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
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
06/09/2026
June 9 2026, 23:00 (PDT) Dolby and MagentaTV Bring Fans Closer to the FIFA Worl...
04/08/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
04/07/2026
When Canada qualified for the FIFA World Cup 2026, OneSoccer knew this wasn'...
04/07/2026
Celebrates company's 80th anniversary
Rhodes have recently revealed that they will be producing a limited run of electric pianos in celebration of their...
04/07/2026
Blackmagic Design Cameras Empower Youth Broadcasting Program
Brie Clayton July 3, 2026
0 Comments
Blackmagic Pocket Cinema Camera 6K Pro and Blackmagi...
04/07/2026
iZotope Joins Boris FX
Boris Yamnitsky July 3, 2026
0 Comments
iZotope, the team behind RX and Ozone, is joining Boris FX. A letter from founder Boris...
04/07/2026
April 7 2026, 19:00 (PDT) Detective Conan: Fallen Angel of the Highway Opens in...
03/07/2026
New bundle & three Single Packs
Continuing to expand their already sizeable orchestral collection, VSL's latest release introduces three new Single Pack...
03/07/2026
Venue installs new ATC-equipped control room
LSO St Luke's, a unique music venue that also serves as the home of the London Symphony Orchestra, have rec...
03/07/2026
Caden Pearson appointed new Commissioning Editor for NITV
3 July, 2026
Media releases
National Indigenous Television (NITV) has strengthened its commitment...
03/07/2026
1 February 2023
SHARE Facebook Twitter Linkedin Email
Munich, Germany, 1st February 2023: Cinegy GmbH, the premier provider of software technology for digit...
03/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/07/2026
Death Star
Andy Marken July 2, 2026
0 Comments
Look, I can't get involved. I've got work to do. It's not that I like the Empire; I hate i...
03/07/2026
Berklee's New Visual Identity: Honoring Our History, Building for What's...
03/07/2026
Scripps Research scientists awarded $2M to advance global disease surveillance Two Gates Foundation grants will expand wastewater surveillance and AI-driven dis...
03/07/2026
Joan Pulupa joins Scripps Research faculty to study the organization of DNA in brain cells and its links to neurodegeneration Using smell-sensing neurons and ad...
02/07/2026
Entering her senior year, this hometown girl is paving a career in live sports production gaining experience in replay and audio and as a TD
In the live-sports...
02/07/2026
In-venue and creative video staffers at the professional and collegiate level ha...
02/07/2026
BLAST, a competitive entertainment company focused on esports, has announced more than $133 million in revenue for 2025, representing more than 40% year-over-ye...
02/07/2026
Riedel Communications has announced official SKAARHOJ panel support for SimplyLive production workflows, enabled through the SimplyLive 2.1 release. The integra...
02/07/2026
The Fire Rescue Service of the Czech Republic has deployed LiveU video-over-bond...
02/07/2026
Gravity Media USA has announced the appointment of Brittney Boston as Head of Business Development, effective July 1, 2026. Based in Nashville, Tennessee, Bosto...
02/07/2026
TwelveLabs, a video intelligence company, has announced $100 million in Series B funding co-led by NEA and NAVER Ventures, with participation from Amazon, Radic...
02/07/2026
The Pro Padel League (PPL) has announced a broadcast partnership with USA Sports that will air five PPL championship matches on CNBC during the 2026 season, the...
02/07/2026
LiveLike, a digital fan engagement platform, has announced eight confirmed FIFA ...
02/07/2026
Cobalt Digital has received Future's Best of Show Award, presented by AV Technology at InfoComm 2026, for its blueCORE family of standalone signal processor...
02/07/2026
Synamedia has announced the appointment of Dr. Tzvi Gerstl as Chief Executive Officer. Paul Segre, who has served as CEO for the past six years, will transition...
02/07/2026
The Esports Foundation (EF) and Sony Group Corporation have announced an expanded collaboration for the Esports World Cup 2026 (EWC), taking place in Paris, Fra...
02/07/2026
Zee Entertainment Enterprises Ltd. ( Z') has announced exclusive broadcast and digital rights for the Bundesliga in India for five years, beginning with the...
02/07/2026
An effort uniting News, Sports, Local, and Telemundo, the 50+-camera live produc...
02/07/2026
Zoey Deutch, John Slattery, Ken Marino, Miles Gutierrez-Riley, and Ben Wang appe...
02/07/2026
Stammering, stuttering, strangulated tones
The Crow Hill Company's latest creation promises to be the most original sound set they've produced to d...
02/07/2026
A new era in unmixing and spectral editing
The latest version of Steinberg's spectral audio-editing software has just arrived, building on the strength...
02/07/2026
Aims to simplify additive synthesis
Sine Machine is the debut launch from Melatonin, a Vienna-based developer who have spent the past six years creating wha...
02/07/2026
Products to remain fully active & supported
Following the news of Native Instruments joining the inMusic brand line-up, Academy and Emmy Award-winning visua...
02/07/2026
What you missed!
Last weekend, Saturday 27 June 2026, saw the debut of Sound On Sounds new GearExpo UK event, the largest dedicated pro-audio event to take ...
02/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
02/07/2026
Following the successful launch of its inaugural APAC Mentoring Programme last month, the Rise AV APAC Regional Council will bring the conversation around mento...
02/07/2026
Blackmagic PYXIS 6K Used to Shoot Director Takahisa Zeze's Cry Out
Brie Clayton July 2, 2026
0 Comments
Highly mobile camera supports tense and de...
02/07/2026
Broadcast Solutions acquires BFE, expanding its lead in European broadcast, medi...
02/07/2026
Berklee Alum and Faculty Perform at Boston Public Library's 250th Anniversar...
02/07/2026
Broadcast Solutions GmbH, a leading systems integrator and provider of innovative solutions for the broadcast media industry, is acquiring BFE Studio und Medien...
02/07/2026
Cinegy GmbH, the premier provider of software-defined television technology, has extended the ingest facility at leading Brazilian sports company LiveMode, work...
02/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
02/07/2026
Standalone processors acknowledged for the innovation and value they bring to Pro AV
Cobalt Digital, a leading designer and manufacturer of signal processing ...
02/07/2026
Synamedia announced today the appointment of Dr Tzvi Gerstl as Chief Executive Officer. Paul Segre, who has served as CEO for the past six years, will transitio...
Full-Year 2018 Results Rise in Group recurring EBIT(1): up 2.1%(2) to 401 million
