Key facts
- UK pre-tax profits fell 36% to £18 million.
- UK revenues declined 7% to £70.6 million.
- International revenues rose 18% to £29.7 million.
- Restructuring costs increased to £4.3 million.
- Advance, the owner of Condé Nast, has ruled out a sale.
Profits at Condé Nast's UK arm slumped by more than a third last year, with pre-tax profits excluding exceptional items tumbling 36% from £28 million in 2024 to nearly £18 million. This decline occurred after the publisher booked £64 million in proceeds from the sale of its London headquarters, Vogue House, in 2024. UK revenues also decreased by 7% to £70.6 million, though an 18% increase in international revenues to £29.7 million helped keep total revenues almost flat at £100 million. A spokesperson stated that Condé Nast remains profitable in the UK and that the profit change reflects planned investment. Restructuring costs more than doubled to £4.3 million, primarily due to severance costs, though staff numbers remained nearly flat. Steven Newhouse, chair of the Newhouse family holding company Advance, ruled out a sale of the publishing giant amid speculation about potential buyers.