Condé Nast’s UK profits drop by more than a third as sale of Vogue publisher ruled out
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…
Condé Nast, the luxury magazine group, reported a significant drop in profits for its UK arm, with pre-tax profits excluding exceptional items falling 36% from £28 million to nearly £18 million last year. The company's revenues in the UK also declined by 7%, from £75.9 million to £70.6 million, while international revenues rose by 18% to £29.7 million.
Despite these challenges, Condé Nast maintains that it remains profitable in the UK for another year. The restructuring costs at the company, which includes popular titles like Vanity Fair, House & Garden, and Tatler, doubled year on year, reaching £4.3 million. The company attributed the restructuring charges primarily to severance costs.
Despite these financial setbacks, the UK workforce remained stable, with only a slight decrease in staff numbers from 466 to 461 between 2024 and last year. The publisher, owned by the billionaire family, including Vogue and GQ, also ruled out a sale, with chair Steven Newhouse stating that Condé Nast has been a media owner for 100 years and is not in it for the glamour.
Condé Nast's global revenues are primarily driven by its seven largest brands, which account for 85% of the company's revenue.
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