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Lagardere raises 2013 profit outlook

Reuters - UK Focus

PARIS, Feb 11 (Reuters) - French media group Lagardere (Paris: FR0000130213 - news) raised its 2013 profit outlook on Tuesday, citing improving trends in the book publlishing and travel retail at the end of the year.

Lagardere posted a 1.3 percent decline in full-year like-for-like 2013 revenue to 7.216 billion euros on Tuesday.

Analysts had expected sales of 7.382 billion euros, according to the average of 16 analysts in a Thomson Reuters I/B/E/S poll.

Lagardere, which competes with Pearson Plc (NYSE: PSO - news) and Bertelsmann AG in radio and book publishing, said it now expected 2013 recurring media earnings before interest and tax (EBIT) to grow by more than 5 percent.

Lagagere had previously guided for 2013 recurring media EBIT growth of between 0 and 5 percent versus 2012 at constant exchange rates.