Vogue and GQ publisher Conde Nast made a pre-tax loss of £13.5m in 2017, down from a pre-tax profit of £6.7m a year earlier.
The magazine publisher, which also owns Vanity Fair, Tatler and Wired, reported turnover of £113.5m, down 7 per cent year-on-year.
In full-year accounts filed with Companies House this week, managing director Albert Read said that of the company’s losses, £5.7m was attributed to business restructuring.
He said: “2017 was a transformational year for Conde Nast Britain. Appointing new leadership across many of our brands, we reorganised team structures and relocated all staff into Vogue House.”
Conde Nast Britain managing director and Conde Nast International president Nicholas Coleridge stepped down in 2017 while the company withdrew from magazine distributor Comag alongside co-owner Hearst UK.
The year also saw Conde Nast close Glamour’s monthly print edition to focus on digital and British Vogue editor Alexandra Shulman step down after 25 years in post.
The number of editorial staff at the publisher fell from 244 to 227 in 2017, with overall staff costs rising by nearly £5m to £47.2m. Company directors received £2.4m in remuneration.
Read said circulations across Conde Nast titles remained “healthy” with total print and digital circulation at Vogue and Conde Nast Traveller reporting small increases in the first half of 2017 on the last half of 2016.
He said titles House and Garden, Tatler, The World of Interiors and Vanity Fair had remained consistent.
Read Conde Nast’s full 2017 accounts.
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