Egmont group's profits rise in 'best year ever'

Egmont group's profits rise in 'best year ever'

Denmark-based Egmont Group said it achieved its “best year ever” in 2014, as pre-tax profit for the year totalled €127m (£92.5m), a 36% increase from 2013.

All divisions recorded improvements in their underlying operations and overall revenues for 2014 grew 10% to €1.6bn (£1.2bn).

Ebitda (profit before interest, depreciation and amortisation) increased 34% to €237m (£172.5m), also a “record high”, said the company.

“We are proud to have increased our revenue by 10% and recorded our highest profit to date,” said president and c.e.o. Steffan Kragh. “We adapt our activities to new consumption patterns in a challenged media market… Egmont’s screen-based media now account for 58% of Egmont’s revenue.”

The increase in profit also includes a net gain of €10m (£7.3m) resulting from a pension restructuring initiative.

In the Egmont Publishing division, which includes Egmont Publishing UK, sales increased 0.8%, although operating profit was affected by currency and crisis-related costs in the Ukraine and Russia.

However, the division performed “solidly” in the Nordic countries, Germany, Poland and the UK, boosted by strong sales of the Minecraft books.