View all newsletters
Sign up for our free email newsletters

Fighting for quality news media in the digital age.

  1. News
May 10, 2019updated 30 Sep 2022 7:45am

TES magazine publisher reports slide in profits amid advertising challenges

By James Walker

The publisher of weekly education news magazine TES (formerly the Times Education Supplement) has reported a drop in profits amid challenges in the advertising market.

TES Global reported profit before tax of £28.5m in 2018, a fall of £8.7m on the year before, while revenues rose by 3 per cent to £78m, according to accounts filed with Companies House.

The publisher pinned its overall drop in profits on a £10.7m increase in non-recurring items that included £3.2m in restructuring costs.

The results come after TES Global was sold to Providence Equity Partners in December. TES sister title Times Higher Education was split from the group and sold to private equity firm Inflexion earlier this year.

TES Global said Providence provided it with £195m of funding and access to £25m of credit.

It’s latest accounts filed, covering the year to the end of August 2018, said the majority of its revenue came from academic job adverts posted online and in print, while “content revenue” was £4.9m for the year.

The company said: “Trading conditions remained challenging in the core advertising business with state schools across England in all sectors experiencing continued budget pressure due to changes in Government funding.

Content from our partners
Publishing on the open web is broken, how generative AI could help fix it
Impress: Regulation, arbitration and complaints resolution
Papermule: Workflow automation for publishers

“The significant progress made in migrating schools to subscription products helped to offset the decline in the transactional advertising business.”

Tes also saw its average editorial staff levels cut from 68 in 2017 to 62 in 2018. Overall staffing stayed level year-on-year at 367 on average.

Spending on wages increased by a little more than £1m while company director payouts increased from £579,000 to £861,000.

In a section on future risks, TES said it was not aware of any “immediate direct consequences” that Brexit could inflict on the firm.

Website has more than 1m unique monthly users, the accounts claimed.


Topics in this article :

Email to point out mistakes, provide story tips or send in a letter for publication on our "Letters Page" blog

Select and enter your email address Weekly insight into the big strategic issues affecting the future of the news industry. Essential reading for media leaders every Thursday. Your morning brew of news about the world of news from Press Gazette and elsewhere in the media. Sent at around 10am UK time. Our weekly does of strategic insight about the future of news media aimed at US readers. A fortnightly update from the front-line of news and advertising. Aimed at marketers and those involved in the advertising industry.
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy Policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network