Q1 had an expected soft start
MN posted Q1 figures overall in line with expectations (in a seasonally light quarter). Sales (of EUR 164.4) were down c1% (-3.5% LfL), with Retail (+c4%) and Media (+c5%) growing, while trade (-c4%) and education (-c6%) books had a soft start. Adj. EBITDA (of EUR 1.8m) was down c60% (c1% margin), although off a small number as Q1 is a loss-making quarter for the education business. Net debt closed at EUR c213m, up QoQ and consistent with the business seasonality. ....
