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Condé Nast Britain Returns to Profit in 2018 Despite Turnover Decline

BACK IN BLACK: Condé Nast Britain, which manages British Vogue, GQ, Tatler and 10 other brands, swung back to profit in fiscal 2018, despite a 7.8 decline in turnover. Ahead of filing at Companies House, the official register of U.K. businesses, Condé revealed that profit was about 2.7 million pounds, compared with a loss of 13.6 million pounds in the previous year, when restructuring costs weighed on the bottom line. Profit was still lower than in 2016, when Condé Nast Britain reported takings of 4.3 million pounds, roughly the same as in 2015. Revenue in 2018 fell 7.8 percent to 104.6 million pounds, due chiefly to the cut in Glamour’s print frequency from 12 to two issues a year. The title relaunched in March 2018 as a beauty-first, mobile-first, Millennial-focused brand and has expanded its live events business to Manchester, England and launched the Glamour Beauty Club, a product sampling business. During the period, oversight of the Condé Nast College of Fashion moved from the British arm to Condé Nast International Ltd., which is being merged with the publisher’s U.S. parent. Condé Britain, which operates 13 magazine brands in the U.K., described 2018 as “a strong year,” with positive performance across the business leading into 2019.

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