Egmont group reports 'good year' but prepares for 'challenging' 2020

Scandinavian media group Egmont has reported a "good year" in its latest financial results with a record revenue of €1.7bn in 2019, but has warned 2020 is expected to be a "challenging year" due to the coronavirus outbreak.

The group, which includes Egmont Publishing, Egmont Books and Nordisk Film, said 2019's €1.7bn revenue was up €79m on 2018.

Three quarters of Egmont’s business is now in film, TV, streaming, computer games, digital media and e-commerce. Egmont’s total business activity, including its share of non-consolidated companies, generated revenue of ‚Ǩ2bn.

The Egmont Publishing division, which includes the company’s UK business, achieved revenues of ‚Ǩ575m last year (‚Ǩ522m in 2018). Egmont Publishing is behind a wide range of books and magazine titles in more than 30 countries. Revenue increased in 2019, "driven by e-commerce and marketing services", said Egmont.

Looking ahead 2020 is "expected to be a challenging year due to the serious COVID-19 crisis in the Nordic countries".

C.e.o. and president Steffen Kragh said: "I’m delighted to report another year of solid growth and an overall strong result thanks to the great efforts of our many competent employees. We are innovative, and at the same time successful with our quality-based publishing, journalism and strong storytelling. Looking into 2020, we are like the rest of society very affected by the present COVID-19 crisis and concerned by the wellbeing of our employees, and that society and we as a company get well through this crisis."