Profits rocket at glossy mags publisher Hearst

Profits leapt ninefold to £12.4 million at the glossy magazine publisher of Esquire, Harpers Bazaar and Good Housekeeping last year.

Hearst Magazines UK, formerly known as National Magazine Company, saw revenues rise 4.3% to £310 million despite the number of magazines circulated declining marginally against a year earlier.

It paid a dividend of £8 million to its US parent company, Hearst, after passing nothing on a year earlier.

The Soho-based publisher has faced tough times in the past, making a £42.8 million pre-tax loss in 2008 after it took a big writedown on the value of its publishing assets.

The company, which is headed by Frenchman Arnaud de Puyfontaine, has recovered since then, making a £1.3 million profit in 2009.

De Puyfontaine has also seen his empire grow after Hearst bought around 100 magazines from French group Lagardère, including Red and Psychologies, earlier this year.

The Hearst Magazines UK boss recently warned that 2011 has been "more challenging" than 2010.