Bloomsbury: Fiction sales boost Harry Potter publisher
Harry Potter publisher Bloomsbury said its sales last year were ahead of market expectations and driven by success in its consumer division.
Analysts had expected the firm to report a revenue drop of two per cent to £333.4m, as well as a twenty per cent drop in profit before tax of £39.6m in the year ending February 28.
The expected drop was largely due to tough comparatives after Bloomsbury’s revenue rocketed last year, driven by the success of Tiktok-driven trends like fantasy romance.
However, in its trading update for the year ended February 2024, the firm reported that revenue rose 30 per cent year on year in 2024 to £342.7m, while pre-tax profit soared 57 per cent to £49m.
Sales of J. Maas’s fantasy fiction books rose 161 per cent last year, while J.K. Rowling’s Harry Potter books continue to drive sales 26 years after their first publication.
The company said an improvement in its academic division also boosted Bloomsbury’s performance for the year ended February 2025.
It acquired academic publisher Rowman & Littlefield for £63m in May last year, which it said “significantly accelerates and strengthens [its] academic publishing in North America”.
Revenue from academic and professional book sales dropped 14 per cent in the first half of the financial year, which Bloomsbury attributed to the accelerated shift from print to digital as well as UK and US budgetary pressures.
But the integration of Rowan, however, is “progressing very well” and now driving growth in the non-consumer division, Bloomsbury said.
Bloomsbury appoints new board member
Along with its trading update, the publisher announced the appointment of Dame Heather Rabbatts to its Board as a Non-Executive Director.
Rabbatts, who was formerly a non-executive director at Kier Group, will take the position from April 4.
She is the senior independent director at Primark owner Associated British Foods and M&C Saatchi Group.
Rabbatt will serve on the audit, remuneration and nomination committees.