German publisher Springer gives brighter 2010 outlook

20th July 2010, Comments 0 comments

German publishing group Axel Springer, which owns the dailies Bild and Die Welt, raised its 2010 forecasts on Tuesday after first-half earnings exceeded expectations.

Springer now anticipates core earnings at about the same level as in 2008, before it was slammed by the global economic crisis, or around 490 million euros (630 million dollars), a statement said.

That would represent an increase of about 45 percent from the level in 2009. Until now, the Berlin-based editor of magazines and newspapers had forecast a rise of around 10 percent.

Business has picked up however as the advertising market has strengthened, and the publisher expects the trend to last for the rest of the year.

In the first half of 2010, Springer's core earnings reached 261 million euros, provisional data showed on Tuesday, a gain of 61 percent from the same period a year earlier.

Sales were nine percent higher at 1.36 billion euros, and will be boosted in the second half by the integration of results from an eastern European joint venture between Springer and the Swiss publisher Ringier, the statement said.

Detailed second-quarter earnings are to be released on August 5, it added.

© 2010 AFP

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