Shortlist founders predict move into profit next year

The founders of Shortlist Media today predicted their three-year-old publishing business would move into profitability next year with revenue of £15m.

Shortlist Media publishes and distributes free weekly lifestyle magazines, Shortlist for men and Stylist for women.

Mike Soutar, a former editorial director of IPC Media, founded Shortlist Media with media consultant Tim Ewington in 2007 with £4m of private backing, mostly secured from a group of angel investors, the Telegraph reported.

In an interview Soutar and Ewington told the paper they currently had revenue of £11m and employ 64 people and noted that their magazines have a combined audited circulation of more than 930,000 copies a week.

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