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"Harry Potter weaves magic for Bloomsbury "by Dan Lalor (Reuters, March 28, 2001) |
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LONDON - Harry Potter publisher Bloomsbury Publishing Plc said on Wednesday the fictional boy wizard was set to underpin the company's future.
"Harry Potter is a long-term asset that will continue to generate significant earnings well into the future," Chairman Nigel Newton said in a statement with full-year results. "Harry Potter and the Goblet of Fire," the fourth in the series, set publishing records when released last July. Bloomsbury said it was the fastest selling book in history. The books, by author JK Rowling, have proved a huge hit with children and are also avidly read by adults too. "The series is now established as a classic with a long-term life," Newton said. Three more books are due in coming years. Goblet of Fire's success helped Bloomsbury record a 120 percent rise to 5.8 million pounds ($8.3 million) in pre-tax profit for the 12 months to December, on turnover up 143 percent to 51 million pounds. Newton said the immediate future was bright. "In the short term the film of book one, due for release at the end of the year, will trigger a huge awakening of interest among those who have yet to read the books, expanding the market significantly." Fans in the United States will see Warner Bros. Studio's "Harry Potter and the Sorcerer's Stone" but the British version will retain the book's original title, "Harry Potter and the Philosopher's Stone." At 0700 GMT Bloomsbury's share price was 2.1 percent higher at 727-1/2 pence, valuing the company at 123 million pounds. Based on Tuesday's close at 712-1/2 pence Bloomsbury had outperformed the media sector by 56 percent over the past year. Earnings per share rose 92 percent to 26.04 pence out of which a final dividend of four pence will be paid, making the total dividend five pence, 32 percent higher. "The dividend policy will still reflect the need to invest in developing authors, the acquisition of international rights, the development of new databases and other essential actions," Bloomsbury said. |
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