HBG and Hachette UK sales up despite Lagardère’s profits down

15 March 2019 Books+Publishing

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