LONDON (ShareCast) - (Sharecast News) - Harry Potter publisher Bloomsbury Publishing reported a jump in profits on Wednesday, as the cost of living crisis saw people turn to reading.
Revenues in the year to 28 February rose 15% to a record £264.1m, while organic revenues increased 9% to £231.6m. Pre-tax profits sparked 15% to £25.4m.

The board is proposing a 10% increase in the final dividend, to 10.34p per share.

Nigel Newton, chief executive, said: "These results demonstrate the strength of our strategy to publish for both the consumer and the academic markets, unusual in our industry, and to grow digital revenues while expanding globally.

"In challenging economic times, readers are turning to books as affordable as they cut back on more expensive forms of diversion."

Non-consumer revenues rose by 19% to £97.4m, while the consumer division reported a 12% improvement to £166.7m. Harry Potter sales remained "strong", 26 years after the first book was published, Bloomsbury noted.

Since the year end, Bloomsbury said it had signed a further four book contract with bestselling author Sarah J Maas, while in April, HBO Max announced a new decade-long Harry Potter television series with a season dedicated to each book. A Bollywood streaming version of William Dalrymple's bestselling 'The Anarchy' has also been announced.

Newton concluded: "Trading for 2023/24 has started in line with the board's expectations and the board is confident in its ability to achieve continued long-term success.

"Bloomsbury plans to invest in further acquisitions and organic growth."

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