IPC beats Bauer with 23% jump in profits

IPC, publisher of Look, NME and Marie Claire, has reported a 23% lift in pre-tax profit to £45m in 2011, in contrast to rival Bauer Consumer Media, whose profits dropped 9.5% to £57.3m in the same year.

Look magazine: IPC profits up
Look magazine: IPC profits up

IPC reported that its pre-tax profits were up £23% from £36.9m to £45.5m in the year ending 31 December 2011, according to accounts filed at Companies House.

Profits at IPC were hit by a £20m pension charge in 2010, due to a closure of a pension scheme. In the year ending 2011, turnover at IPC was down from £337m to £331m.

The highest-paid director, whose identity was not disclosed in the report, received a total package of £820,000, which was a 41% rise from £581,000 in 2010.

IPC paid a £51.5m dividend to its parent company; last year it did not pay one.

Sales and distribution costs were down from £90.3m to £87.6m in the period. Staff costs were down from £80.5m to £73.4m in the period. IPC, which is owned by the US media giant Time Inc, has a wide portfolio of magazine and digital brands, including Horse & Hounds, Chat, Nuts and Now.

Like other magazine publishers such as Conde Nast and Bauer, IPC is trying to best manage the switch of their readers from print magazines to online.

Bauer Consumer Media,
publisher of Grazia, reported its financial figures last month (September), reporting pre-tax profits down 9.5% to £57.3m in 2011, after a £17.7m fall in revenues.

Earlier this week, Media Week reported that Evelyn Webste
r, executive vice president of Time Inc's lifestyle group, denied long-running speculation that the company is considering the sale of IPC.

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

One in seven Brits using ad blockers online, say YouGov

One in seven Brits using ad blockers online, say YouGov

Around 15 per cent of Brits online are using ad blockers because they find the spots "interruptive or annoying," according to a report by YouGov.

Share
Watch: Clear Channel's William Eccleshare on outdoor innovation

Watch: Clear Channel's William Eccleshare on outdoor innovation

William Eccleshare, the chairman and chief executive officer of Clear Channel International, spoke to Maisie McCabe in Cannes last week about the most innovative market for outdoor advertising.

Share
The Independent halves annual losses to £4.6m

The Independent halves annual losses to £4.6m

The Independent has halved its trading loss in its last financial year, attributed to increased revenues generated by its digital operation and offshoot i, and cost-savings in production.

Share

Get news by email