MAGAZINE and digital publisher IPC Media reported annual pre-tax profits down 75 per cent to £11.4m in 2012, following a one-off writedown of £24.8m on the company’s fixed assets.
Even before the company’s impairment charge, operating profit still fell 24 per cent to £28.2m.
Revenues for the UK’s biggest consumer magazine publisher, which is owned by media conglomerate Time Warner but operated as a standalone business, fell five per cent to £314.8m in the period.
The company reported that it paid no equity dividends during 2012, compared to payments of £51.5m in 2011.
In recent weeks IPC Media has appointed Jo Smalley into the role of publishing editor across three of its titles and promoted Kate Stephens into the role of group digital editor.
IPC Media’s diverse publication portfolio of over 75 titles includes fashion title Marie Claire, equestrian magazine Horse & Hound, lads mag Nuts, and music weekly NME.