Condé Nast, publisher of magazines including Glamour and GQ, has revealed it took a massive cut in pre-tax profits for 2009.
The company announced it had made £5.64m in pre-tax profits last year, a sharp decline from the £20.14m it posted in 2008.
In its directors’ report, the publisher claimed that “competition from other media impacting circulation and advertising revenues” was to blame.
The company also launched two new magazines within the period which brought high start-up costs.
However, the company said the results showed a “positive performance” given the economic climate.
(Source: Media Week)
This article appears in issue 255 of Media Digest.