Full-Year 2018 Results Rise in Group recurring EBIT(1): up 2.1%(2) to 401 million
Free cash flow generation up sharply, at 471 million
Proposed ordinary dividend stable at 1.30 per share
Roll-out of the strategic refocusing continues apace
2019 Group recurring EBIT growth target(1) based on the target scope(3) of between 4% and 6%(4)
Download the press release
Access the webcast
The Lagard re group recorded solid revenue growth in 2018 propelled by good momentum at Lagard re Travel Retail.
The Group also delivered a further increase in operating results during the year, fuelled by growth at Lagard re Travel Retail and a good performance from Lagard re Sports and Entertainment. In an environment shaped by the absence of curriculum reform, the contraction at Lagard re Publishing was however contained thanks to a dynamic performance in General Literature.
Free cash flow was significantly up to 471 million, lifted by the business performance and to a lesser extent by property disposals. Excluding property disposals, free cash flow amounted to 288 million (versus 158 million in 2017), up sharply at Lagard re Publishing and Lagard re Travel Retail.
The Group is actively pressing ahead with the roll-out of the strategy to refocus its operations around Lagard re Publishing and Lagard re Travel Retail, with the completion of disposals at Lagard re Active and acquisitions at Lagard re Publishing and Lagard re Travel Retail.
In that context, Lagard re has completed twelve disposals since mid-2018, of the non-French radio operations, the main digital assets (including e-Health), the interest in Marie Claire and most of the magazine publishing titles in France.
The Group also entered into exclusive negotiations for the sale of the TV Channels (excluding Mezzo) in January 2019.
As previously announced, the Group has also made a series of investments in Lagard re Publishing and Lagard re Travel Retail, including the acquisition of Hojeij Branded Foods, a leading Foodservice operator in North America (November 2018), and the Worthy Publishing Group (September 2018), as well as entering into exclusive negotiations for the purchase of Gigamic, a creator, publisher and distributor of board games (January 2019).
These acquisitions were wholly financed out of proceeds from the divestment of non-core assets (Lagard re Active businesses and property assets).
Continued growth momentum
The Lagard re group reported revenue of 7,258 million in 2018, up 3.3% like-for-like(1). This growth momentum was powered by a solid performance at Lagard re Travel Retail, which delivered 8.8% growth, partially offset by lacklustre business cycles at Lagard re Publishing and Lagard re Sports and Entertainment.
Continued rise in Group recurring EBIT
With Group recurring EBIT growth of 2.1%(2) versus 2017, Lagard re successfully delivered on its guidance as revised upwards on 26 July 2018 ( growth between 1% and 3% versus 2017, at constant exchange rates, excluding the impact of disposals at Lagard re Active and the acquisition of HBF by Lagard re Travel Retail ).
Group recurring EBIT came in at 401 million versus 399 million in 2017, powered by good performances from Lagard re Travel Retail and Lagard re Sports and Entertainment.
Profit before finance costs and tax was higher at 409 million in 2018 compared to 275 million in 2017 due chiefly to disposal gains.
Profit - Group share made good gains, up to 194 million from 176 million in 2017.
Solid financial position
At end-December 2018, net debt remained stable at 1,375 million. The leverage ratio (net debt(1)/recurring EBITDA(1)) at end-2018 was down slightly year on year at 2.1.
I- REVENUE AND RECURRING EBIT(5)
REVENUE
Revenue totalled 7,258 million, up 2.5% on a consolidated basis and up 3.3% like-for-like. The difference between consolidated and like-for-like revenue is essentially attributable to a negative foreign exchange effect resulting mainly from the depreciation of the US dollar. Changes in the scope of consolidation had a positive impact on revenue, due chiefly to acquisitions at Lagard re Publishing and Lagard re Travel Retail, partially offset by the divestment of LARI, Doctissimo and MonDocteur by Lagard re Active.
GROUP RECURRING EBIT
Group recurring EBIT came in at 401 million, an increase of 2 million on the 2017 figure as restated for IFRS 15 ( 399 million).
Lagard re Active's divestment of International Radio operations, MonDocteur and Doctissimo resulted in a 3 million negative scope effect, while Lagard re Travel Retail's acquisition of HBF had a positive scope impact of 1 million. Changes in exchange rates had a 5 million negative impact on recurring EBIT.
