Condé Nast UK Profits Drop 36% as Self Magazine Closes

Condé Nast reported a 36% drop in UK pre-tax profits excluding exceptional items, falling from £28 million in 2024 to nearly £18 million last year. While total revenues held steady at £100 million, UK-specific revenues decreased 7% to £70.6 million, though this was partially offset by an 18% rise in international revenues.

The company attributed the profit slump to wage inflation, pension scheme projections, and planned investments in client solutions. Restructuring costs, largely due to severance, more than doubled to £4.3 million. As part of its current shifts, the publisher announced the closure of its women's health magazine, Self, after 47 years of operation.

Amidst these financial challenges and the departure of CEO Roger Lynch to lead Mattel, Steven Newhouse, chair of the holding company Advance, dismissed speculation that the group might be acquired by Jeff Bezos. Newhouse explicitly ruled out a sale of the publishing group.