Condé Nast’s UK profits drop by more than a third as sale of Vogue publisher ruled out
Source: The Guardian ·
Magazine group points to restructuring bill but says it ‘remains profitable in the UK for another year’Profits at Condé Nast’s UK arm slumped by more than a third last year, according to figures published shortly after the billionaire family that owns the luxury magazine group and titles from Vogue to GQ ruled out a sale.The publisher, which enjoyed a bumper 2024 after booking £64m in proceeds…
From the source
Profits at Condé Nast’s UK arm slumped by more than a third last year, according to figures published shortly after the billionaire family that owns the luxury magazine group and titles from Vogue to GQ ruled out a sale. The publisher, which enjoyed a bumper 2024 after booking £64m in proceeds from the sale of its UK headquarters Vogue House in London, saw pre-tax profits excluding exceptional items tumble 36% from £28m that year to nearly £18m last year. Revenues generated in the UK fell 7% from £75.9m to £70.6m, newly filed accounts showed. However, an 18% increase in international revenues, to £29.7m, helped keep the company’s total revenues almost flat, at £100m. “Condé Nast remains profitable in the UK for another year,” a spokesperson for the publisher said. “The change in the exact level of profit reflects a period of planned investment in customised client solutions.” Restructuring costs at the company, which publishes glossy titles and brands including Vanity Fair, House &…