Condé Nast profits soar after cutbacks and ads revival

Vogue publisher Condé Nast's London-based international arm saw annual profits rocket fivefold last year, thanks to cost savings and a bounceback in advertising.

Annual accounts showed pre-tax profits at the owner of titles such as Vanity Fair and GQ jumped to £34.6 million - against £6.4 million in the nadir of recession in 2009.

Revenues were up 1.3% to £428.2 million across the international operation, which cover most key territories outside the US including Britain, Italy, Germany, France, China and India.

Condé Nast International cut more than 110 jobs, reducing its headcount to 1800, and made other "prudent" efficiencies across the business.

The UK magazines subsidiary, Condé Nast Publications Limited, which publishes separate accounts, also saw profits leap almost threefold to £15.1 million. Revenues rose almost 5% to £112 million.

It is understood the UK operation made a further £3 million in profits which are included in the accounts of other subsidiaries.

Insiders said that growth has continued in 2011 and is running at around 10%.

According to filings at Companies House, profits for both the UK and international operations have not quite returned to 2007 levels before the credit crunch.