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).
Download press release in PDF
Access the audiocast
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
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
07/10/2026
Dalet, a leading technology and service provider for media-rich organizations, today announced the latest Long-Term Supported (LTS) release of Dalet Flex. Build...
06/09/2026
June 9 2026, 23:00 (PDT) Dolby and MagentaTV Bring Fans Closer to the FIFA Worl...
20/08/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
20/08/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
20/08/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
20/08/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
20/08/2026
IPC Expands Brazilian Presence with New Channel Partner CCATech
Industry veterans Carlos Abrah o and Bruno Lopes strengthen local support and expand IPCs prese...
20/08/2026
Zixi Enters Mauritius Market Through Strategic Deployment with MTC Jockey Club
Worlds Oldest Horse Racing Club in the Southern Hemisphere Selects Zixis Softwar...
20/08/2026
LA JOLLA, CA-Scripps Research assistant professor Tiantian Liu has received a five-year NIAID DP2 award from the National Institute of Allergy and Infectious Di...
20/08/2026
Audiences reveal appetite for multicultural Australia on-screen 20 August 2026
Dr Georgie McClean, Dr Rebecca Huntley (L-R)
By Dr Georgie McClean and Dr Rebec...
20/08/2026
How Mavis Studio Is Expanding Live Production Teaching at Sussex
Brie Clayton August 19, 2026
0 Comments
Hero image displays a student about to mix be...
20/08/2026
Vertical Unscripted Series Legal Queens Captured with Blackmagic Design
Brie Clayton August 19, 2026
0 Comments
Reality TV veteran Eric Gardner create...
19/08/2026
As the cost of IP nears price parity with traditional SDI, Reynolds argues that ...
19/08/2026
A private 5G bubble was chosen instead of traditional broadcast RF for the race ...
19/08/2026
(L-R) Rafael Manuel and Isabel Sicat attend the Filipi ana premiere during the 2026 Sundance Film Festival at The Ray Theatre on January 23, 2026, in Park Cit...
19/08/2026
Studio owners invited to have their say on rates cuts
The Music Producers Guild (MPG) are inviting UK-based studios to take part in an in-depth survey that ...
19/08/2026
Vintage-inspired desktop interface revealed
Harrison's latest hardware offering sees them head into the world of audio interfaces, delivering a 10-in/12...
19/08/2026
Granular effect remains locked to scale and tempo
Described as your dream granular effect , Minimal Audio's latest creation is capable of turning any s...
19/08/2026
First polyphonic SWAM instrument incoming
Audio Modeling's latest physical-modelling orchestral instrument is just around the corner, and is now availab...
19/08/2026
World Cup Games Generate 84 Billion Minutes Across FOX, Fox Sports 1 and NBCU...
19/08/2026
July brought typical peak-holiday drops in viewership, driven primarily by viewers stepping away from screens and a visible decline in reach across both traditi...
19/08/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
19/08/2026
Henry joins BCE as the company accelerates its commercial strategy and expands its international presence across the media, broadcast and technology markets. He...
19/08/2026
iWedia, a leading provider of software solutions for connected TV devices, today announced a major milestone in Android platform optimization with the successfu...
19/08/2026
NTP Technology announces that ST 2110-30 audio-over-IP connectivity with AES67 and RAVENNA capabilities is now available for the brand's world-class audio i...
19/08/2026
Net Insight has been selected to provide its Nimbra platform by the service provider Big Blue Marble, formerly ORS Group, as the core media transport solution f...
19/08/2026
LiveU has supported Coventry City FC and several other top-flight UK football clubs through one of their most demanding live production challenges of the year, ...
19/08/2026
Nature Seekers Documentary Shot with Blackmagic URSA Cine 12K LF
Brie Clayton August 18, 2026
0 Comments
Filming endangered turtles required camera...
19/08/2026
Neyrinck Brings D-Control Consoles Back to Life on Apple Silicon with D-Control ...
19/08/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
19/08/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
19/08/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
19/08/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
19/08/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
19/08/2026
Riedel Communications today announced that Edith Cowan University (ECU) in Perth, Australia, implemented a comprehensive communications infrastructure that brin...
19/08/2026
QuickLink, a leading provider of award-winning video production and remote guest contribution solutions, will spotlight a major leap forward in remote guest con...
19/08/2026
Integrated platform melds media asset management, playout automation and newsroom workflows
EMAM, PlayBox Neo and SNEWS have officially launched Nuvex, a conne...
19/08/2026
Screen Australia releases the Private Investment Toolkit to strengthen screen in...
19/08/2026
Do Aussies truly value local content? Unpacking Screen Currency 2026 with Deirdr...
19/08/2026
There's an early Christmas gift for Bookish fans, as UKTV confirms the re-commission of the hit U&alibi drama, created by and starring Mark Gatiss. Viewers ...
19/08/2026
Wednesday 19 August 2026
Sky gives sports fans the chance to watch multiple liv...
19/08/2026
On Saturday September 5 Katie Taylor will step into the ring for the fight of her life against Flora Pili in front of 80,000 fans in Croke Park. A legendary fig...
18/08/2026
SportStream 2026, a free three-day virtual event, will take place September 15-17. One registration provides access to all three days of live programming and on...
18/08/2026
BeckTV will introduce BeckFlow to the European market at IBC2026, demonstrated on the Providius stand (10.F53).
BeckFlow is a web-based schematic documentation...
18/08/2026
Boland Communications will introduce a SMPTE ST 2110 input option for its 4K monitors at IBC2026, along with a new 55-inch super-narrow bezel display for video ...
18/08/2026
Dolby Laboratories and the Seattle Seahawks have announced a partnership integrating Dolby OptiView into the Seahawks' live streaming coverage, making the S...
18/08/2026
For BMG Executive Producer of Sports Production, Graham Taylor, producing live s...
18/08/2026
TMRW Sports has appointed Rufus Hack as President of Golf, a newly created role in which he will lead the company's golf businesses including TGL presented ...
First-Half 2017 results Sustained revenue growth, up 5.4% like-for-like.
