Third-Quarter 2018 revenue Revenue up 2.6% on a like-for-like basis(1) at 1,895 million
Lagard re confirms its 2018 Group recurring EBIT growth target at between 1% and 3%(2)
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The Lagard re group kept up its growth momentum during the third quarter of 2018, with revenue up 2.6% on a like-for-like basis on the back of a good performance from Lagard re Travel Retail, despite the absence, this year, of curriculum reform at Lagard re Publishing and an unfavourable calendar effect for Lagard re Sports and Entertainment.
By division (like-for-like basis):
Lagard re Publishing: as announced, business retreated (down 6.3%) due to the absence of curriculum reform in France, Spain and the United Kingdom. However, the United States posted a healthy performance on the back of a sustained release schedule.
Lagard re Travel Retail kept up its growth momentum during the period (up 9.8%), driven by solid sales performances across all geographies, and by network expansion in the ASPAC and EMEA regions.
Lagard re Active saw revenue increase (up 2.3%) due mainly to strong programme delivery flows over the quarter for the TV Production businesses.
Lagard re Sports and Entertainment: as announced, the 4.9% decline in revenue was the result of an unfavourable sporting calendar mainly linked to the non-occurrence of the Asian qualifiers for the 2018 FIFA World Cup.
Group revenue totalled 1,895 million, versus 1,858 million in third-quarter 2017(1), representing an increase of 2.6% like-for-like and of 2.0% on a consolidated basis.
The difference between consolidated and like-for-like revenue reflects a negative foreign exchange effect of 4 million, primarily attributable to the depreciation of the Australian and New Zealand dollars.
The 6 million negative scope effect mainly relates to the divestment of LARI by Lagard re Active, offset in part by acquisitions at Lagard re Publishing.
At 30 September 2018:
Over the first nine months of the year, the Lagard re group's continued revenue growth momentum was powered by a good performance at Lagard re Travel Retail, and was achieved despite lacklustre business cycles at Lagard re Publishing and Lagard re Sports and Entertainment.
Revenue for the nine months ended 30 September 2018 totalled 5,261 million, up 3.7% like-for-like and up 1.9% on a consolidated basis.
The difference between consolidated and like-for-like figures is essentially attributable to a positive scope effect resulting from acquisitions at Lagard re Publishing and Lagard re Travel Retail, partially offset by the divestment of LARI by Lagard re Active and of the Press Distribution activities in Hungary by Lagard re Travel Retail. The negative foreign exchange effect resulted primarily from the depreciation of the US dollar.
I. REVENUE AND ACTIVITY BY DIVISION
Lagard re Publishing
Revenue for the nine months ended 30 September 2018 totalled 1,607 million, down 2.2% like-for-like and down 3.5% on a consolidated basis. The difference between consolidated and like-for-like figures can be explained by a 42 million negative foreign exchange effect resulting mainly from the depreciation of the US dollar, partially offset by a 20 million positive scope impact mainly associated with the acquisitions of Jessica Kingsley, Summersdale, Kyle Cathie, Bookouture and IsCool Entertainment.
Over the first nine months of the year, business was affected as expected by the decline in the Education segment in France, Spain and the United Kingdom, which was partially offset by good performances in General Literature and especially the success of best-selling titles such as the Bill Clinton and James Patterson novel The President is Missing in the United States, Michael Wolff's Fire and Fury in the United Kingdom and Guillaume Musso's La Jeune Fille et la Nuit in France.
Third-quarter 2018:
Third-quarter revenue totalled 607 million, down 6.3% like-for-like and down 6.1% on a consolidated basis. The difference between consolidated and like-for-like figures is due to a positive scope effect of 2 million, mainly reflecting the acquisitions of Jessica Kingsley and Summersdale. The currency effect was neutral for the quarter.
On a like-for-like basis, the main changes in each geographic area can be explained as follows:
In France (down 14.7%), the slowdown was chiefly attributable to the absence of curriculum reform compared to a third-quarter 2017 which benefited from a second year of reform (particularly in the middle school segment).
The United States delivered a sparkling performance, with growth of 5.1% driven by the continued success of the Perseus backlist, especially Jen Sincero's You are a Badass, and by a strong release schedule at Grand Central Publishing, including Sally Field's In Pieces. The third-quarter performance was also lifted by the success of the Bill Clinton and James Patterson novel The President is Missing across all formats, especially e-books and digital audio.
The decline in business in the United Kingdom (down 6.7%) was due mainly to the retreat in the Education segment and, to a lesser extent, a lighter release schedule than in 2017 which included successful titles such as Martina Cole s Damaged and four new Famous Five releases.
The Spain/Latin America region was down 8.2%, owing to an unfavourable comparison effect in the Education business after a less extensive textbook campaign in 2018. However, Mexico posted a good performance.
Partworks remained broadly flat (down 0.4%), with continued solid momentum in core collections offsetting the decline observed in Europe, with the exception of Italy.
E-books accounted for 7.7% of total Lagard re Publishing revenue in third-quarter 2018, versus 7.2% in the same period in 2017; Digital audio books represented 2.8% of revenue ve
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Third-Quarter 2018 revenue Revenue up 2.6% on a like-for-like basis(1) at 1,895 million
