Disappointing H1 15 results for Axel Springer, with a flat organic revenues performance (+0.7%; reported figure up €140.5m to €1,577.3m, i.e. +9.8%) as well as a flat EBITDA of €266.7m, implying a 160bp decrease in the operating margin over the period to 16.9% vs 18.5% in H1 14, as digital activities (now 75% of consolidated EBITDA) continue to require important investments and acquisitions. Adjusted net income was slightly down (to €136.5m from €138.2m) and adjusted
09 Sep 2015
An impressive digital transformation with still little operational leverage…
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An impressive digital transformation with still little operational leverage…
Springfield Properties PLC (SPR:LON) | 95.0 0 0.0% | Mkt Cap: 112.7m
- Published:
09 Sep 2015 -
Author:
Véronique Cabioc'h -
Pages:
3
Disappointing H1 15 results for Axel Springer, with a flat organic revenues performance (+0.7%; reported figure up €140.5m to €1,577.3m, i.e. +9.8%) as well as a flat EBITDA of €266.7m, implying a 160bp decrease in the operating margin over the period to 16.9% vs 18.5% in H1 14, as digital activities (now 75% of consolidated EBITDA) continue to require important investments and acquisitions. Adjusted net income was slightly down (to €136.5m from €138.2m) and adjusted