PRH global sales, earnings up in first half of the year

Penguin Random House (PRH) parent company Bertelsmann reported that the publisher’s sales grew 8.5% in the first half of 2024, while operating EBITDA (earnings before interest, taxes, depreciation and amortisation) was up 13% over the same period, reports Publishers Weekly.

Revenue for the six months to 30 June totalled €2.28 billion (A$3.74b) with operating EBITDA of €291 million (A$477.13m). Bertelsmann attributed the results to sales growth of both frontlist and backlist titles, higher audiobook sales, the performance of Random House Publisher Services and Sourcebooks, and the acquisition of Hay House in January, which brought €35 million (A$57.39m) in revenue.

In a letter to employees, PRH CEO Nihar Malaviya said the publisher had sold nearly 35 million more books in the first half of 2024 compared to the same period last year, adding that author compensation had increased by €63 million (A$103.31m). Despite higher costs, the publisher had improved its operating margin to 12.8% from 12.3%.

‘In most of the countries where we operate, the book market remains stable, and we are outperforming the overall industry,’ Malaviya wrote, adding a promise that PRH would continue its fight against book banning in the US. The publisher has been a party to multiple lawsuits over book banning laws to date, among other initiatives.

Category: International news