Profits at the UK division of Condé Nast, the publisher of titles such as Vogue and GQ, decreased by more than a third last year. New figures show pre-tax profits, excluding exceptional items, plummeted 36 per cent from £28m in 2024 to nearly £18m last year.
This profit reduction follows a period of planned investment in customised client solutions, according to a company spokesperson. Additionally, costs associated with restructuring more than doubled year-on-year, rising from £1.9m to £4.3m, primarily due to severance costs as the Group refocuses its teams on strategic goals.
UK revenues for the publisher fell 7 per cent from £75.9m to £70.6m. However, an 18 per cent increase in international revenues, reaching £29.7m, helped keep total revenues almost flat at £100m. The Newhouse family, through its holding company Advance, has ruled out a sale of Condé Nast.