Egmont UK sales down in 2017; Australian market performed ‘according to plan’
Egmont UK has reported a 1.4% drop in sales to £50 million (A$91.3 million) in 2017, reports the Bookseller.
The UK arm of Danish media corporation the Egmont Group said sales were ‘strong’ in 2017 but that the competition in book and magazine sales was fierce.
In the Egmont Group’s global publishing division, Egmont Publishing, which includes the company’s UK and Australian businesses, revenue fell 3.8% to €505 million (A$806.9 million) and operating profit was down 18% to €33 million ($A52.7 million).
Egmont Publishing said the decrease in revenue was due to ‘a decline in print publishing’, but that the division delivered ‘a strong result in a challenging market’ and ecommerce and marketing services showed ‘substantial growth’.
Egmont Publishing’s Chinese joint venture, Children’s Fun Publishing, delivered ‘substantial growth and strong performance’ for the company. The division also said joint ventures in Australia—which includes Hardie Grant Egmont—Turkey and Finland ‘performed according to plan’.
Category: International news