Lagardere, the French media company, revealed a decrease in net profit for 2023 as costs escalated, despite experiencing a boost in revenue primarily driven by its successful travel retail business.
Key Highlights:
- Net Profit Decline: Lagardere reported a net profit of 144 million euros for 2023, dropping from EUR161 million in the previous year.
- Revenue Increase: Total revenue surged by 17% to reach EUR8.08 billion, with the travel retail business drawing in EUR5.02 billion of this revenue.
- Business Segments Performance: The publishing business saw an increase of 2.2% in revenue, reaching EUR2.81 billion.
- Financials: An improvement was noted in nonrecurring nonoperating net expenses, decreasing from EUR131 million to EUR85 million. However, financing costs and interest expenses experienced an uptick compared to the prior year.
Future Outlook:
Despite challenges such as market fluctuations and cost pressures, Lagardere foresees its publishing business maintaining a performance level similar to that of 2023 in the coming year. The company remains optimistic about the potential growth in revenue and profitability of its travel retail business.
Dividend Proposal:
Lagardere plans to propose a dividend of EUR0.65 per share for the fiscal year 2023.
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