Hearst Magazines increases profit nine-fold to £12.4m

Hearst Magazines, the publisher of Cosmopolitan and Esquire, has reported pre-tax profits of £12.4m for 2010, more than nine times its profit of £1.3m reported in 2009.

Triathlete's World: soon to become a digital-only title
Triathlete's World: soon to become a digital-only title

The publisher of Good Housekeeping, Elle and Harper’s Bazaar reported revenues of £310m in 2010, a rise of 4.3% year on year from £297m in 2009, according to documents filed at Companies House.

The results show a continued upturn in the group's finances, after a massive writedown contributed to a £42.8m loss for the group in 2008, and allowed Hearst to pay a dividend of £8m to its US parent company, Hearst Corporation.

Hearst Magazines UK was formed in August, when NatMag merged with Red and Psychologies-owner Hachette Filipacchi UK. It followed Hearst's acquisition of Hachette Filipacchi UK from French publisher Lagardere.

Former NatMag titles She and Cosmo Bride were closed following the merger, while a senior management restructure, announced last month, led to the former publishers of Harper’s Bazaar, Elle and Good Housekeeping all leaving Hearst.

Hearst announced that its NatMag Rodale health title, Triathlete’s World, launched in 2009, would continue as a digital-only venture after its final print edition next month.

Follow Sophie Maden on Twitter @Sophie_Maden

Have your say...

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Media Week Jobs
Search for more media jobs

Latest

Pepsi destroys London in viral prank

Pepsi destroys London in viral prank

Taking the ordinary and making it extraordinary gets our vote every time. And it doesn't get more ordinary than a bus stop, and more extraordinary than an alien invasion. The Pepsi prank is the best big brand stunt we saw today, but only because McDonald's didn't think of producing a Big Mac slanket. A missed opportunity.

Share
Daily Mail's financial update confirms tough press market

Daily Mail's financial update confirms tough press market

The UK's press market has had another tough trading start to the year, with widespread falls in print circulations and advertising spend, as typified in a financial update by the Daily Mail & General Trust today.

Share
My Media Week: Karen Stacey

My Media Week: Karen Stacey

Karen Stacey has just about got her feet under the desk as chief executive of Digital Cinema Media (DCM), when Camelot briefs a last-minute campaign due on screen in less than 24 hours.

Share

Get news by email