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Hearst UK magazine profits soar
The Soho-based publisher behind glossy magazines including Esquire and Good Housekeeping bucked the industry trend yesterday, reporting a spike in profits and revenues. Hearst Magazines UK saw profits surge an astonishing 800 per cent to £12.4m, with revenues rising 4.3 per cent to £310m. The remarkable turnaround follows a £42.8m loss in 2009, when the firm was forced to accept heavy writedowns. The reversal in fortunes, overseen by French chief executive Arnaud de Puyfontaine, means it will pay an £8m dividend to its US owner Hearst. The growth in revenue came despite a slight reduction in magazine circulation.