Profit and revenue up at PRH in 2015
Penguin Random House (PRH) has recorded an 11.8% rise in global revenue in 2015, up from €3.3bn (A$4.86bn) in 2014 to €3.7bn (A$5.5bn) in 2015, with profits (EBITDA) increasing 23.2% to €557m (A$820.5m), up from €452m (A$665.8m) in 2014, reports the Bookseller. In its 2015 financial report, parent company Bertelsmann attributed the jump to favourable exchange rates, saved costs due to the integration of Penguin and Random House, and strong bestseller releases, notably The Girl on the Train (Paula Hawkins) and Grey (E L James). In its breakdown of PRH’s geographical divisions, Bertelsmann said revenues and earnings were up on the previous year in the US, despite ebook sales being ‘affected by new retail sales terms’; PRH UK ‘grew profitably’; Verlagsgruppe Random House in Germany ‘increased its revenues and achieved a record operating result’; and PRH Grupo Editorial ‘saw the beginnings of a recovery’ in Spain’s volatile market and ‘some growth’ in Latin America. The PRH results were announced as part of Bertelsmann’s full results for 2015, with the company recording its highest revenue in eight years: an increase of 2.8% to €17.1bn (A$25.2bn). Berteslmann’s operating EBITDA also rose 4.7% to €2.49bn (A$3.67bn). Berteslmann chairman and CEO Thomas Rabe said the company had taken steps to achieve its four major priorities: strengthening its core, digital transformation, expanding growth platforms, and forging ahead in growth regions including China, Brazil and India. PRH CEO Markus Dohle said in a letter to staff that the company had seen ‘major strides’ in its evolution. ‘As we continue to drive innovation around our reader-centric, service-oriented strategy supporting our content and our authors, we will become more than just a publishing company; we will be a true cultural institution—positively affecting and enhancing our society,’ said Dohle.
Category: International news