In a report that will be released Tuesday, Bloomsbury chief executive Nigel Newton will announce that sales of Harry Potter and the Deathly Hallows last year helped Bloomsbury reach record profits of £17 million ($33.8 million), compared to £5.2 million ($10.3 million) in 2006.
And according to the Sunday Herald, Newton "will claim that the Potter effect will continue for years ahead as the group dips into cash reserves of more than £40m, built up from past Potter sales, to promote new talent and to make further acquisitions."
Bloomsbury's stock has fallen in the past year as investors question how they can replicate the financial success of the Harry Potter series, and most likely, it will take several years before we get a clear picture of the company's post-Potter future. But with the cash influx from them, the publishing house certainly has an opportunity to sieze.
Harry Potter: It All Ends
Harry Potter cast and crew.
IT ALL ENDS!
J.K. Rowling, Dan Radcliffe, Emma Watson and Rupert Grint Give Emotional Goodbye to 'Potter' Series