Haymarket records rise in pre-tax profits of 40% despite revenue decline
Magazine publisher Haymarket has posted an increase of almost 40 per cent in pre tax profits, reaching £7.2m despite revenue fall.
The company, which publishes Autocar, Campaign, PR Week and Stuff, reported a decline in total revenue of 4.7 per cent to £223.8m, with UK turnover declining by 10 per cent to £139m.
According to The Guardian, the company saw revenue for the first half of 2012 fail to meet expectations, blaming the ‘fragile nature’ of the UK economy and added that ‘certain areas’ of the group ‘remain under pressure’.
Restructuring costs saw the company pay out £1.7m last year, losing almost 70 jobs, with the staff headcount at 1,876, with the UK operation seeing a pre-tax profit of £313,000 while pre-tax profits in the US rose to £5.67m.