Bloomsbury improves profit prospects as readers focus on fantasy

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Bloomsbury Publishing raised its forecast for annual sales and profits on the back of strong demand for fantasy novels, forecasting results “significantly above” market expectations on Wednesday.

The British publisher behind JK Rowling’s Harry Potter series said it now expects revenue for the year ending February 29 to top 291 million pounds, and that profit before tax and highlighted items will be around £37 million.

Sales are said to have been driven in part by fantasy fiction author Sarah J Maas’s latest work, which has topped the charts in the UK, US and Australia, while boosting demand for her previous books series.

Bloomsbury shares rose 7.8% in morning trading in London. Their value has increased by around 130% in the last five years.

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