First-Quarter 2019 Revenue
Corporate & other activities, Finance
Paris, May 7, 2019
Revenue up sharply by 8.9% like for like(1) to €1,708 million
Lagardère confirms its Group recurring EBIT target(1) for 2019
The Lagardère group posted a sharp 8.9% year-on-year increase in like-for-like revenue in the first quarter of 2019, spurred by sustained organic growth momentum at Lagardère Travel Retail and by a rebound in activity at Lagardère Sports and Entertainment due mainly to a favourable sporting calendar.
By division (like-for-like basis):
- Lagardère Publishing: revenue was up slightly by 0.9%, buoyed mainly by good performances in the United States and France, as well as a good showing from Partworks, despite the unfavourable comparison basis in the United Kingdom.
- Lagardère Travel Retail maintained its growth trajectory (up 6.9%) in all geographies, especially France and Asia which were boosted by good sales performances and expansion of the point-of-sale network.
- Lagardère Active: revenue was down 13.4% due to the unfavourable comparison basis at Lagardère Studios, which had enjoyed an especially high level of fiction programme deliveries in France during the first quarter of 2018.
- Lagardère Sports and Entertainment: strong revenue growth (up 88.2%), as expected, thanks to a favourable effect linked to the Asian football calendar and newly-acquired contract in handball.
Group revenue totalled €1,708 million for the quarter versus €1,555 million in first-quarter 2018, representing a rise of 9.8% on a consolidated basis and of 8.9% like for like.
The difference between consolidated and like-for-like revenue reflects a positive €33 million foreign exchange effect attributable to the appreciation of the US dollar. The negative €12 million scope effect mainly relates to the disposal of most of the magazine publishing titles in France and international radio operations by Lagardère Active, partially offset by the acquisition of Hojeij Branded Foods (HBF) at Lagardère Travel Retail.
(1) Alternative performance measures. See the glossary at the end of this press release.
The Lagardère group is a global leader in content publishing, production, broadcasting and distribution, whose powerful brands leverage its virtual and physical networks to attract and enjoy qualified audiences.
It is structured around four business divisions: Books and e-Books; Travel Retail; Press, Audiovisual, Digital and Advertising Sales Brokerage; Sports and Entertainment.
Lagardère shares are listed on Euronext Paris.
Some of the statements contained in this document are not historical facts but rather are statements of future expectations and other forward-looking statements that are based on management's beliefs. These statements reflect such views and assumptions prevailing as of the date of the statements and involve known and unknown risks and uncertainties that could cause future results, performance or future events to differ materially from those expressed or implied in such statements.
Please refer to the most recent Reference Document (Document de référence) filed by Lagardère SCA with the French Autorité des marchés financiers for additional information in relation to such factors, risks and uncertainties.
Lagardère SCA has no intention and is under no obligation to update or review the forward-looking statements referred to above. Consequently Lagardère SCA accepts no liability for any consequences arising from the use of any of the above statements.
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