Condé Nast’s UK profits drop by more than a third as sale of Vogue publisher ruled out
Summary
Condé Nast’s UK profits dropped by 36% last year, falling from £28 million to nearly £18 million. The company’s UK revenue fell by 7%, but international revenue grew by 18%, keeping total revenue nearly the same. The family that owns Condé Nast said they will not sell the company despite speculation.Key Facts
- Profits in the UK fell from £28 million to nearly £18 million in one year.
- UK revenue dropped from £75.9 million to £70.6 million, a 7% decline.
- International revenue increased by 18%, reaching £29.7 million.
- Total revenue stayed almost flat at about £100 million.
- Restructuring costs, mainly severance payments, more than doubled to £4.3 million.
- Staff numbers stayed nearly the same, going from 466 to 461 employees.
- The Newhouse family, owners of Condé Nast, ruled out selling the company despite rumors involving Jeff Bezos.
- Condé Nast plans to close the women’s health magazine Self, which has been published for 47 years.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
