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Strong first quarter results at Bertelsmann

08.05.08

Bertelsmann has reported strong first quarter results for 2008, with first quarter operating profits (Operating EBIT) up by 9.6% compared with the previous year, rising to €217m from €198m in the first quarter of 2007.

According to the company the results were driven by the "continuing positive performance of the major core businesses".

Revenues declined by 3.9% year-on-year to €4.2bn. Adjusted for portfolio changes and foreign exchange effects, revenue decreased 1.7% year-on-year. The revenue performance reflected negative foreign-exchange effects due to the Euro’s strength relative to the US dollar and British pound. Revenues were also impacted by declines in sales of physical recordings and revenues at Direct Group in North America.

Bertelsmann expects a moderate rise in revenues for 2008 (adjusted for portfolio changes and foreign exchange effects), and operating results for 2008 will be on par or slightly above the high levels seen in 2007, predicted the company.

Bertelsmann’s chief financial officer Thomas Rabe said: “We have started the year well in an environment fraught with economic uncertainty. Bertelsmann confirms its full-year forecast for 2008.”

Financial Bertelsmann

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