Strong Lagardère Travel Retail sales boost Group's revenue by 19% in H1 2023

Lagardère Group has reported a strong first half of 2023, with recurring EBIT up 31.8% to €141 million (US$156 million), and a 19% increase in revenue "lifted by growth momentum at Lagardère Travel Retail," with recurring EBIT 3.5 times higher at €92 million (US$101.83 million).

Lagardère Travel Retail has reported "excellent performance" (up 32.4%), driven by the confirmed recovery in air traffic, particularly international passengers; dynamic sales initiatives; and acquisition of multi-brand foodservice business Marché International and the launch of Extime Duty Free Paris in association with the ADP Groupe.

Lagardère Publishing has reported revenue up slightly by 1.6% versus a high comparison basis and in a less dynamic market. Other activities have seen revenue growth of 2.5%, lifted by the live performance business.

Arnaud Lagardère, Chairman and Chief Executive Officer of Lagardère SA, said, “Our activity in the first six months of 2023 confirms the Group’s robust upward trajectory, with revenue up 19% year on year – our ninth consecutive quarter of growth. Lagardère Travel Retail posted a very solid performance on the back of the strong rebound in air traffic, while Lagardère Publishing maintained elevated revenue levels, demonstrating its resilience amid a less buoyant publishing market. This positive dynamic demonstrates the relevance and strength of the Group’s strategic model.”