First-Half 2017 results Sustained revenue growth, up 5.4% like-for-like.
Confirmation of recurring EBIT growth target (1) for 2017 at between 5% and 8%(2).
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Revenue up 5.4% like-for-like(3) at 3,306 million
Strong growth in first-half Group recurring EBIT(1) at 136 million, due mainly to a very busy sporting calendar in the period
Significant improvement in the Group s operating margin(1), up by 1.2 points at 4.1%
Profit before finance costs and taxes at 99 million, up from 94 million in first-half 2016
After a solid first-quarter performance, the Lagard re group continued to deliver growth, lifted by good momentum at Travel Retail, brisk activity at Lagard re Publishing and a favourable calendar impact at Lagard re Sports and Entertainment.
Robust Group activity
- The Group s revenue came in at 3,306 million in first-half 2017, down 3.6% on a consolidated basis and up 5.4% like-for-like. Travel Retail, which posted a 9.0% like-for-like increase in revenue, continues to drive the Group s growth, which was also bolstered by a good start to the year at Lagard re Publishing.
As expected, Group recurring EBIT was lifted by a busy sporting calendar
- Group recurring EBIT came in at 136 million versus 101 million in first-half 2016. This significant increase reflects the positive impact of a busy sporting calendar at Lagard re Sports and Entertainment, bolstered by a higher contribution from Travel Retail and Lagard re Publishing.
- Profit before finance costs and taxes advanced to 99 million from 94 million in first-half 2016.
- Profit - Group share was 29 million, down from 44 million in the prior-year period. Adjusted net profit - Group share(1) rose to 72 million from 65 million in the six months to 30 June 2016.
Solid financial position
- Cash flow from operations before changes in working capital raised 8% compared to first-half 2016, reflecting the good operating performance. Owing to the greater impact of seasonal factors on working capital (typically negative in the first half of the year), free cash flow(1) stood at a negative 67 million, compared to a positive 56 million in first-half 2016.
- Leverage ratio (net debt(1)/recurring EBITDA(1)) improved year-on-year at 2.6x versus 2.8x in first-half 2016, reflecting the Group s tight rein on debt as well as the impact of recurring EBITDA growth over the period.
I- REVENUE AND RECURRING EBIT
REVENUE
In the first half of 2017, Lagard re group revenue totalled 3,306 million, down 3.6% on a consolidated basis and up 5.4% like-for-like.
The difference between consolidated and like-for-like figures primarily reflects a 301 million negative scope impact. This essentially relates to the divestment of Press Distribution operations by Lagard re Travel Retail (in Spain, Canada and Belgium in 2016, and in Hungary in February 2017), and to the sale of LeGuide.com by
Lagard re Active. These divestments were partly offset by acquisitions carried out by Lagard re Publishing, in particular Perseus in April 2016.
The foreign exchange effect added 8 million to revenue and resulted mainly from gains in the US, Australian and New Zealand dollars and Polish zloty, which countered weakness in the pound sterling.
First-half 2017 revenue:
RECURRING EBIT
Lagard re Publishing
Revenue
Revenue came in at 1,019 million, up 5.1% on a consolidated basis and up 4.0% like-for-like. The difference can be explained by a 14 million negative foreign exchange impact due primarily to the depreciation in the pound sterling, offset by a 24 million positive scope impact, essentially related to the consolidation of Perseus.
Activity was up sharply in the first half of 2017, buoyed chiefly by good performances in the United Kingdom and United States.
The figures below are presented on a like-for-like basis.
In France, where the market was affected by the electoral climate, activity retreated 3.1%. The rise in returns was only partially offset by a resilient performance from Literature, which enjoyed success for example with Virginie Despentes Vernon Subutex 3 and Laetitia Colombani s La Tresse.
Activity surged 10.2% in the United Kingdom led by Adult Trade, which saw growth in its frontlist with titles such as John Grisham s Camino Island and Clare Mackintosh s I See You, as well as in its backlist. Activity was also lifted by an additional billing week in the period.
The United States performed well, with activity up 5.4% thanks mainly to the Nashville division and to the success of titles such as David Baldacci s The Fix and James Patterson s The Black Book.
Activity in the Spain/Mexico region was down 1.1% owing to a one-off export transaction in Latin America in the comparative prior-year period.
The significant 8.0% rise in Partworks was driven by a good performance of the catalogue in Spain and Japan and by the launch of new collections over the period.
The contribution of e-books to Lagard re Publishing s overall revenue fell to 8.8% in first-half 2017, versus 9.2% in first-half 2016.
Recurring EBIT
Recurring EBIT advanced sharply by 5 million to 41 million. Strong profitability gains in the United Kingdom spurred by the success of the catalogue more than offset the expected decline in France.
Lagard re Travel Retail
Revenue
Revenue for the division totalled 1,628 million (down 9.0% on a consolidated basis and up 9.0% like-for-like), with a 21 million positive foreign exchange effect due mainly to the rise in the US, Australian and New Zealand dollars and Polish zloty. The 316 million negative scope impact essentially related to the divestment of Press Distribution operations in Belgium, Hungary, Spain and Canada.
Network expansion continued apace and Travel Retail activities posted bullish growth, c
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First-Half 2017 results Sustained revenue growth, up 5.4% like-for-like.
