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Harry Potter publisher Bloomsbury warns book sales could plunge 65%

Harry Potter publisher Bloomsbury has warned that book sales could plunge by as much as 65 per cent.

Lockdown measures in many countries have forced shops to temporarily shut, as part of efforts to slow the spread of Covid-19.

Bloomsbury relies on physical books sales for 79 per cent of its revenues and it is readying for sales failing to recover until March.

Harry Potter publisher Bloomsbury relies on physical books sales for 79 per cent of its revenues and it is readying for sales failing to recover until March

Harry Potter publisher Bloomsbury relies on physical books sales for 79 per cent of its revenues and it is readying for sales failing to recover until March

Harry Potter publisher Bloomsbury relies on physical books sales for 79 per cent of its revenues and it is readying for sales failing to recover until March

It has said it would have to ‘extend’ measures already in place such as pay cuts, a recruitment freeze and slashing its marketing.

Boss Nigel Newton said: ‘The impact may be substantial. Orders for print books are being affected in all markets.’

Bloomsbury revealed a profits boost in its annual results, which covered a period before the pandemic, partly thanks to its efforts to boost sales of digital products, now 15 per cent of the business.

Total revenues increased from £162.68million to £162.77million in the year to February 29, while profits rose from £12.05million to £13.23million.

Sales of JK Rowling’s Harry Potter series had stayed ‘resilient’.

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