TV production and channels helped keep Lagardère’s media arm, Lagardère Active, on an even keel in the first half of the year.
TV registered growth of 28.1% for the first half, thanks to a relatively stronger performance from the company’s production arm. Production saw growth of 44.9%, in part due to a weak performance last year and in part to an uplift in the sale of rights and the delivery of new fiction programmes.
Lagardère Active was also lifted by the acuqisiton of Grupo Boomerang TV in May and the integration of youth channel Gulli following its acquisition of 34% of France TV.
The boost from TV offset declines in radio and magazine publishing for the period. Digital activities were also down 20% thanks in part to the negative impact on LeGuide of a change in algorithms implemented by Google.
Lagardère Active posted revenues of €437 million for the six months to June, up 0.7%, while revenues for the second quarter were flat at €233 million. Lagardère Active turned in an operating profit of €33 million for the fix months, down 1%.
Overall, Lagardère posted revenues of €3.3 billion for the half year, more or less flat year on year with a very strong performance from Lagardère Unlimited, particularly in the first quarter, offsetting a sharp decline in the group’s travel retail business.