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Cond Nast profits slump

Condé Nast’s London-based international arm saw its profits fall 12 per cent to £33.5m in 2008, as both advertising and subscriptions were hit by the recession. The Vogue publisher’s annual accounts filed at Companies House showed that its UK magazines subsidiary, Condé Nast Publications, saw profits drop by 14 per cent to £18.9m in the period. However Conde Nast’s UK titles saw record circulation during the first six months of the year. Condé Nast’s US unit closed culinary title Gourmet Magazine earlier this month.