German media giant Axel Springer has reported growing revenues and net profit, lifting its full-year forecast as more customers turned to its paid-for offerings in print, television and online.
Adjusted net profit increased 13% to €91.5m between April and June, mainly driven by strong growth in earnings from its digital media products.
Operating or underlying profits increased 15.7% to €170.1m, on the back of revenues up 7.1% at €858.8m, both beating analysts' forecasts.
Investment in digital expansion was "paying off", Chief Executive Matthias Doepfner said, with digital media now accounting for some 70.6% of revenue and almost 80% of operating profit for the group as a whole.
Axel Springer's stable of online titles includes English-language site Business Insider as well as the digital versions of German newspapers like Bild or Die Welt, while it also operates a slew of European classified advertising sites.
"Growth in paid-for digital offerings more than compensated for falling print business," the firm said.
Nevertheless, print enjoyed strong sales in the first half, especially thanks to a one-off special edition of Bild celebrating the German parliament's June vote to legalise same-sex marriages.
Looking to the full year, Springer expects a "high single-digit percentage" increase in operating profits and adjusted profits per share compared with 2016's result, on the back of a "mid single-digit percentage" increase in revenues.
