A third quarter increase in advertising revenues of almost 10% was reported by IPC Media, Britain’s largest publisher of consumer magazines. But circulation income plunged by £6 million following a cut in the cover price of What’s On TV in a counter-attack on last year’s launch of rival publication, TV Choice.
In the quarter to June 30, total revenues reached £98 million and underlying profit £19.6m, respective year-on-year rises of 2.8% and £3.6m. Pre-tax profit for the three months rose from £2m to £4.8m.
In the fiscal to date, IPC moved out of the red from a £3.7m loss to £6.5m profit. The company also reported the recruitment of former Emap director Tim Brooks, to take the helm of IPC Southbank, where he is responsible for a range of titles including Ideal Home, Marie Claire and Nova.
The Times Business News (London)