Vogue publisher Conde Nast’s accounts reveal £13m loss
Magazine publisher Conde Nast made a £13m loss in the UK in 2017, its recently published accounts reveal.
The Vogue publisher's accounts for the year to 31 December 2017, which were made available on Companies House this week, showed a £13.6m loss, compared to a £4.3m profit the year before.
In its accounts the publisher said 2017 was a "transformational year".
“Appointing new leadership across many of our brands, we reorganised team structures and relocated all staff into Vogue House."
It said increased expenses related to those changes stood at £5.6m while investment in its closed pension scheme decreased operating profit by £4.7m.
It said that without exceptional items and contributions to its defined benefit scheme, the underlying operational results was a profit of £3.9m.
A spokesperson said: "Conde Nast Britain's underlying profit in 2017 was positive. Due to exceptional costs, inter-company accounting and the contributions to the closed DB pension scheme, the picture in the public domain is not representative of our profitability."