Lagardère Active, the media arm of the French conglomerate, saw an improvement in its like-for-like operating result and margin in 2012.
The improvement was thanks to a programme ofcost-cutting and improved profitability from its TV channels and international licensing fees. Revenues for the unit fell overall, however.
Lagardère Active saw its revenues decline to just over €1 billion (US$1.3 billion) for 2012, down 30% in absolute terms and 3.9% on a like-for-like basis, with the difference between the two being explained by the 2011 sale of advertising unit PMI and the group’s Russian radio activities.
Operating profit was €105 million, down €31 million in absolute terms and up €18 million on a proforma basis. Operating margin was up 1.9% to 6.4%.
Lagardère saw the value of its stake in Canal Plus France drop by €43 million during the year, partly due to the impact of higher VAT charges