E-book sales nearly tripled at UK-based publisher Bloomsbury, driving an increase in profit to 12.4% in 2011 from 9.1% a year earlier. In the UK, the Harry Potter publisher’s largest market, e-books only accounted for 3% of sales versus 23% in the U.S. The company’s leadership expects percentages of worldwide sales that are digital to increase to the U.S. number (Bloomsbury profits boosted by e-book boom):
Pretax profit at the publisher rose 13.6 percent to 4.8 million pounds ($7.6 million) for the year ended February 29, while its operating profit margin before adjustments increased to 12.4 percent from 9.1 percent last year.
The share of Bloomsbury’s sales contributed by e-books doubled to 6 percent from 2011, as sales of the digital form more than doubled to reach 5.7 million pounds from 2.2 million pounds in 2011.
In the UK, Bloomsbury’s main market, e-book sales remain a small part of all countrywide sales for the firm – just three percent, compared to the 23 percent of U.S. sales made up of e-books.
“We anticipate most markets will reach the US level of e-book sales in the near to medium term future,” Bloomsbury said on Tuesday.
Read more at Reuters.com.