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Penguin Random House has reported a “strong” first financial quarter of 2023, driven by Prince Harry’s Spare (Bantam), according to parent company Bertelsmann’s latest financial update.
According to the report, in the first three months of 2023 Bertelsmann increased its revenues to €4.8bn (£4.2bn) in 2023, up 5.6 percent year-on-year, compared to €4.5bn (£3.9bn) in the first quarter of 2022, and saw organic growth of 2%. It states that the main revenue drivers were Penguin Random House, Arvato Group and Bertelsmann Education Group, though figures were not broken out.
On Penguin Random House, the report notes that its “strong” first quarter was driven by Spare, which has sold more than four million copies internationally across all formats, as well as other number one bestsellers including Lessons in Chemistry by Bonnie Garmus (Transworld) and Michelle Obama’s The Light We Carry (Viking).
Bertelsmann chairman and c.e.o Thomas Rabe said of the result: “The year started well for Bertelsmann overall, despite declining revenues at RTL [a Luxembourg-based international media conglomerate]. The results of our Boost strategy are increasingly making themselves felt. We are growing significantly and will continue to invest massively in our businesses in the coming months. Even with the external challenges, we are confident about the rest of the year.”
Chief financial officer Rolf Hellermann added: “We’ve had a good first quarter. For the full year 2023, we continue to expect – before any effects of the planned sale of our Majorel shares – moderate to significant revenue growth and a stable operating result.”
Majorel was formed in 2018, when Bertelsmann and the Morocco based Saham Group merged their global customer experience businesses.
In March, in its full financial report for 2022, Bertelsmann reported its highest revenues in history, with Penguin Random House recording “moderate growth despite negative macroeconomic effects". The year’s best selling titles in the UK were Atomic Habits by James Clear (Random House), Richard Osman’s The Bullet That Missed, The Thursday Murder Club, and The Man Who Died Twice (all Viking) and One by Jamie Oliver (Michael Joseph).