You are here: Home - Uncategorized -

Potter magic wanes at Bloomsbury as low profits spell decline

Written by:

Bloomsbury, the publishing company that handles the Harry Potter phenomenon, has announced a 74% drop in annual profits in 2006, a year which saw no new Potter novel hit the bookstands.

In its annual results announcement, Bloomsbury said that pre-tax profit dropped from £20.1m to £5.2m, but this was not a surprise to the market as the firm had issued a profits warning in December last year.

The seventh and final Harry Potter is published this summer in July and some observers are predicting tougher times ahead for Bloomsbury.

“Harry Potter has been a phenomenon for Bloomsbury, especially for its profits in recent years,” said City analyst Colin Perry. “The big question now is how they will fill the sales gap when Harry Potter is history.

“In short, they have to prove that they’re not a one-trick pony and get the magic flowing from other authors to sustain their recent commercial success.”

Bloomsbury chairman, Nigel Newton, acknowledged that 2006 had been “challenging”, a situation reflected in the decline in turnover from £109.1m in 2005 to £74.8m last year.

“We have in place a growth strategy that includes developing new authors, Internet-based initiatives and acquisitions that will all enhance and strengthen our position as a leading publisher,” he said.

Related Posts


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Lloyds TSB offers UK’s first Islamic business account

Lloyds TSB is launching the first business bank account which complies with Sharia law throughout its 2,000-strong branch network.