Axel Springer Books Record Results for 2011
Online and international operations drive double-digit sales and profit growth at German media giant.
COLOGNE, Germany - German media group Axel Springer Verlag booked record results for 2011, with revenue jumping 10.1 percent to $4.2 billion (€3.19 billion) and operating (EBITDA) profits up 16.2 percent to $780 million (€593.4 million).
The group, which operates German tabloid Das Bild as well as daily broadsheet Die Welt, posted stronger profit margins in all of its main operations, despite seeing a decline in revenues in its core German newspaper and magazine divisions. That was more than offset, however, by strong growth in digital media. Revenue at Springer's digital operations was up 35.2 percent to $1.26 billion (€962 million) and operating profit soared 84.2 percent to $208 million (€158.1 million).
The other big source of growth was Springer's international operations - largely its roll out of publications and digital activities in eastern Europe. Sales at the group's international operations were up 29 percent to $1.38 billion (€1.05 billion).
Overall, consolidated net profit at Springer grew 5.6 percent to $360 million (€274.1 million).