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Bloomsbury Publishing today showed that there is life after Harry Potter as it comfortably beat City profit forecasts.
Chief executive Nigel Newton said books tend to be seen as good value during recession and - ignoring the final Harry Potter, which was published in 2007 - there had been a modest increase in the firm's book sales in 2008.
Bloomsbury had the two best-sellers of last year with Khaled Hosseini's A Thousand Splendid Suns at number one and JK Rowling's charity book The Tales of Beedle at number two.
Newton said the publishing list was very strong in the coming year, and he has high hopes for new author Colum McCann with his novel Let The Great World Spin and Orange Prize-listed Burnt Shadows by Kamila Shamsie.
But, however strong book sales are, Newton is worried at the likelihood of more casualties in the book distribution and retail trade. The demise of Woolworths and Zaavi took out two modest retailers and the EUK and Bertrams distributors. The latter, the main supplier to independent bookshops, was taken over by Smiths News 10 days ago.
Bloomsbury remains highly cash-generative, having £52 million at the end of last year despite making acquisitions.
Pre-tax profits fell from £17.9 million to £11.6 million as sales dropped from £150 million to £100 million. Analysts say all of that was due to the lack of a new Harry Potter title. The dividend rises 5.5% to 4.22p.
