The corporation, primarily known for the Harry Potter series, recorded record sales and said that the increased reading during the British lockdown was the new normal post-pandemic.
Sales for the entire year increased by 24 percent to £230.1 million ($277 million), exceeding analyst expectations, while profits increased by 40 percent as customers continued to purchase fiction and nonfiction books about their interests and hobbies.
In early London trade, shares of Bloomsbury increased by more than 6%. Sales and profits at the publisher are also much higher than they were two years ago before the Covid-19 virus forced people to stay home and temporarily shut down businesses.
Even as social lives return to normal, Covid has succeeded in getting many people to become regular readers and book buyers. According to Bloomsbury, its sales in the first quarter of the current fiscal year are substantial.
According to Bloomsbury Chief Executive Nigel Newton, “the epidemic forced us all to re-evaluate how we spend our time, and this has resulted in a surge in book sales.” In the pandemic’s worst days, “the spike in reading, which seemed to be one of the only rays of sunshine, is potentially now being exposed as permanent.”