Third-quarter 2019 revenue Revenue up 4.1% like for like to 2,000 million(1),
driven by growth of more than 6% at Lagard re Publishing and Lagard re Travel Retail,
demonstrating that the Lagard re group's decision to strategically refocus around
Travel Retail and Publishing is operationally effective
Lagard re confirms its 2019 recurring EBIT growth target(1)
based on the target scope(2) of between 4% and 6%(3)
The Lagard re group posted a sustained 4.1% increase in revenue in the third quarter of 2019, spurred by continued organic growth momentum at Lagard re Travel Retail and by a robust performance at Lagard re Publishing.
Target scope highlights (like-for-like basis):
Lagard re Publishing: growth in revenue (up 6.6%) was driven by solid performances in France on the back of the 2019 high school curriculum reform, in Spain with primary school curriculum reform, and in Partworks, as well as by robust momentum for Mobile Games.
Lagard re Travel Retail maintained its revenue growth trajectory (up 6.3%) in all geographies, especially Europe and China which were boosted by good sales performances and expansion of the point-of-sale network.
Group revenue totalled 2,000 million versus 1,895 million in third-quarter 2018, representing an increase of 5.5% on a consolidated basis and of 4.1% like for like.
The difference between consolidated and like-for-like revenue reflects a 20 million positive foreign exchange effect attributable to the appreciation of the US dollar. The net 9 million positive scope effect is mainly due to the acquisition at Lagard re Travel Retail of HBF in the United States, offset by the disposal at Lagard re Active of most of the magazine publishing titles in France as part of the Group's strategic refocusing.
At 30 September 2019:
Over the first nine months of the year, the Lagard re group maintained its revenue growth momentum, powered by the solid performance of its target scope activities, notably the sharp organic growth posted by Lagard re Travel Retail and a good showing from Lagard re Publishing on the back of curriculum reform. The Group's performance was also boosted by growth at Lagard re Sports and Entertainment driven by a favorable calendar effect.
Revenue for the nine months ended 30 September 2019 totalled 5,612 million, up 6.7% on a consolidated basis and up 5.7% like for like, including growth of 4.9% on the target scope.
The difference between consolidated and like-for-like revenue reflects a 76 million positive foreign exchange effect attributable to the appreciation of the US dollar. The net 13 million negative scope effect is mainly due to disposals at Lagard re Active as part of the Group's strategic refocusing, offset by the acquisition by Lagard re Travel Retail of HBF in the United States.
(1) Alternative performance indicators. See the glossary at the end of this press release.
(2) Lagard re Publishing and Lagard re Travel Retail (core businesses), as well as Other Activities including Lagard re News (Paris Match, Le Journal du Dimanche, Europe 1, Virgin Radio, RFM and the Elle brand licence), the Entertainment businesses, the Group Corporate function, and the Lagard re Active Corporate function, whose costs will be wound down by 2020.
(3) At constant exchange rates and excluding the acquisitions of HBF and IDF.
To read more:
Download the press release
Access the audiocast
Press Contacts
Thierry Funck-Brentano - Tel: +33 1 40 69 16 34 - tfb@lagardere.fr
Ramzi Khiroun - Tel: +33 1 40 69 16 33 - rk@lagardere.fr
Investor Relations Contact
Florence Lonis - Tel. +33 1 40 69 18 02 - flonis@lagardere.fr
Until recently, the Lagard re group was structured into four business divisions: Lagard re Publishing, Lagard re Travel Retail, Lagard re Sports and Entertainment and Lagard re Active.
In 2018, the Group launched its strategic refocusing around two priority divisions: Lagard re Publishing and Lagard re Travel Retail.
Lagard re shares are listed on Euronext Paris.
www.lagardere.com
Important Notice:
Some of the statements contained in this document are not historical facts but rather are statements of future expectations and other forward-looking statements that are based on management s beliefs. These statements reflect such views and assumptions prevailing as of the date of the statements and involve known and unknown risks and uncertainties that could cause future results, performance or future events to differ materially from those expressed or implied in such statements.
Please refer to the most recent Reference Document (Document de r f rence) filed by Lagard re SCA with the French Autorit des march s financiers for additional information in relation to such factors, risks and uncertainties.
Lagard re SCA has no intention and is under no obligation to update or review the forward-looking statements referred to above. Consequently Lagard re SCA accepts no liability for any consequences arising from the use of any of the above statements.
To receive the latest Lagard re group press releases, sign up for the E-mail Alert.
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