Penguin Random House’s revenue rose 13% to €2.2 billion (£1.86 million) in the first half of 2024, up from €2 billion (£1.69 million) in the same period last year. Parent company Bertelsmann increased its group profit by 60% to €416 million (£350 million) and raised its full-year forecast.

PRH’s global revenue rose 13% to €2.2 billion (£1.86 billion) in the six months from 1 January to 30 June 2024, up from €2 billion (£1.69 billion) a year earlier. Adjusted operating EBITDA (earnings before interest, tax, depreciation and amortisation) rose slightly to €291 million (£245 million) from €258 million (£217 million). UK figures were not broken down.

The half-year report states: “Bertelsmann grew dynamically in the first half of 2024 and expects overall positive business development for the year as a whole. The international media, services and education company’s revenues were below the previous year’s record level due to portfolio factors.”

“Despite the sale of Majorel, the operating result (Adjusted Operating EBITDA) remained at the previous year’s level at 1.2 billion euros; adjusted for the sale, it rose by 14 percent. Group profit rose to 416 million euros.”

In a letter to all employees worldwide following the release of the financial report, Nihar Malaviya, CEO of PRH, stressed: “Most importantly, we sold almost 35 million more books in the first half of this year than in the same period last year.” He added: “This growth is due to excellent publications in our various business units and divisions, as well as corporate acquisitions such as Hay House.”

“We can be particularly proud because our good results are due to many, many books in our list outselling in multiple categories, rather than the performance of a handful of outstanding titles. We want to continue on this successful path, a path that allows us to invest in both the books and the talent needed for acquisitions and publishing.”

He continued: “We are very optimistic about the future of our industry. In most of the countries where we operate, the book market remains stable and we are outperforming the industry as a whole because we employ the best talent in the entire publishing industry. These results show that we at Penguin Random House are uniquely positioned to bring our authors’ books to life better than any other publisher.”