Bloomsbury had its “highest ever first half sales and profits”, as books become an “affordable treat” during the cost of living crisis.
The company’s profit was up 23 per cent on 2021 and almost 300 per cent on two years ago, as students return to schools and universities, while consumers turn to books in the cost of living crisis.
Bloomsbury’s non-consumer revenue was up nearly 25 per cent to £46m, while its pre-tax profits in this area increased by 54 per cent.
It also experienced a growth in its intake for the academic and professional sector by almost 40 per cent, with profits up 85 per cent.
Bloomsbury had a boost in its digital department, with revenue up almost 70 per cent.
For consumers, there was revenue growth of 21 per cent, to £76.3m with profit before tax of almost £9m.
The London-listed firm benefited from surging sales in titles such as Sarah J. Maas’ titles by 45 per cent and Harry Potter by 35 per cent in its 25th anniversary year.
Overall, its revenue was at £122.9m for the first half of the year, up 22 per cent from the same time last year, and almost 60 per cent annually.
Chief executive Nigel Newton said “these are our highest ever first half sales and profits”.
While millions are struggling with higher inflation and costs of living, the Bloomsbury boss said “books remain an affordable treat.
“Reading offers a form of escapism and an ideal – and inexpensive – therapy for dealing with the stresses and strains of day-to-day life.”
“Our financial position is strong, with net cash of £41.5 million. This gives us significant opportunities for further acquisitions and investment in organic growth.”
Bloomsbury also announced a five per cent increase in interim dividend to 1.41 pence per share “in recognition of our performance “.