Publisher Harry Potter sees profits rise thanks to a novel by a female science fiction writer
BOOM times are back at Harry Potter book publisher Bloomsbury – thanks to fantasy fiction writer Sarah J Maas.
The company said profits and revenues will be higher than expected if readers pick up its latest novel, House of Flame and Shadow.
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It was a hit in the UK, US, Australia and elsewhere, boosting sales of the author's previous 15 books.
The company's shares rose 7 percent yesterday.
Bloomsbury has six more titles in the pipeline as part of the contract with Maas, who has been with them for more than a decade.
According to Nielsen Bookscan, the fantasy and sci-fi genre in Britain has grown by more than 50 percent in the past five years.
Harry Potter remains one of Bloomsbury's best-selling series.
Top sellers recently included The Harry Potter Wizarding Almanac gift book.
Other recent bestsellers include Ghosts, the companion book to the BBC series, and Pub Kitchen by Tom Kerridge.
Thin good
THOUSANDS of price cuts helped home furnishing store Dunelm's half-year profits rise by almost five percent to £123 million.
It warned that “the outlook for consumers remains uncertain” but said it can appeal to customers because it has “a firm grip on operating costs”.
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Boss Nick Wilkinson told The Sun: “We actually cut prices by a few thousand this time last year and over the summer.”
Sales rose 4.5 per cent in the six months to the end of December, while the average price for an item fell slightly to just £14.
On a volume basis (number of items), sales increased by six percent.
Mr Wilkinson said he was pleased with the “wide variety” of new customers, while existing customers were returning “more often”.
The chain employs more than 11,000 employees and four new stores will be opened in six months, bringing the total to 183.
It hopes to open another four this year and the same again next year, with a focus on London and Scotland, where there are gaps in coverage.
It pleased shareholders by announcing a £71m special dividend of 35p per share, to be paid in April.
It says it is on track for full-year profit guidance of £202 million in 2023-2024.
Russ Mold analyst AJ Bell said: “The steady performance is impressive given the pressure on household budgets in Britain. It suggests that the company is finding the right balance in terms of price, quality and product.”
A Lyft of blooper
SHARES in a taxi company Lyft rose more than 60 percent on Tuesday after making a crucial mistake in its results.
Lyft said margins would grow by “500 basis points,” or 5 percent, when it should have said 50 basis points, or 0.5 percent.
Shares fell as bosses confessed.
But shares still finished 16 percent higher on news that cost cuts had been successful.
Lyft cut 1,200 employees last year and cut costs by 12 percent.
A fall in house prices of £4,000
According to figures from the Office for National Statistics, the average UK house price fell by £4,000 last year.
It's a drop of almost £11 a day.
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The typical house price in December 2023 was £285,000, 1.4 percent lower than in 2022.
It was also the sixth month in a row with price falls.
Property values fell by 2.1 percent annually in England and 2.5 percent in Wales, but rose by 3.3 percent in Scotland and 1.4 percent in Northern Ireland.
Meanwhile, London was hardest hit in Britain, with house prices falling 4.8 percent.
Propertymark's Nathan Emerson said the housing market has gone through a period of disruption.
He said: “It means people cannot afford houses in the same way they could during a period of economic growth.”
Private rents paid by tenants also rose by 6.2 percent in the year to January.
Virgo in buyout
FIVE years after teaming up with Abrdn to launch an investment business, major bank Virgin Money is investing £20m to buy out the fund manager.
Virgin Money Investments manages approximately £3.7 billion of client assets and has more than 150,000 client accounts.
Virgin Money, which has around 6.6 million UK customers, said the deal would help it achieve its growth ambitions.
Stocks are buzzing
COCA-COLA'S European bottling company saw its shares rise by almost 8 percent yesterday after posting a record profit of £815 million.
Coca-Cola HBC said sales rose 17 percent last year as there was strong demand for its energy drinks and coffee products.
It increased its dividend by a fifth after initially forecasting earnings would rise 7 percent this year.
It said future growth will be boosted by the purchase of Finlandia Vodka in November for £153m.
HMRC has told taxpayers to be wary of false tax refund offers.
In the year to January it received 207,800 referrals from the public about suspicious emails, text messages or phone calls.
The number of reports increased by 14 percent compared to the previous year.
£25m rainy discount
Last year's series of storms will leave North West water supplier United Utilities £25 million worse off, the report says.
High rainfall has negatively affected its performance, meaning it will receive a smaller service payment from water regulator Ofwat.
The company said: “There have been fourteen named storms since the start of 2023, nine of which have occurred since the end of September.”
But the water company will still receive a £40 million Ofwat payment that rewards companies for providing good service to customers.