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Hachette UK shows 'slight fall'

13.09.07 Philip Jones

The Hachette Book Group has reported first-half sales growth of 10.6%, and impoved profits despite a "slight fall" in performance at the Hachette Book Group in the UK.

Parent company Lagardere said that its publishing business pushed sales up to €897m, up by 10.6% on a reported basis and by 1.7% on a like-for-like basis. The group said that this was in line with expectations. "Like-for-like growth was driven by Hachette Book Group in the United States and by educational publishing in France."

Earning before interest and tax (EBIT) rose by 5.5% to €71m. According to the group: "The contributions from education and Larousse in France, from Part-Works, and from Hachette Book Group in the United States more than offset the drop in recurring EBIT from literature in France and Orion in the United Kingdom."

In a presentation to analysts, Lagardere said that its UK book business had registered a "slight fall", compared with a "very high 2006", and that the prospects for the second half of the year were better. It added that the performance of Octopus was "in line with expectations", and was expected to "break-even" by the end of 2007.

Overall, net sales at Lagardere were up 6.8% to €3,955m (up 1.2% on a like-for-like basis), with recurring EBIT up by 34.1%, to €270m.

Financial US Philip Jones Hachette Orion

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