PRH half-year revenue up 9%

Penguin Random House’s (PRH) global revenue grew 9% in the six months to 30 June, compared to the same period last year.

In its half-yearly results, parent company Bertelsmann reported that PRH’s global revenues totalled €2.1 billion (A$3.5b) from €1.9 billion (A$3.2b) the year before. Operating EBITDA (earnings before interest, taxes, depreciation and amortisation) grew marginally, from €257 million (A$433.6m) to €258 million (A$435.3m) over the same period.

In a letter to PRH staff, CEO Nihar Malaviya said that while PRH’s revenue growth did not translate into a significant increase in profits, ‘that should come as no surprise, as industry inflationary costs pressures and increased costs across our businesses have continued to impact us’. ‘We have already taken several steps to offset these pressures in some of our markets around the world and will continue to carefully navigate these industry and structural dynamics,’ said Malaviya.

Looking forward, Malaviya said PRH’s ambition ‘remains to connect each book with the widest possible audience, guided by our mission to create books for everyone’.

‘Content and books are and will remain at the centre of everything that we do in each market in which we operate,’ Malaviya said. ‘As we continue to excel here, we can achieve great commercial success and grow, which is the most effective way of combating this cost environment.’

Category: International news