Profit drops at Condé Nast

LONDON - Condé Nast, the upmarket publisher of magazines such as Vogue and Tatler, posted a pre-tax profit of £20.1m in 2008, down from £23.9m in 2007. It reported turnover of £125.3m, down from £126.1m in 2008.

Condé Nast: profit and turnover down in 2008
Condé Nast: profit and turnover down in 2008

In the accounts, which cover the 12 months to 31 December 2008, Condé Nast said its principal challenges include "competition from other media impacting circulation and advertising revenues and adverse movement in the UK or worldwide advertising markets".

Salaries remained broadly stable year on year at about £29.9m.
The company, led by UK managing director Nicholas Coleridge, said the total emoluments, excluding pension contributions, of its highest-paid director were £757,000, up from £735,000 in 2007.

Condé Nast declined to comment on its results.

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