French media and telecoms conglomerate Vivendi today posted first-half underlying earnings of €2.6 billion, up 10.6 per cent on the same period last year.
First-half earnings before interest, tax and amortisation (EBITA) were up 11.9 per cent on a constant currency basis, and first-half revenue rose to €10.223 billion from €9.61 billion a year ago.
Vivendi owns Universal Music Group, the world's biggest music company, French broadcaster Canal+ and a Vivendi Games business.
Universal Music's first-half EBITA fell €75 million to €220 million compared with last year.
Vivendi said the division outperformed its rivals on an operating basis as it grew digital sales by around 50 per cent on a constant currency basis in the first half.
The company said the performance came amid a difficult recorded music market and unfavourable currency movements.
Canal+ EBITA rose to €340 million from €190 million in the first half last year, fuelled by a strong performance in French pay-television operations, and Vivendi's Games division saw EBITA surge 92 per cent to €119 million.
It reiterated that it expected full-year adjusted net profit of at least €2.7 billion.