Lagardere Reports

Corporate owner of Hachette UK and Grand Central Publishing reported their first half results yesterday. Here are some relevant parts from their press release:

Lagardère Publishing– Net sales for the first half of 2008 were €908m, an increase of 1.3% on a reported basis and 4.5% on a like-for-like basis. The business achieved a respectable performance in the United States, the United Kingdom and Spain, but there was a further decline in Literature in France. Part-works were affected by a drop in French and Italian sales, partly offset by good performances in the United Kingdom and Japan.

EBIT before associates [amortization of goodwill] of €71m, unchanged from the 2007 first-half figure, with an improved operating performance canceled out by negative currency effects. Good contributions from the United Kingdom (other than in educational books) and from Education in Spain offset a decline in profits from General Literature in France and Part-works. The contribution from the United States rose by over 10%, driven by an excellent performance in Fiction/Non-Fiction.