PRH profits, revenue up 6.2% in 2019
Penguin Random House (PRH) revenue and profit was up 6.2% in 2019, according to parent company Bertelsmann, reports the Bookseller.
The publisher’s revenues increased 6.2% to €3.64 billion (A$6.6b), with an operating EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) also up 6.2%, to €561 million (A$1.01b).
Bertelsmann CEO Thomas Rabe said the complete acquisition of PRH was ‘an important milestone’ that ‘strengthens our core business in the long term’. ‘We will continue to expand Penguin Random House’s businesses over the next few years, including through acquisitions,’ said Rabe.
Bertelsmann reported that PRH UK had a ‘very strong publishing performance’, and revenue ‘grew significantly’, with the publisher accounting for 43% of all the titles on the Sunday Times bestseller lists, led by titles including Veg by Jamie Oliver, Becoming by Michelle Obama and The Testaments by Margaret Atwood. ‘The publishing group increased its market share, strengthened its international sales and expanded its audio business,’ Bertelsmann said.
Bertelsmann said the company is ‘well prepared’ financially to weather the Covid-19 crisis. ‘We are profitable, have high liquidity, a comfortable equity ratio, and ratings continue unchanged in the investment-grade category,’ Rabe said. ‘The broad set-up of our businesses makes us less susceptible to economic fluctuations and allows us to continue investing in our future without compromising the substance of our business.’
Category: International news