covers
Time to read: COVID has led to a rise in book reading.

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