Stripping out these effects, Group recurring EBIT growth was 2.1%, in line with the target announced in fourth-quarter 2018 ( growth between 1% and 3% versus 2017, at constant exchange rates, excluding the impact of disposals at Lagard re Active and the acquisition of HBF by Lagard re Travel Retail ).
Lagard re Publishing
Revenue
2018 revenue totalled 2,252 million for the division, down 1.6% based on consolidated figures and down 1.2% like-for-like.
As expected, the slight decline in business in 2018 essentially reflects the 13.4% ( 49 million) contraction in Education amid the absence of curriculum reform in France, Spain and the United Kingdom, partly countered by the success of General Literature, up 2.2%, or 22 million.
France was down by 3.8% and Spain/Latin America by 5.1% on account of the aforementioned decline in Education, as well as an unfavourable comparison effect in Illustrated Books linked to the success of Ast rix et la Transitalique in 2017 in these regions.
The United States advanced by 3.7%, driven by the success of best-selling titles (including the Bill Clinton and James Patterson novel The President i
Most recent headlines
04/08/2024
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet, a leading technology and service provider for media-rich organizations, a...
04/05/2024
NEW YORK As the Asian Pacific American Heritage Month kicks off in May, Nielsen has released an extensive new report diving into their media habits with data sh...
04/05/2024
PHILADELPHIA As National Military Appreciation Month gets underway, Comcast has announced several new initiatives to help veterans, service members, and their f...
04/05/2024
WASHINGTON, D.C. Federal Communications Commission chairwoman Jessica Rosenworcel has announced a tentative agenda for the May Open Commission Meeting scheduled...
04/05/2024
The Broadband Forum has announced major enhancements to key 5G convergence standards that the group said will help advance next-generation applications, improve...
04/05/2024
Spotify Wrapped Campaign Spot Graded With DaVinci Resolve Studio
Brie Clayton May 3, 2024
0 Comments
Blackmagic Design today announced that Colorist M...
04/05/2024
Three Boston Conservatory at Berklee Alums Nominated for Tony Awards An additional eight alums and two current students performed in nominated productions.
...
03/05/2024
An innovative learning tool to help media and civil society better understand ho...
03/05/2024
PARK CITY, UTAH - JANUARY 21: (L-R) Actors K stutis Cic nas and Greta Grinevi i t , Director Marija Kavtaradze and Producer Marija Razgute attend the 2023 Sunda...
03/05/2024
If you aren't familiar with Danny Ocean's music, it's only a matter ...
03/05/2024
Spotify has an unwavering commitment to supporting emerging artists across all genres, to helping them launch and thrive in their careers, and to connecting the...
03/05/2024
Como uno de los sonidos de mayor expansi n en el mundo, la M sica Mexicana va m ...
03/05/2024
As one of the fastest-growing sounds worldwide, M sica Mexicana is more than jus...
03/05/2024
NEW YORK FuboTV reported that it lost 110,000 subs in Q1 2024 but it exceeded its guidance for the quarter with double digit year-over-year increases across key...
03/05/2024
Only 3 Weeks Left To Enter The Creative Industries Most Award
Brie Clayton May 3, 2024
0 Comments
Creativepool is giving a last call to the creative i...
03/05/2024
WePlay Studios Transforms the Future of Live Event Storytelling with AJA Gear
Brie Clayton May 3, 2024
0 Comments
By 2032, the esports market is expec...
03/05/2024
WASHINGTON Shannon Bream, Fox News Sunday anchor and chief legal correspondent, sat for a keynote chat at The Business of TV News, with Tom Umstead, senior co...
03/05/2024
WASHINGTON Asked how important is local news, Martha Raddatz, who has covered foreign conflicts for decades and moderated presidential debates for ABC News, s...
03/05/2024
Sony Pictures and Apollo Global Management have made a $26 billion cash offer fo...
03/05/2024
CBS announced its 2024-2025 primetime schedule, which features the new dramas NCIS: Origins, Matlock and Watson, and new comedies Poppa's House and Georgie ...
03/05/2024
Sports-focused streaming service Fubo said it reduced its red ink in the first quarter, despite losing 110,000 subscribers since the end of the year....
03/05/2024
Walmart is reportedly about to release a new 4K streaming box/smart speaker hybrid device for Google TV that could retail for as low as $50, according to a repo...
