Haymarket Media Group, publishers of Campaign, What Car? and Stuff magazines, has reported a rise in operating profits against a drop in revenues in 2017, new financial figures show.
In the 12 months to the end of June last year, Haymarket made £16m in operating profits, up from £4.3m in 2016, boosted by the sale of some of its “non-core” motorsport and agricultural brands.
The specialist media, technology and information company, which also publishes Four Four Two magazine, reported its revenues at £172.7m for 2017, down from £186m the year before.
The company said the sale of assets has helped reduce its net debt to £1m, down from £17.3m.
Earnings (before interest, tax, depreciation, amortisation and exceptionals) were down from £13.7m in 2016 to £2.6m last year.
Last year, Haymarket announced a £50m expansion of its automotive brands, creating a new division of the company, as well as plans to create a digital platform for its What Car?, Pistonheads and Autocar brands.
The investment was focused on boosting “content, data and transaction information to serve the growing market for new and used cars in the UK” – a market said to be worth £85bn a year.
Haymarket chief executive Kevin Costello said: “This set of results underlines real momentum in deploying our strategy: creating a balanced portfolio of diversified revenues in our chosen markets.
“Print remains an important platform for our loyal specialist audiences, but it is pleasing to note that almost two thirds of total revenues now come from digital, data and live activity.
“Our content and technology-led approach means we are investing in innovative new revenue opportunities around paid content and events, as well as new ecommerce platforms – particularly in our Automotive division.”