Haymarket has reported an underlying profit rise of 3.3 per cent to £17.8m in the year to June 2014.
The business publisher's pre-tax profit for the 12-month period was £11.1m, up from a loss of £7.6m in the 18 months to June 2013, according to its annual report.
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Its revenue in the year to June was £187m, down from £318.2m in the 18 months to June 2013. It said that underlying profits rose “on an annualised pro-forma basis” from £17.2m to £17.8m.
According to Haymarket, print contributed to 48 per cent of its revenue, down from 53 per cent in 2012/13, and digital 27 per cent, up from 25 per cent. Some 18 per cent of its revenue came from festivals, awards, conferences and exhibitions/events.
It said that the report compares the 12 months to June 2014 with the 18 months to June 2013 because of "a change in financial year end in 2013".
The publisher reports that its net debt is down from £127.3m in the June 2013 period to £88.4m. It said that the disposal of office and residential property had realised total proceeds of £31m and a profit of £17m. Haymarket also said that since June 2014 it has exchanged contracts for the sale of Teddington Studios for £85m.
Haymarket said it had made a “significant investment in restructuring across the group and expansion in the United States which now accounts for 25 per cent of the business”.
Lord Heseltine, Haymarket chairman, said: “These figures are a testament to the continued operating strength of the group, the benefits of our recapitalisation in recent years and a prudent approach to managing our property and asset portfolio.
“As a result, Haymarket is well positioned to harness growth opportunities amid an improving economic outlook in its core UK and US markets.”
Kevin Costello, chief executive of Haymarket Media Group, said: “Despite continuing volatile advertising conditions and major changes in media consumption habits, the 12 months to June 2014 saw continued progress in the transformation of Haymarket to strengthen its balance sheet and focus on our core operations. We are cautiously optimistic that trading will remain stable.”