March 8, 2018 / 6:48 AM / a year ago

Axel Springer guides for faster growth in core profits

BERLIN/FRANKFURT, March 8 (Reuters) - German publisher Axel Springer said it expected profit growth to accelerate in 2018 after its digital classifieds and news operations helped it post an 8.5 percent gain in core profits last year.

Group revenues came in at 3.56 billion euros ($4.42 billion) in 2017, up 8.3 percent and slightly above average expectations of 3.526 billion euros in a Reuters poll of analysts.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 646 million euros. Analysts had on average forecast 652 million euros.

The company said it expected to achieve percentage growth in adjusted EBITDA in the low double digits in 2018, while revenue would grow in the low to mid single-digit percentage range.

Digital now accounts for more than three-quarters of Springer’s profits, while a slowdown at print has triggered ructions that led to a recent editorial shakeout at its flagship tabloid daily Bild. ($1 = 0.8062 euros) (Reporting by Douglas Busvine Editing by Edward Taylor)

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