Bastei Lübbe AG: Bastei Lübbe raises forecast for financial year 2020/2021
DGAP-News: Bastei Lübbe AG / Key word(s): Change in Forecast
Bastei Lübbe raises forecast for financial year 2020/2021
Cologne, 21.01.2021. Cologne-based trade publisher Bastei Lübbe AG (ISIN DE000A1X3YY0), one of the leading German-language publishers, expects a significant improvement in consolidated sales and consolidated earnings for the current financial year 2020/2021 based on the preliminary figures from the Christmas season. The company now expects sales of around EUR 90 million instead of the previously projected figure of around EUR 85 million. This represents an increase of around 6 percent. Consolidated earnings before interest and taxes (EBIT) are also now expected to be in a range of EUR 7 to 8 million, above the previous forecast of EUR 5 to 6 million, and in line with the increase in sales.
"Despite more difficult market conditions due to COVID 19, we were able to convince our readers with our attractive program mix of new releases, backlist titles and digital offers in the Christmas season and continued our growth course," says Joachim Herbst, Spokesman of the Executive Board of Bastei Lübbe AG.
Significant increase in sales due to new releases and diverse product range
The positive development is the result of higher than expected sales contributions from new releases by bestselling authors such as Ken Follett and Dirk Roßmann, whose new works were published in the fall. At the same time, demand for backlist titles also increased significantly. Almost all program segments contributed to this development. Sales in the digital business increased disproportionately to the market. This increase in revenues led to a change in the product mix. On the cost side, cost-cutting measures implemented since October 2020 in view of the threat of pandemic risks also had an impact.
Announced dividend strategy confirmed
Based on the improvement in earnings, the Executive Board, in consultation with the Supervisory Board, confirms its consideration of proposing a dividend payment to the Annual General Meeting as part of the long-term dividend strategy. "We are pleased to let Bastei Lübbe's shareholders participate in the success of the current financial year and therefore plan to propose the payment of a dividend to the Annual General Meeting," Herbst continued.
Corona remains stress test
However, the Executive Board of Bastei Lübbe points out that the existing lockdown situation continues to generate high risk volatility that is difficult to forecast.
The complete quarterly statement as of 31 December 2020 will be published as planned on 11 February 2021. The quarterly statement will then be available on the internet at https://www.luebbe.com/en/investor-relations/financial-reports.
About Bastei Lübbe AG:
With annual sales of approx. EUR 82 million (financial year 2019/2020), Bastei Lübbe AG is one of the largest medium-sized publishing companies in Germany. The shares of the company have been listed in the Prime Standard segment on the Frankfurt stock exchange (GSIN A1X3YY, ISIN DE000A1X3YY0) since 2013. Further information is available at www.luebbe.com.
|Company:||Bastei Lübbe AG|
|Schanzenstraße 6 - 20|
|Phone:||02 21 / 82 00 - 0|
|Fax:||02 21 / 82 00 - 1900|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1162444|
|End of News||DGAP News Service|