Magazine publishing giant IPC Media yesterday unveiled notable growth in yearly profits following an extensive restructuring last year.
The company posted a 10.5% rise in operating profit to £72.5 million in the year to September. Revenues also jumped 2.1% to £387.9m, while pre-tax profits rose £2.8m to £15.1m. However, circulation revenue fell £6.3m to £213.2m, following cuts in the cover price of listings guide What’s on TV.
In addition, IPC is attracting more adspend. Revenue from advertising leapt 8%, while its twenty biggest clients increased their spend with IPC by 27%.
However, despite the bullish results chief executive Sly Bailey remained coy about a possible flotation next year. “All options are open,” she said.
News source: The Times (London)