The publishing group behind Country Life and Horse & Hound has slashed its loss for the full year, as cost-cutting moves helped offset a decline in revenue.
TI Media posted a pre-tax loss of £3.2m in the year to 31 December 2018, compared to £13.7m in the previous 12 months.
It came despite a five per cent drop in revenue to £209m, which the company blamed on lower print circulation and print advertising revenue.
TI Media, which is the UK’s largest consumer magazine group, has looked to shift its focus away from print amid tough trading conditions for traditional publishers.
In May, the company offloaded NME and Uncut to social media content platform Bandlab Technologies. But the deal, which came after the period covered by the firm’s latest accounts, valued the two music titles at just £8.5m.
The sale came as part of a raft of cost-cutting measures following the company’s takeover by private equity group Epiris last year.
The slashed costs helped boost operating profit, but the firm suffered a £15m writedown on its subsidiaries.
In a shock move last month, TI Media announced it will cease publication of Marie Claire UK’s print edition after more than 30 years.
TI Media said it would instead focus on the iconic brand’s online offerings, such as fashion aggregator platform Marie Claire Edit and Fabled, a joint venture with Ocado snapped up by retailer Next earlier this year.
Under new chairman Tim Weller, TI Media is expected to pursue further acquisitions in the coming months, as it looks to strengthen its digital business, as well as live events and exhibitions.
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