Condé Nast UK Profits Fall 36% as Owner Rules Out Sale
Pre-tax profits at the Vogue and GQ publisher dropped to nearly £18m last year after a bumper 2024 boosted by a London HQ sale.
Condé Nast's UK operations posted a sharp decline in profitability last year, with pre-tax profits excluding exceptional items falling 36% to nearly £18 million, down from £28 million in 2024, according to newly filed figures. The drop comes as the billionaire family that controls the luxury magazine group — whose titles include Vogue and GQ — formally ruled out a sale of the business.
The 2024 results had been elevated by a one-time windfall: £64 million in proceeds from the sale of Vogue House, the publisher's longtime London headquarters. Stripped of that exceptional gain, the underlying performance in the prior year set a comparatively high baseline that last year's figures failed to match. The company attributed part of the decline to restructuring costs.
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Despite the earnings pressure, the company indicated it remains on stable ground, stating it "remains profitable in the UK for another year." The disclosure nonetheless highlights the financial headwinds facing legacy print and digital media groups as they navigate shifting advertising markets and changing reader habits.
The ruling out of a sale by the owning family removes what some industry observers had speculated might be a strategic option for a media empire under revenue pressure. Condé Nast has pursued cost-cutting measures globally in recent years, including editorial layoffs and consolidation of titles across its international portfolio.
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