HBG and Hachette UK sales up despite Lagardère’s profits down
Hachette Book Group (HGB) in the US and Hachette UK have reported ‘strong’ sales growth in 2018, despite profits falling by 9.6% at parent company Lagardère Publishing.
The UK business grew by 7.1% in 2018 compared to the previous year and Hachette said it beat its sales budget, but hasn’t revealed exact figures. Sales of digital audio rose by 30%, which was 2.7% of its overall revenue for the year. Revenue slipped by 0.5% due to a decline in the education market, which was partially offset by the strong performance of general literature, including books such as Fantastic Beasts: The Crimes of Grindelwald by J K Rowling and Fire and Fury by Michael Wolff.
HBG saw revenue rise by 3.7% over 2017 and profits increase by an unspecified amount. Overall, revenue from the US and Canadian businesses accounted for 29% of Lagardère Publishing’s total revenue in 2018, up by 27% from the previous year.
HBG CEO Michael Piestsch said, ‘HBG’s increased profits in 2018 were the result of superb publishing across our divisions, solid revenue growth, a continued rise in downloadable audio sales, and a strong backlist performance.’
Category: International news