Bloomsbury shares hit a record high as it hailed fantasy writer Sarah J. Maas as a “publishing phenomenon.”
The company, best known for JK Rowling’s Harry Potter series, raised its profit forecasts for the second time in three months as it cashed in on its latest star.
It has experienced “exceptional growth” thanks in part to the release of Maas’s latest best-selling novel, The House of Flame and Shadow, at the end of January.
The book is the third installment in American author’s Crescent City series about the half-fairy, half-human woman Bryce Quinlan.
With demand for stories booming, Bloomsbury said results for the 12 months to the end of February will be “significantly ahead” of already improved expectations in the city.
Heartwarming: Bloomsbury hailed fantasy author Sarah J. Maas as a ‘publishing phenomenon’ following the release of her latest bestseller: House of Flame and Shadow
Analysts had expected full-year revenues of £291.4m and profits of £37.2m.
But when those projections were updated again, the shares rose 5.4 per cent, or 26.5 pence, to a record 518 pence.
Analysts at Investec now expect annual revenues of £329.3 million and profits of £48.1 million.
“The unparalleled success of the Bloomsbury portfolio continues,” said Investec analyst Alastair Reid.
Bloomsbury said Maas’s latest novel has boosted demand for his previous 15 books. He has another six from Maas, 37, in the pipeline.
Bloomsbury boss Nigel Newton said: ‘Sarah J. Maas is a publishing phenomenon. We are very lucky to have signed her first book with her 13 years ago.’
Books have disappeared from shelves in part thanks to the attention on social media.
“His books have a large audience that continues to grow supported by major Bloomsbury promotional campaigns, generating strong word-of-mouth recommendations, particularly through the TikTok and Instagram channels,” Newton said.
A growing number of bookworms have taken to TikTok to share recommendations.
A subsection of the app has helped boost book sales by fantasy authors like Maas and boosted Bloomsbury’s profits.
Fantasy hit: Sarah J. Maas’ latest bestselling novel, House of Flame and Shadow, has been a Bloomsbury bestseller
The publisher, founded in 1986 by Newton, said the fantasy genre has become “extremely popular around the world.”
He will invest more in fantastic writing, he said yesterday.
Fantasy and science fiction books have grown 54 percent over the past five years, according to industry data from Nielsen BookScan.
Bloomsbury said Poppy Cooks: The Actually Delicious Air Fryer Cookbook by Poppy O’Toole, Pub Kitchen by Tom Kerridge and The House of Doors by Tan Twan Eng also sold well.
AJ Bell investment director Russ Mold said: ‘Bloomsbury has been dining out watching JK Rowling’s Harry Potter series for a long time; However, success with other titles shows that this is no one-trick pony. Sarah J Maas has become a phenomenon.
“The fantasy genre is thriving and Bloomsbury is well positioned to benefit as consumers look to immerse themselves in a novel to be transported to a different world.”