Revenues generated in the UK fell 7% from \u00a375.9m to \u00a370.6m, newly filed accounts showed. However, an 18% increase in international revenues, to \u00a329.7m, helped keep the company\u2019s total revenues almost flat, at \u00a3100m.<\/p>\n
\u201cCond\u00e9 Nast remains profitable in the UK for another year,\u201d a spokesperson for the publisher said. \u201cThe change in the exact level of profit reflects a period of planned investment in customised client solutions.\u201d<\/p>\n
Restructuring costs at the company, which publishes glossy titles and brands including Vanity Fair, House & Garden and Tatler, more than doubled year on year, from \u00a31.9m to \u00a34.3m.<\/p>\n
Cond\u00e9 Nast said the latest restructuring charge was \u201cprimarily due to severance costs\u201d. Despite the hefty restructuring bill, staff numbers remained almost flat, dipping from 466 to 461 between 2024 and last year.<\/p>\n
\u201cThere were no large restructures in the UK business in 2025. There were isolated instances of redundancy, but headcount remained flat as hiring continued across the business,\u201d the spokesperson said. \u201cIn addition, there have been changes to the pension scheme projections and wage inflation, which also impacted profit for this year.\u201d<\/p>\n
Cond\u00e9 Nast had enjoyed a bumper 2024 after booking \u00a364m in proceeds from the sale of Vogue House in Hanover Square, London. Photograph: Martin Godwin\/The Guardian<\/p>\n
Last week, Steven Newhouse, the chair of the Newhouse family holding company Advance that controls Cond\u00e9 Nast, ruled out a sale of the publishing giant. There had been speculation that the Amazon founder, Jeff Bezos, who owns the Washington Post, could buy the business.<\/p>\n
Newhouse made the comment after the abrupt departure of the chief executive Roger Lynch, hired in 2019 to turn around the business, to become the boss of the toymaker Mattel.<\/p>\n
\u201cMaybe for a certain class of non-media owner, there\u2019s a prestige to owning media properties,\u201d he told the Financial Times<\/a>. \u201cBut we\u2019ve been a media owner for 100 years. So we\u2019re not in it for the glamour.\u201d<\/p>\n Earlier this year, Lynch described the introduction of Google\u2019s AI Summaries \u2013 which often negate the need to click through to source material \u2013 as \u201canother sort of death blow\u201d<\/a> to the way consumers have traditionally searched online and reached media outlets. He said Google searches were \u201cno longer a meaningful driver\u201d of Cond\u00e9 Nast\u2019s business, accounting for only about a quarter of visits to its websites last year.<\/p>\n
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