Lagardere released financial results for the fourth quarter and full year 2023, with fourth quarter publishing sales of €795 million, up 5.8 percent (or 6.1 percent on a like-for-like basis). For the year, sales of €2.809 billion were up €61 million or 2.2 percent from 2022 (up 1.9 percent like-for-like). Recurring EBIT was just below flat at €301 million (down €1 million), though that does not tell the full story, since overall profit before finance costs and tax fell significantly, at €199 million, down from €291 million a year ago. The year’s sales gains were due primarily to a €50 […]
Earnings Reports
Storytel Gains in 2023, But Still Looks to Efficiency
Swedish audiobook company Storytel reported fourth quarter and full year 2023 results on Thursday. Full year sales were SEK3.49 million, up 9 percent. EBITDA was SEK150 million up from SEK(-68) million last year. Operating profit for the year was SEK(-742.3), compared to SEK(-400.5) million the year before. Streaming sales grew 12 percent to SEK3.24 million, or a 9 percent increase at constant currency. Fourth quarter and full-year profit was impacted by significant year-end writedowns of SEK672 million. The biggest, SEK465 million (or roughly $45 million at current exchange) was impairment charges on goodwill attributed to Audiobooks.com, acquired for $135 million. […]
Bloomsbury Invests in Fantasy as Maas Drives Results
Bloomsbury released a brief trading update for the year ending February 29, further expecting sales to be “significantly ahead” of market expectations that were revised upwards in December to £291.4 million and profit before taxation and highlighted items of £37.2 million. The success is thanks to Sarah J. Maas’s HOUSE OF FLAME AND SHADOW, which hit number 1 in the US, UK, Australia, and elsewhere when it was published on January 30, as well as her 15-title backlist. As such, “Bloomsbury is investing further in fantasy writing on the newly launched Bloomsbury General list.” “I am overjoyed to report an […]
Profits Fell at Waterstones
Waterstones’ primary holding company recently reported full fiscal year results through the end of April 2023, showing increased sales but much lower profits, following the acquisition of Blackwell’s. Sales reached £452.5 million, up from £400 million in the previous fiscal year — but operating profit fell sharply to £13.9 million, down from £57.6 million the prior year. The lower earnings included 15.4 million in “exceptional items.” The company says they absorbed a £7 million impairment charge on Blackwell’s carrying value after acquiring it in August 2022. The report says that, “disruptions to the distribution centre, caused by the implementation of […]
“Digital Disruptions” Continue to Hit Indigo’s Sales
Indigo released its earnings report for the quarter ended December 30, reporting sales of $370.6 million Canadian ($272.3 million USD), down 12 percent from $422.7 million in the same period the year before. The company continues to attribute the downturn to “disruptions throughout 2023” that actually happened before the reporting period, including a cyber attack last February and “the pre-mature launch of a new digital platform.” When asked on a call with investors on Friday, CEO Heather Reisman declined to share what the problems with the digital platform were. Of the online business, she did say, “it has certainly stabilized […]
Digital Formats Boost Harper Sales
News Corp announced earnings for its second quarter ended December 31, reporting sales at HarperCollins of $550 million, up 4 percent from the previous year. In a release, News Corp CEO Robert Thomson said the company “believe[s] there are strong prospects for further growth as difficult macro conditions ease in some of our markets.” The company attributed the sales increase to lower returns and an increase in digital sales, which were up 15 percent, “driven by strong market growth for downloadable audiobook sales, as well as the contribution from a new Spotify partnership.” Digital purchases made up 21 percent of […]