Hearst Magazines posts pre-tax profits of £12.4m for 2010

Hearst Magazines has reported pre-tax profits of £12.4 million for 2010, more than nine times its profit of £1.3 million reported in 2009.

The Cosmopolitan publisher reported revenues of £310 million in 2010, up 4.3% year on year.

The results show a positive rise in the publisher’s finances, after a writedown contributed to a £42.8 million loss for the group in 2008, and allowed Hearst to pay a dividend of £8 million to its US parent company, Hearst Corporation.

Hearst Magazines UK, which was formed in August, announced a senior management restructure last month, which resulted in the former publishers of Harper’s Bazaar, Elle and Good Housekeeping all leaving the company.

The company has also announced that Triathlete’s World, launched in 2009, will continue as a digital-only venture after its final print edition next month.