From The Times. Without a Harry Potter book for the year 2006, reports say that Bloomsbury's earnings are down 75%.
The company said this in a Stock Exchange statement. Bloomsbury said that profits before tax "may be in the region of GBP5 million" - well below the anticipated GBP20 million to GBP20.5 million.
Other titles by Bloomsburys have been The Kite Runner by Khalid Hosseni, and The Blunkett Tapes, the diaries of David Blunkett, the former Cabinet minister, for which Bloomsbury is said to have paid an advance estimated at GBP400,000. Both titles are reported as being sold at a 40 per cent discount on the Bloomsbury website.
But I like this interesting bit: "There have also been problems with "reference rights sales" - deals under which the company sells on the rights to the reference books that it owns to third-party publishers." Bloomsbury should learn from 'best' practices of Malaysian businesses. Sell to your own companies at inflated prices!
Full story: http://business.timesonline.co.uk/article/0,,9071-2499926,00.html
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