Specialist media publisher Haymarket Haymarket Group has posted a fall in pre-tax profits to £8m for the year to the end of June 2018, down from £15.9m in 2017.
Turnover at the group fell to £163.5m, down nearly £10m year-on-year.
But earnings before interest, tax, depreciation, amortisation and exceptional items (EBITDAE) were up by nearly £1m, rising to £3.5m in 2018.
Director payouts across Haymarket Group totted up to £3.13m, with the highest paid director receiving £1.37m.
Director payouts were 13 per cent higher than in 2017 and the largest director payout was 25 per cent higher year-on-year.
The company was founded by former deputy prime minister Lord Heseltine, who is currently chairman. His son Rupert is executive chairman.
Lord Heseltine said: “These are encouraging figures, despite the changes in the media landscape and the continued macroeconomic uncertainties, particularly around the impacts of Brexit.
“The results show a business in very sound financial shape and reflects the progress with our strategy, which continues to position us well for the future: investing in the company’s technology infrastructure to build diversified revenue streams around a raft of new opportunities.”
Haymarket Media Group chief exec Kevin Costello said: “This set of results underlines real momentum in deploying our strategy of creating a balanced portfolio of diverse revenue streams in our chosen markets.
“Seventy per cent of our revenues now come from digital, data and live activity. Our revenues are now equitably split 50 per cent between the UK and the rest of the world.”
He added: “A major focus has been de-leveraging our balance sheet. From a situation where we had £150m debt in 2012, we’re now effectively debt-free, which is liberating.
“We’re investing in innovative new revenue opportunities around paid content and events, as well as new e-commerce platforms – particularly in our Automotive division.”
The latest Haymarket Group accounts show it had 133 fewer staff at the end of June, than the same time a year earlier, with a total of 1,440 employees. Total spending on wages and salaries was down £5m to £84m.
Future publishing purchased four magazines from Haymarket early last year in a £13m deal that What Hi-Fi?, Four Four Two, Practical Caravan and Practical Motorhome leave the group.
Haymarket also sold gadget magazine Stuff to Kelsey Media in June last year after it was removed from its deal with Future.
Companies House figures have also been released for Haymarket Media Group Ltd, which is a subsidiary of Haymarket Group.
Haymarket Media Group reported reporter a pre-tax loss of £2.3m (down from a profit of £10.2m) on turnover down by £3.5m to £85.5m for the year to the end of June 2018.
Its EBITDAE profit figure was £200,000 down year on year to £3m.