Harry Potter looks set to break sales records
By Ben Bland, Online City Reporter
Ten years after a little-known children's novel called Harry Potter and the Philosopher's Stone appeared on the shelves of Britain's bookshops, the seventh and final instalment in J.K. Rowling's best-selling series looks set to break previous sales records.
The company announced this morning that export sales for Harry Potter and the Deathly Hallows, which is not released until July 21, are already 17pc ahead of the total overseas sales of the last Harry Potter book.
Amazon.co.uk has taken more than 1.4m pre-orders for the new Harry Potter, and bookshops around the world are set to open their doors to the inevitable flood of fans just after midnight on the launch day.
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But Bloomsbury has been struggling and weak sales forced the company to issue a pre-Christmas profits warning that caused the shares to fall more than 40pc in a matter of months.
Nigel Newton, chairman of Bloomsbury, today sought to reassure investors, telling them that the company was making "substantial progress" as it seeks to diversify and grow its business.
After last year's unexpected drop in sales, Mr Newton said Bloomsbury would not be giving profit guidance for this year.
He said that the publishing market continues to be "difficult" and "unpredictable" but added that Bloomsbury had been boosted by a number of factors including the Harry Potter pre-orders and a number of UK bestsellers, such as Khaled Hosseini's A Thousand Splendid Suns.
Mr Newton said that overseas demand for the final Harry Potter book was being driven by the growth of reading in the English language, with sales in China up by 226pc on the last edition.
"Overseas readers don't want to wait for the time it takes for the books to be translated into their languages, which can be three-six months," he said.
Mr Newton added that while Harry Potter was "very important" to Bloomsbury, the company was continuing to broaden its business and was looking to make acquisitions in its core markets in the UK, Germany and America.
He said the publisher was "actively considering a number of opportunities", with any purchases likely to be in the adult, children's or reference genres.
Andrew Walsh, an analyst at stockbrokers Bridgewell, said: "Bloomsbury's AGM statement reads well after a number of anodyne or disappointing announcements. With the Harry Potter 7 launch on July 21, we expect the shares to regain some of their lost momentum."
Bloomsbury shares climbed by 3p to 197p in morning trading.
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