# Publisher Bloomsbury casts upbeat forecast, says books ‘affordable pastime’
Published: 2023-03-15
Category: Headlines
Category URL: https://brandsjournal.com/category/headlines/
Meta Title: Top Fantasy Novels Drive Bloomsbury’s Record Profit Forecast
Meta Description: Bloomsbury Publishing Plc expects full-year profit to surpass expectations due to strong demand for its fantasy novels and digital resources.
URL: https://brandsjournal.com/publisher-bloomsbury-casts-upbeat-forecast-says-books-affordable-pastime/

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(Reuters) -Bloomsbury Publishing Plc forecast full-year profit to be well ahead of expectations on Wednesday, encouraged by the robust demand for it fantasy novels and academic digital resources.

“Throughout a [year](https://brandsjournal.com/euro-zone-aug-producer-prices-edge-up-month-on-month-as-expected-plunge-year-on-year/) which has been characterised by rising inflation and cost of living pressure, it is notable that reading remains hugely popular throughout the world, with books regarded by many readers as an affordable pastime,” Chief Executive Officer Nigel Newton said in a statement.

The London-listed [publisher,](https://brandsjournal.com/denmarks-publisher-alliance-signs-adnami-as-high-impact-technology-partner/) best known for picking up J.K. Rowling’s Harry Potter series in 1997 after its rejection by a dozen others, said it expected profit before tax for the [year](https://brandsjournal.com/euro-zone-aug-producer-prices-edge-up-month-on-month-as-expected-plunge-year-on-year/) ended Feb. 28 to be about 30 million pounds ($36.46 million), compared with the company compiled analyst consensus of 26.9 million [pounds.](https://brandsjournal.com/britains-co-op-profit-slides-after-petrol-forecourt-sale/)

British author Samantha Shannon’s political fantasy novel ‘A Day of Fallen Night’ became an instant bestseller worldwide after its release in February, while American fantasy author Sarah J. Maas’ titles continued to see strong sales, the publisher said.

The company added that it expected revenue to be over 260 million [pounds,](https://brandsjournal.com/britains-co-op-profit-slides-after-petrol-forecourt-sale/) while analysts currently [expected](https://brandsjournal.com/uk-retail-sales-rise-by-0-8-in-october-ons/) it to be about 242.6 million pounds.

($1 = 0.8228 pounds)

(Reporting by Radhika Anilkumar in Bengaluru; Editing by Rashmi Aich)


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