Bloomsbury experience 42% drop in pre-tax profits

The global success of Fifty Shades Of Grey and other copycat erotic books hit Harry Potter publisher Bloomsbury as it lost out to rivals in the first half.

The group recorded a 42% plunge in pre-tax profits to £850,000 (€1m) in the six months to August 31 after it said it suffered in a market “dominated” by best seller Fifty Shades, which is published by a rival, while the Olympics took its toll as shoppers stayed away from the high street.