The publisher had a turnover of £350.7m in 2009, compared to a more profitable £393.5m the year before, according to its latest financial results recorded at Companies House.
IPC’s pre-tax profits for the year were rounded up to £49.7mcompared to £78.6m in 2008, which would have been bolstered by the nine months before the collapse of Lehman Brothers in September 2009.
The report states, however, that IPC partially offset its decline by generating lower operating costs, resulting in an operating profit for the year of £45.9m.
In addition, no equity dividends were paid during the year, compared to 2008, when IPC paid £146.4m to its shareholders.
IPC is currently in the midst of an ongoing review of its specialist titles and has confirmed the sales of magazines , , and Guitar & Bass to Anthem Publishing.
The publisher is also currently in the midst of lengthy negotiations with Vitality Publishing and Chelsea Magazines and niche titles respectively.
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