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Immediate Media sees operating profits rise

The Guardian has reported on Immediate Media’s operating profit rise from £8.2m to £14.4m in the year to the end of March 2014.

Immediate Media, which struck a £121m deal with BBC Magazines to buy, licence or contract publish its 34 titles in 2011, saw group operating profits rise from £8.2m to £14.4m in the year to the end of March 2014.

The company, which owns a total of almost 60 titles including 220 Triathlon, Gardener’s World and You and Your Wedding, reported total revenues flat at £150.6m.

“The digital operations of the group grew during the year,” the company said in its latest financial results filed at Companies House. “Print operations for continuing titles also grew, but this was offset by the closure of some unprofitable titles.”

The company said that generated £30m in cashflow from its operations last year. On a pre-tax basis, losses shrank from £2.89m to £1.86m.

Read the rest of this story at The Guardian.

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