With turnover at £188m and print less than half of total sales for the first time, Haymarket publisher says its focus will tighten on online and live events.
With results released a year on from the Heseltine family taking full control of the company, Lord Heseltine of Thenford will be going without a dividend for the first time in a decade, as part of a new ‘prudent’ approach.
Haymarket is moving back into profit following a major restructuring and sell off of properties in Hammersmith and Teddington, and staff numbers falling by 150.
The Heseltine family fully shouldered a debt last year that had stood at £127m in June 2013.
The property disposals led to a pre-tax profit of £11.1m recorded in the year to June 2014, against a £7.6m loss in the prior 18-month period.
Lord Heseltine credited “a prudent approach” to managing the property and asset portfolio for the company’s move back to profit.
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