Springer Nature confirms outlook, says it reduced debt after IPO (updated)

Springer Nature AG & Co KgaA

19/11/2024 06:57

(Adds details on outlook, quote and targets in paragraphs 2,
4-5)
       Nov 19 (Reuters) - German publishing group Springer
Nature  SPGG.DE  said on Tuesday its organic revenue grew 6% in
the first nine months of the year, driven by a strong
performance of its Open Access and Nature titles, and confirmed
its full-year outlook.
    Its annual targets for revenue of 1.82 billion to 1.85
billion euros ($1.93 billion to $1.96 billion) and adjusted
operating profit of 505-520 million euros are broadly in line
with an LSEG consensus.
    The Berlin-based publisher of Nature and Scientific American
reported nine-month revenue of 1.37 billion euros ($1.45
billion) in its first earnings release since its listing on Oct.
4.
    It said it had used proceeds of 200 million euros from its
IPO to repay outstanding debt, reducing the net debt to 2.5
times its core profit (EBITDA).
    "Our performance in the first nine months of 2024 shows that
we are on track to deliver on the goals we set at our IPO," CEO
Frank Vrancken Peeters said in a statement.
    Springer Nature, not to be confused with the homonymous Axel
Springer known for publishing the tabloid Bild and the newspaper
Die Welt, had previously said its financial leverage could be
reduced to about 2.4x following the listing.
($1 = 0.9440 euros)

 (Reporting by Paolo Laudani and Chiara Holzhaeuser in Gdansk;
editing by Milla Nissi)
 ((Paolo.Laudani@thomsonreuters.com;
chiara.holzhaeuser@thomsonreuters.com))