Record earnings, profits for Lagardère in 2021

Lagardère Publishing grew its revenue by 9.4% in 2021 while increasing profits by 42.7%, reports Publishers Weekly.

Lagardère Group reported revenue from its publishing division totalled €2.6 billion (A$4.11b) with EBIT (earnings before interest and taxes) of €351 million (A$555m)—both record figures for the company. The results were driven by strong sales in France, where revenue was up 13.8%.

In the US, Hachette Book Group (HGB) sales rose 3.7%, excluding the contribution from Workman Publishing, which it acquired in August.

HBG CEO Michael Pietsch said sales results were led by ‘outstanding performances from all our publishing groups’, with the publisher seeing good sales growth at chains, independent bookstores and gift stores as well as through its international accounts.

‘Results were boosted by high sell-through, a significant increase in hardcover sales in our adult divisions, exciting growth for Running Press’s Minis program, and an excellent year for our [distribution] business,’ Pietsch said.

UK sales were up 2.5%, led by growth in frontlist and backlist children’s and adult titles.

For 2022, Lagardère is expecting revenue to be flat, based on its belief that ‘as lockdowns ease, people will resume a variety of activities, which could cut into reading and book buying’. Profits are expected to decline due to ‘less favourable market trends,’ including ‘inflationary pressure on costs’.

Category: International news