Dennis to plough profits back into UK operation

Claire Billings,

January 06, 2003

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Dennis to plough profits back into UK operation

LONDON - Felix Dennis, publisher of lads mag Maxim, has promised to plough back some of his company's profits into its UK operation, which has suffered as a result of investment of £12.5m into its US sister company.

Dennis has revealed that he used virtually all the company's spare cash to fund expansion in the US. The investment saw sales of Maxim in the US soar to 2.5m a month and annual sales at the US business hit £100m.

In the UK, the company is set to announce pre-tax losses of £2.4m for the 12 months to December 31, compared with a profit of over £1m a year earlier. Sales are set to be flat at £56m.

Dennis, who sits on a fortune of around £330m, is known for being sentenced to nine months in prison for obscenity in the 1960s when he was publisher of the anti-establishment magazine Oz.

He recently vowed to spend £200m on a reforestation project and has set up a company called the Forest of Dennis to see it through.

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