Lagardère Sports and Entertainment, which operates the Lagardère Sports agency, has reported a reduction in revenue, but an increase in earnings before interest and tax in its full-year financial report for 2017.
Parent company, media conglomerate Lagardère Group, said its sports division generated revenue of €496m ($612m) in 2017, down 3.4 per cent on a like-for-like basis.
Lagardère said the reduction in revenue reflects both the termination of a contract with the Friends Arena (pictured) in Stockholm, Sweden, and an “unfavourable calendar effect”, linked mainly to the 2016 AFF Suzuki Cup and Asian Football Confederation’s U23 Olympic qualifiers in Asia.
It said this was partially offset by the successful rollout of the contract for the 2017 Africa Cup of Nations in Gabon, adding that football activities in Europe, particularly in Germany, as well as consulting activities turned in good performances.
Lagardère Sports and Entertainment’s recurring ebit rose 30 per cent year-on-year to €26m, with operating margin up 1.4 percentage points to 5.2 per cent.
Lagardère said: “Whilst the sporting calendar effect was neutral in 2017, sales and business development efforts, especially in football activities in Europe and Asia, contributed to an improved performance.”