You are viewing your 1 free article this month. Login to read more articles.
Penguin Random House revenue has risen by 13% to €2.2bn (£1.86bn) in the first half of 2024, up from €2bn (£1.69bn) year-on-year, while parent company Bertelsmann has grown its group profit by 60% to €416m (£350m) and has raised its full year forecast.
PRH’s global revenues in the six months from 1st January to 30th June 2024 rose 13% to €2.2bn (£1.86bn) from €2bn (£1.69bn) the year before. Adjusted operating EBITDA (earnings before interest, taxes, depreciation and amortisation) increased slightly to €291m (£245m) from €258m (£217m). UK figures were not broken out.
The half year statement reads: "Bertelsmann grew dynamically in the first half of 2024, and expects to report an overall positive business performance for the full year. The international media, services, and education company’s revenues were below the previous year’s record level due to portfolio-related factors.
"At €1.2 billion, the operating result (adjusted operating EBITDA) remained at the previous year’s level despite the sale of [international service company] Majorel; adjusted for the sale, it increased by 14%. Group profit rose to €416 million."
In a letter sent to all global employees following the release of the financial update, Nihar Malaviya, chief executive of PRH, stressed that "most important, we have sold nearly 35 million more books in the first half of this year than during the same period last year". He added: "This growth is driven by excellent publishing across our various businesses and divisions as well as from company acquisitions like Hay House.
"We should be especially proud, as our good results are due to many, many books across our list in multiple categories selling more copies rather than relying on the performance of just a handful of standout titles. We want to continue on this successful path, a path that enables us to invest in the books as well as in the talent required to support acquisitions and publications."
He continued: "We are very optimistic about the future of our industry. In most of the countries where we operate, the book market remains stable, and we are outperforming the overall industry, thanks to employing the best talent in the entirety of publishing. These results demonstrate that we at Penguin Random House are uniquely positioned to bring our authors’ books to life better than any other publisher."