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Axel Springer confirms 2017 targets after first quarter profit rise
May 10, 2017 / 5:49 AM / 7 months ago

Axel Springer confirms 2017 targets after first quarter profit rise

BERLIN (Reuters) - German publisher Axel Springer reported a 17 percent rise in first quarter core profit, helped by its online classified ads, which more than compensated for declines in its classical paper and magazines business.

FILE PHOTO: The logo of German publisher Axel Springer is pictured in front of the company's headquarters in Berlin July 25, 2013. REUTERS/Fabrizio Bensch/File Photo

The publisher of Europe’s best-selling tabloid Bild, said it still expected 2017 sales to rise by a medium single-digit percentage, while adjusted EBITDA is expected to rise by a medium to high single-digit percentage.

First quarter earnings before interest, tax, depreciation and amortisation (EBITDA), excluding special items, rose 17 percent to 147.2 million euros (123.8 million pounds), against the average forecast for 146 million in a Reuters poll.

Sales rose 6.7 percent to 836.2 million euros, which was below expectations for 843 million.

Reporting by Victoria Bryan and Harro ten Wolde; Editing by Maria Sheahan

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