Bloomsbury posts record profits as demand for books rises
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British publishing house Bloomsbury Publishing, which also publishes JK Rowling’s books about Harry Potter, reported about receiving record profits and revenues for the financial year that ended on February 28. Revenue was up 15% year-on-year to £264.1m. Earnings before tax, depreciation and amortization and other costs were up 16% to £31.1m. Nearly 75% of revenue came from markets outside Great Britain.
Record results were achieved in the context of the global economic downturn and high inflation, in particular in the UK. Bloomsbury Publishing explains this by saying that in a crisis, “consumers are cutting spending on more expensive forms of entertainment” and are switching to reading, and in addition, the upward trend in demand for books has continued since the coronavirus pandemic ended.
Commenting on the publisher’s results to the Evening Standard, Gowling WLG law firm partner Jocelyn Polley said: “Obviously, the cost of living crisis is forcing consumers to choose lower-cost leisure options as they grapple with high energy bills and inflation, and books, especially non-fiction, immersed in some kind of alternative reality.
Bloomsbury Publishing’s academic and non-fiction division saw revenue up 28% to £75.7m and profit up 37% to £12.4m. Digital Services grew 41% in revenue to £26.2m, amid growing demand for online learning. The Children’s Literature division’s revenue rose 17% to £108.9m.
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