“Quadrupling of development costs” was blamed for a significant sag in profits at Haymarket Publishing – the company eighty per cent owned by former deputy prime minister and Dome demagogue Michael Heseltine.
Prominent UK advertising and marketing titles in the Haymarket stable are Campaign, Marketing and PR Week.
Despite a 15% rise in revenues to £139 million, net profits for 1999 fell to £5.6m – "significantly reduced from 1998,” according to a company statement. During the year, £16m had been spent on acquisitions, plus a further £10m on the launch of new magazine titles – among them a US version of PR Week headed by Rupert, son of Michael.
The privately-owned company has an estimated worth in excess of £200 million.
News source: The Times (London)