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Tue 9th Sep 2014 - M&C Report publisher reports bumper year
M&C Report and Restaurant magazine publisher reports bumper year: M&C Report and Restaurant magazine publisher William Reed Business Media, led by Charles Reed, has reported pre-tax profit of £5,546,000 in the year to 31 March 2014, up from £358,000 the year before. Turnover rose to £31,786,000 from £22,262,000 the year before. A dividend of £4.2m was paid compared to £12m the year before. Of total turnover, £11.49m came from magazines (2013: £12.35m), £15.39m from face-to-face events such as conferences, events and exhibitions (2013: £6.96m), £3.57m from digital (2013: £2.60m), £490,000 came from “insight” (2013: £213,000) and £834,000 from ‘licensing and other’ (2013: £121,000). A total of £2.3m came from ‘international’ activities, thought to relate primarily to the company’s French Decision News Media business. The company bought insights and research firm Allegra Strategies and Allegra Events in December 2013 for £1,190,000 and associated costs of £61,000. The William Reed figures were flattered by the timing of annual and biennial exhibitions. When revenue from these is apportioned annually, turnover still grew 8% to £28m, underlying Ebitda grew by 46% to £4.4m and underlying Ebitda margin grew to 16% from 12% in 2013. The company, which also publishes Publican’s Morning Advertiser and organises the World’s 50 Best Restaurants event, had net cash of £12,219,000 at the end of the financial year (2013: £11,002,000). The highest paid director earned £478,000 plus a pension contribution of £48,000. In a Companies House filing, William Reed said its risks are mitigated by a “clear commitment to invest in digital and face-to-face events to manage the transition away from magazine revenues”.
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