03/05/2024
Enhancements to its Delivery Workspace solution provide increased content delivery robustness and security
By Matthew Corrigan
Published: May 3, 2024
Enha...
03/05/2024
According to reports, if the bid is successful, Sony would be the significant majority shareholder of the new private company
By Jenny Priestley
Published: M...
03/05/2024
Located in Manchesters Spinningfields district, the course aims to equip students with the skills, knowledge and industry insight for a career in the creative s...
03/05/2024
Lightbridge has created a new Cine Reflect Lighting System kit, dedicated to enabling artistic lighting with consideration of today's productivity practical...
03/05/2024
Broadcast media systems integrator BeckTV and Lawo worked together on a large-scale AES67 build of radio control rooms at KPBS, San Diego's NPR and PBS memb...
03/05/2024
Raleigh, NC, April 12, 2024 SmallHD announces PageOS 6, a powerful software update free for owners of SmallHD monitors, featuring increased functionality, exp...
03/05/2024
SmallHD announces the Quantum 32 a new 31.5 OLED monitor designed to provide reference HDR/SDR images for post-production final color grading, as well as cri...
03/05/2024
By 2032, the esports market is expected to grow to $9.29 billion, bolstered by a global player count and fan following that both continue to climb. The 2023 Lea...
03/05/2024
Amagi, the global leader in cloud-based SaaS technology for broadcast and connected TV (CTV), today announced that the 11th edition of the Amagi Global FAST Rep...
03/05/2024
Riedel Communications today announced that Westdeutscher Rundfunk (WDR) is relying on a media and intercom network based on Riedel technology for the renewal of...
03/05/2024
Broadpeak , a leading provider of content delivery network (CDN) and video streaming solutions for content providers and pay-TV operators worldwide, announced t...
03/05/2024
Media technology innovator Limecraft will exhibit the latest updates to its online platform on stand G79 at the 15-16 May 2024 Media Production & Technology Sho...
03/05/2024
Audio interface specialist Prism Sound is partnering with console manufacturer Solid State Logic, professional monitor manufacturer PMC and acoustic panel and d...
03/05/2024
Intinor, Sweden's leading developer of products and solutions for high-quality video over the internet, is set to join forces with its UK partner Zest Techn...
03/05/2024
NAKIVO Inc., a fast-growing software company dedicated to protecting physical, virtual, cloud, and SaaS environments, announced its Q1 2024 financial results to...
03/05/2024
Hiltron Communications announces an addition to its range of satellite communication products and systems: a field-upgradable motorisation kit specifically desi...
03/05/2024
Visit LiveU at Stand D30
With this year an exceptional one for major sporting events alongside multiple, key elections, the power and flexibility of LiveU'...
03/05/2024
Agile Content, the leader in the development of technology and solutions for the provision of television services over the Internet, announces Koldo Unanue as i...
03/05/2024
Eight co-signers representing streaming services, pay TV operators and public interest groups have sent a letter to Congressional leaders urging their Committee...
03/05/2024
BOSTON Brightcove has announced that it has implemented Amazon Q Business, a new generative AI assistant on Amazon Web Services (AWS)....
03/05/2024
NEW YORK CBS has declared that it will finish the 2023-24 season as Americas Most-Watched Network in primetime for the 16th consecutive season....
03/05/2024
A new survey indicates that U.S. businesses and consumers had an overall positive attitude towards their technology spending plans in the first quarter of 2024,...
03/05/2024
Sony and Apollo Global Management have sent an offer letter to Paramount Global's board of directors making an $26 billion all cash offer for Paramount Glob...
03/05/2024
EMG / Gravity Media has appointed Charlie Cubbon chief operating officer (COO) and Jamie Hindhaugh regional CEO for the U.K., U.S., Australia and the Middle Eas...
03/05/2024
Final 2024 Season Games to Air Saturdays on WRAL at 10:30am in May, Championship on June 1
Taping for the final episodes of the 2024 season of WRAL-TV's Br...
03/05/2024
Estrella MediaCo said it is expanding its connected TV portfolio by launching three new channels with Curiosity that will first appear on Samsung TV Plus....
Full-Year 2018 Results Rise in Group recurring EBIT(1): up 2.1%(2) to 401 million
