After a lot of financial uncertainty during the Covid-19 pandemic, Bloomsbury, the London-based publishing house most known for publishing the Harry Potter books, reduced the salaries of its employees by 30% from April to June of this year.
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However, due to a 60% increase in profits that the publishing house had, the company will reimburse these salary deductions. This decision will cost Bloomsbury almost £700,000.
Nigel Newton, chief executive at Bloomsbury, said: “Our staff have been incredibly resilient and we are lucky. It is just nice that the staff supported the organisation when it needed it.“
“Employees at Bloomsbury have been incredible during the pandemic. This has led to a much better than expected result, our highest first half since 2008. It was prompted by having the right books at the right moment and also by our decision not to delay titles because of the pandemic. Our staff supported the organisation when we needed it and now with this outcome of our profits being 60% up we are able to repay them.”