Lagardere travel business post strong growth, buoyed by China
French-headquartered Lagardere says its travel retail business achieved a 15.8-per-cent increase in consolidated sales in the first half year.
Like-for-like sales were up 6.5 per cent, the difference attributable to a €134 million positive impact resulting from the acquisition of HBF and of Smullers in the Netherlands, and to a €26 million positive foreign exchange impact.
Earnings before interest and tax for the travel retail division rose 12 per cent to €46 million.
In the Asia-Pacific region, sales grew 6.5 per cent, largely driven by organic growth in China.
Consolidated group revenue, incorporating the company’ publishing, sports and entertainment business activities, grew by 6.7 per cent on a like-for-like basis, to €3.612 billion.
Group recurring earnings before tax and interest came in at €153 million for first-half, up from €139 million a year earlier, owing mainly to business growth at Lagardere Travel Retail and a busy sporting calendar for Lagardere Sports and Entertainment.