Chief executive Mike Soutar said the venture had a three-year plan to make profit and was on track to meet this target.
"We thought we would make greater losses in year one than we did," he added. "But we beat our original forecasts. We are well set to hit our targets in the next 12 months."
Soutar said some issues and months were already profitable. "We have been a contributor to a 22-year-old lifestyle brand - Arena - going out of business," he added.
As well as Soutar, directors of ShortList Media include former Emap boss Sir David Arculus and film producer Kris Thykier. The highest-paid director received total remuneration of almost £202,000 in the year, out of total directors' emoluments of £272,417. The company also spent almost £300,000 with Crash Test Media, the consultancy firm owned by Soutar and fellow ShortList Media director Tim Ewington.
ShortList distributes more than 500,000 copies of its magazine across 10 cities throughout the UK every Thursday, aimed at ABC1 men.
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