Bloomsbury upgrades profit forecasts after Tom Kerridge boosts sales
The weight loss book sold over 70,000 copies in one week.
Publisher Bloomsbury has upgraded its profit forecasts following the success of chef Tom Kerridge’s new cooking book.
The company, best known for publishing the Harry Potter series of books, said that titles such as Kerridge’s Lose Weight For Good drove sales in January and February.
The weight loss book sold over 70,000 copies in one week, more than any book has ever sold in the UK in a week in January, according to the Nielsen BookScan records.
“While revenues are slightly ahead of expectations, profits will be well ahead of the board’s expectations,” Bloomsbury said.
“This follows excellent sales, particularly in January and February, with lower than anticipated returns, driven by certain titles including Tom Kerridge’s Lose Weight For Good, which has been number one in the Overall Nielsen BookScan UK chart for four weeks since its publication on December 28 2017.”
In addition, the group said its net cash balance is now expected to be around £25 million, significantly ahead of expectations.
Shares rose over 8% in morning trading to 182p.
Bloomsbury will report its final results for the year in May.
In October, the group posted a 15% rise in revenue to £72.1 million for the six months to August, while pre-tax profit jumped from £100,000 to £1.7 million.