IPC beats Bauer with 23% jump in profits
By John Reynolds, mediaweek.co.uk, Thursday, 04 October 2012 02:43PM
IPC, publisher of Look, NME and Marie Claire, has reported a 23% lift in pre-tax profit to £45m in 2011, in contrast to rival Bauer Consumer Media, whose profits dropped 9.5% to £57.3m in the same year.
IPC reported that its pre-tax profits were up £23% from £36.9m to £45.5m in the year ending 31 December 2011, according to accounts filed at Companies House.
Profits at IPC were hit by a £20m pension charge in 2010, due to a closure of a pension scheme. In the year ending 2011, turnover at IPC was down from £337m to £331m.
The highest-paid director, whose identity was not disclosed in the report, received a total package of £820,000, which was a 41% rise from £581,000 in 2010.
IPC paid a £51.5m dividend to its parent company; last year it did not pay one.
Sales and distribution costs were down from £90.3m to £87.6m in the period. Staff costs were down from £80.5m to £73.4m in the period. IPC, which is owned by the US media giant Time Inc, has a wide portfolio of magazine and digital brands, including Horse & Hounds, Chat, Nuts and Now.
Like other magazine publishers such as Conde Nast and Bauer, IPC is trying to best manage the switch of their readers from print magazines to online.
Bauer Consumer Media, publisher of Grazia, reported its financial figures last month (September), reporting pre-tax profits down 9.5% to £57.3m in 2011, after a £17.7m fall in revenues.
Earlier this week, Media Week reported that Evelyn Webster, executive vice president of Time Inc's lifestyle group, denied long-running speculation that the company is considering the sale of IPC.
This article was first published on mediaweek.co.uk
- On-Air Creative / Creative Executive Discovery Communications Very Competitive with excellent benefits, London (West), London (Greater)
- Senior Marketing Manager Cutis Developments £50,000 - £60,000 per annum , Victoria, London (Greater)
- Head of Marketing & Communictions Manager H20 Car Valeting Centres Entry Level of £45,000-£55,000 + Bonus, Car (a very clean one!), Birmingham, West Midlands
- Business Development Manager Twist Recruitment £30000.00 - £40000.00 per annum + commission structure + benefits, Manchester
- Business Development Director Major Players £60000 - £70000 per hour + Bonus and benefits , City of London
- Coco de Mer launches X-rated ad with Rankin and TBWA
- Fallon introduces stuffed duck to launch Cadbury Puddles
- Betfair to call £15m European media review
- Dave Bedwood to leave M&C Saatchi
- Five black Pencils awarded at D&AD 2015
- Wonga rebrands as 'transparent and responsible' lender after hiring Fold7