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

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