Condé Nast’s UK pre-tax profit falls 36% as family rules out sale
Condé Nast’s UK pre-tax profit, excluding exceptional items, fell 36% last year, while UK revenue declined by 7%. The figures came shortly after the Newhouse family, which controls the publisher, ruled out selling the group, which owns titles including Vogue and GQ.
UK revenue fell from £75.9m to £70.6m, while international revenue rose 18% to £29.7m, keeping total revenue almost flat at £100m. Restructuring costs more than doubled to £4.3m, mainly due to severance, though staff numbers remained broadly stable at 461; Condé Nast also cited planned investment, wage inflation and pension changes as factors affecting profit.
- UK pre-tax profit fell 36% to nearly £18m.
- UK revenue dropped, but international revenue rose 18%.
- The Newhouse family has ruled out a sale of Condé Nast.
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Condé Nast is an international magazine publisher whose titles include Vogue and GQ. Its UK business earns money from readers and advertisers, while also contributing to a wider group with operations in other countries.
The publisher is controlled by the Newhouse family, whose ownership gives it a central role in decisions about the group’s future. UK revenue and profit can be affected by changes in advertising and readership, as well as the costs of running the business and investing in its publications.
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Originally published by The Guardian as “Condé Nast’s UK profits drop by more than a third as sale of Vogue publisher ruled out”.