StockMarketWire.com - Bloomsbury Publishing posts adjusted pre-tax profits of £1.7m for the six months to the end of August - down from £2.3m last time.

Turnover fell to £46.6m (2013: £49.2m), following the exceptional 2013 comparator year with its new hardcover release of Khaled Hosseini's huge bestseller 'And The Mountains Echoed'.

Profit before taxation fell to £0.5m (2013: £1.1m).

Chief executive Nigel Newton said: "We have continued to make strong progress in developing Bloomsbury as a wholly integrated trade and academic publisher. In the period revenues were up in all our divisions except Adult, as expected, following the exceptional success of certain books last year. Particularly pleasing was the performance of our Children's & Educational division which has benefited from the success of investment in the area over the last three years, including the successful launch of new imprint Bloomsbury Activity Books and the Bloomsbury Picture Books list.

"Not since the launch of the final Harry Potter book in 2007 has there been such a range of activities in support of the Harry Potter phenomenon. The year ahead will see a huge surge in public interest in Harry Potter with our launch of new children's editions in this period, Warner Bros announcement of a trilogy of films of Fantastic Beasts & Where to Find Them, which is published by Bloomsbury, the creation of a stage play of Harry Potter for London's West End, significant new material on J.K. Rowling's highly successful Pottermore website and Harry Potter Book Night in February 2015, in which Bloomsbury Publishing will play a key role. In addition, Bloomsbury has commissioned artist Jim Kay to work on a new edition of Harry Potter with magnificent illustrations on every page which will be launched in Autumn 2015 and has the potential to create as much interest in the Harry Potter books as Tenniel's illustrations of Alice's Adventures In Wonderland did.

"We have a strong publishing list for the second half including Paul Hollywood's British Baking, Tom Kerridge's Best Ever Dishes and River Cottage Light & Easy by Hugh Fearnley-Whittingstall. We expect results to continue to be significantly second-half weighted, as in the past. October is the peak for academic book sales and Christmas is the peak season for the sale of general books."






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