Its latest annual financial report, filed at Companies House for the year ending 31 December 2015, also showed turnover held steady compared to the end of 2014 at just over £122.5m, while staff costs rose by £8m to £42.89m.
Overall profit was £4.9m in 2015, compared with £12.1m in 2014, a 59.6% drop. The report explained that the drop in profit was down to a pension tax credit it received in 2014 "which reduced staff costs for that year".
It has been a tough time for magazines. Hearst UK reported a £5.4m loss for 2015 amid plans to close titles and staff redundancies.
Time Inc reported a rise in profits last month after NME went free and the publisher’s expansion in events, following an announcement in September about redundancies amid a staff restructure.
.jpg)
.jpeg)
