Department of obvious: Bloomsbury has great sales

And because of that little boy Harry, the publisher’s been able to boost the advances it can give out to all its other authors, the Times reports, to an average of almost 28,000 pounds. Nigel Newton, the executive chairman, said that the increase principally reflected “increased investment in the United States, where advances are bigger because the market is bigger, but also a lot of multi-book contracts we have signed with major authors”.

Bloomsbury’s sales rose 6.5 per cent to 37.7 million pounds, and pre-tax profit by 3.4 per cent to 4.2 million pounds in the first half of the year, which typically accounts for about a third of sales. The publisher’s small American arm improved sales by 46 per cent to £6.8 million, but the increased investment saw the operation tip into a loss of £430,000. Bloomsbury said that the unit would generate a profit in the year as a whole.

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