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Lagardere Q4 Revenue Up 3.3% On LfL Basis;confirms FY Recurring EBIT Growth View

French conglomerate Lagardere (LGDDF.PK) reported that its revenue for the fourth-quarter came in at 1.911 billion euros, up 3.3% like-for-like, while it was down 3.7% on a consolidated basis. The difference between like-for-like and consolidated figures is primarily attributable to the divestment of Press Distribution operations by Lagardère Travel Retail. The foreign exchange effect for the period resulted chiefly from the US dollar and the pound sterling.

On like-for-like basis, Lagardère Publishing revenue was up 2.8%, buoyed mainly by a good performance from Partworks and by the success of best-selling titles in Illustrated Books and General Literature which offset an unfavourable comparison effect in the United Kingdom.

The Group confirmed its recurring EBIT growth target for 2017, as announced last March.
Accordingly, Group recurring EBIT growth in 2017 is expected to be between 5% and 8% versus 2016, at constant exchange rates and excluding the impact from disposals of Distribution activities.

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