German media group Bertelsmann lifts 2024 targets after 60% jump in profit (updated)

Bertelsmann SE & Co KGaA

28/08/2024 08:48

(Recasts with raised outlook, adds details throughout)
       Aug 28 (Reuters) - German media, services and education
conglomerate Bertelsmann  BTGGg.F  raised its outlook for 2024
sales and core earnings on Wednesday after reporting a 60% jump
in half-year profit.
    Its net profit rose to 416 million euros ($463.7 million) in
the first six months of the year. Broadcaster RTL  AUDK.LU , a
Bertelsmann subsidiary accounting for more than a third of its
revenue, had reported a 30% rise in profit earlier this month.
    Bertelsmann's adjusted operating core profit (EBITDA)
remained at last year's level of 1.2 billion euros. When
adjusted for the sale of call centre operator Majorel, it rose
by 14%.
    The privately owned group, whose brands also include music
business BMG and book publisher Penguin Random House, expects a
moderate decline in reported group revenue and EBITDA, after
previously forecasting a significant decline in both metrics.
    The outlook takes into account the already completed sales
of Majorel and regional newspaper publisher DDV Mediengruppe,
which still affected the results in the first half.
    For continuing operations, which do not take the divested
businesses into account, Bertelsmann sees a significant increase
in revenues and core earnings this year.
($1 = 0.8972 euros)

 (Reporting by Chiara Holzhaeuser and Andrey Sychev in Gdansk;
editing by Milla Nissi)
 ((Chiara.Holzhaeuser@thomsonreuters.com;))