Condé Nast pre-tax profits halve to £6.9m

GQ and Vogue owner Condé Nast's pre-tax profits dropped 56.6% in 2015 to £6.9m, from £15.9m in the previous year.

GQ: owner Conde Nast's pre-tax profits have halved
GQ: owner Conde Nast's pre-tax profits have halved

Its latest annual financial report, filed at Companies House for the year ending 31 December 2015, also showed turnover held steady compared to the end of 2014 at just over £122.5m, while staff costs rose by £8m to £42.89m.

Overall profit was £4.9m in 2015, compared with £12.1m in 2014, a 59.6% drop. The report explained that the drop in profit was down to a pension tax credit it received in 2014 "which reduced staff costs for that year".

It has been a tough time for magazines. Hearst UK reported a £5.4m loss for 2015 amid plans to close titles and staff redundancies.

Time Inc reported a rise in profits last month after NME went free and the publisher’s expansion in events, following an announcement in September about redundancies amid a staff restructure.

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Gurjit Degun

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