As usual, Lagardère’s H1 16 results were mixed, reflecting its conglomerate profile and various business models. Consolidated revenues were up €127m to €3,431m, i.e. +3.8% on a reported basis helped by a +4.6% perimeter impact (c.60% coming from the sole Travel Retail division). The organic trend, which appeared disappointing at first sight (only +0.5%), reflected an unfavourable calendar impact in sporting events (two major football championships held in H1 15). Exclud ....