Banijay Group publishes financial results for H1 2024, up 8.6%

Banijay Group, the publicly traded company formerly known as FL Entertainment whose content production and distribution arm is behind series like “Big Brother,” “Versailles” and “SAS Rogue Heroes,” reported revenue growth of 8.6% to €2 billion ($2.1 billion) in the first half of 2024.

While revenue from sports betting and online gaming soared 41.7% to €698m in the first half of the year, revenue from content production, distribution and live events fell 2.7% to €1.4bn. The banner said the results reflected “anticipated increased seasonality of major script deliveries” and “the consolidation of Balich Wonder Studio,” the live events company that has organized several Olympic ceremonies.

Banijay continues to grow its presence in the event production space and has partnered with luxury fashion houses for events such as the Vogue World show in Paris. Banijay The Independents outfit has also consolidated with the acquisition of two major brand consultancies, Sunshine and Kennedy.

Overall, Banijay Group reported an increase in adjusted net income of +13.9% in current currencies to EUR 191 million and net income of EUR 40 million (compared to EUR 12 million in H1 2023). The company’s EBITDA increased by +11.7% to EUR 368 million, with an EBITDA margin of 14%.

François Riahi, CEO of Banijay Group, said the first half of 2024 “once again demonstrates Banijay Group’s exceptional position in the entertainment industry, with double-digit profit growth.”

“Our sports betting and online gaming businesses delivered outstanding results, taking advantage of the strong sporting calendar to gain market share across all products and regions,” Riahi said.

The executive also said that demand from streaming platforms has remained steady. He noted that the group, whose upcoming titles include season 3 of the period drama “Versailles,” boasts “a strong scripted pipeline and solid growth in content production and distribution.” The group’s recent acquisitions in the content and distribution landscape include Caryn Mandabach Productions, the company behind “Peaky Blinders.” It also struck a development deal with Marc Pos, creator of the popular reality show “The Traitors.”

He also added that Banijay’s lineup of upcoming live events is “robust” and that “the company continues to look for opportunities to consolidate this rapidly growing segment of the entertainment industry.”

Riahi said he was confident Banijay Group was on track to achieve its full-year target of “organic adjusted EBITDA growth in the low teens.”