In the first half of 2021, Group revenue totalled €2,076 million, up 5% on a like-for-like basis. Group recurring EBIT in the first half of the year totalled €3 million, up sharply by €221 million compared to a negative €218 million in first-half 2020. Lagardère Publishing recorded decade-high recurring EBIT of €110 million (€27 million in first-half 2020), with Lagardère Travel Retail reporting recurring EBIT of -€96 million, versus -€209 million in first-half 2020. The Group reported a loss before finance costs and tax of €117 million in first-half 2021 (loss of €397 million in first-half 2020), including non-recurring/non-operating items for a net negative amount of €61 million. The loss – Group share was €171 million, versus a loss – Group share of €422 million in first-half 2020.
Port congestion continues to haunt global trade, spreading fresh fears among exporters andimporters over whether massive amounts of cargo will be delivered on time for the busy, year-end shopping season.
Supply chains never fully recovered from the pandemic shock when goods transported by seawere delayed and shipping prices soared. Now freight rates are falling, but cargo is still delayed at choked European and American ports.
“Ships are still a gamble not worth taking,” said Abbie Durkin, the owner of Palmer & Purchase, awomen’s clothing and accessories boutique with stores in New York. “We are fl ying in our entirewinter collection to make sure it arrives before Christmas.”
more at: https://www.wsj.com/articles/clogged-ports-put-fall-holiday-shipments-in-doubt-11660737601?mod=pls_whats_news_us_business (subscription required)