Condé Nast’s UK profits drop by more than a third as sale of Vogue publisher ruled out

A leading luxury magazine publisher has reported a sharp decline in UK profits, with earnings dropping by over a third despite recent financial gains. The company, which sold its London headquarters last year for a significant sum, attributed the downturn to broader industry challenges while emphasizing it can sustain profitability in the UK for at least another year. Analysts suggest the restructuring bill may have contributed to the decline, though the group insists its core business remains stable. The latest figures come as speculation about a potential sale of the company has been dismissed by its billionaire owners.

Magazine group points to restructuring bill but says it ‘remains profitable in the UK for another year’Profits at Condé Nast’s UK arm slumped by more than a third last year, according to figures published shortly after the billionaire family that owns the luxury magazine group and titles from Vogue to GQ ruled out a sale.The publisher, which enjoyed a bumper 2024 after booking £64m in proceeds from the sale of its UK headquarters Vogue House in London, saw pre-tax profits excluding exceptional items tumble 36% from £28m that year to nearly £18m last year. Continue reading...