IPC has surpassed the Advertising Association’s revised forecast of 2.1% growth in consumer magazine advertising revenue by revealing year on year growth of 6.9% for the last two quarters.
In what chief executive Sly Bailey described as a “Solid set of interim results”, net profit before tax for the half year to March 2001 was reported at £3.8m, up £2.1m on the previous year.
Circulation revenue at the publishers rose by 0.8% year on year. The period saw the launch of two new titles, Web User and Your Life, and the closure two titles, veteran women’s title Women’s Realm and Nova – for the second time in its history – as well as the merger of Melody Maker with NME. The company showed no regrets at this slash and burn policy today, saying “IPC has an aggressive launch strategy and requires each brand to meet revenue and profit expectations. An important part of this approach is the strength to take decisive action and close unviable titles.”
The company also announced the first major projects for its recently formed events division (see IPC Media To Invest In Exhibitions And Events Business).
