Bauer Consumer Media records pre-tax profit of £36m

LONDON - Bauer Consumer Media, publisher of FHM, Heat and Grazia magazines, posted a pre-tax profit of more than £36.1m in the nine months to 31 December 2008.

FHM: publisher Bauer Consumer Media has posted a pre-tax profit of £36m
FHM: publisher Bauer Consumer Media has posted a pre-tax profit of £36m

The group, which said it remains "cautiously optimistic" about trading this year, reported turnover of more than £210.1m and an operating income of £33.1m in the nine-month period.

Year-on-year comparisons are difficult to gauge, as the company changed to reporting a calendar year consistent with its German parent group, Bauer Media Group. The last available financial figures for the company cover the 12 months to 31 March 2008.

Ad revenue totalled £77.2m, with £126.6m coming from circulation revenue.

It said the total emoluments for its highest-paid director were £253,000 in the period.

Total wage costs were £3.9m, with the company employing an average of 78 full-time employees.

Bauer, privately owned, acquired the consumer magazines and radio assets of Emap in December 2007 for £1.14bn.

Bauer Consumer Media's pre-tax profit in the nine months to 31 December 2008 was hit by a £10.6m bill for exceptional costs to the business, which included amortisation, restructuring of the business and professional fees.

The company also said it paid out £3.2m in new product development in the period, including the relaunch of its women's title More as a weekly title.

In the 12 months ending March 2008, the group reported a pre-tax profit of more than £94m.

Bauer Consumer Media closed its men's monthly title Arena in March this year.  but it has not launched any major titles in the past 12 months.

A spokesman for the group, commenting on the results, said: "The December 2008 results reflect the exceptional costs with the transition of our magazine business to Bauer following the sales and include some of reshaping the company.

"With exceptional and non-recurring charges and amortisation, profit over the period showed a slight decline.

"We remain cautiously optimistic for 2009. We are trading ahead of plan and profits are ahead of last year at this stage.

"Bauer Media's key brands remain strong and, looking ahead, we believe the investments and positioning undertaken mean the company is well placed for 2009."

 

Topics

Market Reports

Get unprecedented new-business intelligence with access to ±±¾©Èü³µpk10’s new Market Reports.

Find out more

Enjoying ±±¾©Èü³µpk10’s content?

 Get unlimited access to ±±¾©Èü³µpk10’s premium content for your whole company with a corporate licence.

Upgrade access

Looking for a new job?

Get the latest creative jobs in advertising, media, marketing and digital delivered directly to your inbox each day.

Create an alert now

Partner content