By Lagardere, the French media company, has announced higher revenue for the second quarter of the year, driven by its travel retail business. The company’s quarterly revenue saw an impressive 18% increase on a reported basis and 15% like-for-like, reaching 2.03 billion euros ($2.25 billion).
One of the main contributors to this growth was Lagardere’s travel retail business, which recorded revenue of EUR1.28 billion. This marks a substantial 29% increase on a reported basis and 24% like-for-like.
Arnaud Lagardere, the Chief Executive of the company, highlighted the strong performance of Lagardere Travel Retail, attributing it to the rebound in air traffic. Additionally, Lagardere Publishing demonstrated resilience in a less buoyant publishing market by maintaining elevated revenue levels.
In terms of financials, Lagardere turned around its performance in the first half of the year, moving from a net loss of EUR45 million in the previous year to a net profit of EUR45 million. Furthermore, recurring earnings before interest and taxes increased to EUR141 million from EUR107 million.
Looking ahead, Lagardere has set ambitious goals for the year, aiming for a high level of results. The company expects its travel retail business to continue its growth trajectory in terms of revenue and profitability, while its publishing business is anticipated to maintain a similar performance as last year.
Overall, Lagardere’s strong revenue growth and positive financial results demonstrate its ability to adapt and thrive in dynamic market conditions.
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