Condé Nast's UK profits fell 36 percent to nearly £18m in the most recent year, down from £28m the prior year, the publisher disclosed in filings. The decline came after the company booked £64m in proceeds from selling its London headquarters, Vogue House, in 2024, which inflated that year's results.
The profit drop arrived shortly after the Newhouse family, which owns Condé Nast, ruled out selling the magazine group. The publisher owns Vogue, GQ and other luxury titles.
Condé Nast attributed the fall to restructuring costs. Despite the decline, the company stated it "remains profitable in the UK for another year," according to the filing.
The figures show a sharp reversal in the publisher's UK performance after the exceptional gain from the property sale masked underlying operating pressure. Without that one-time boost, the 2024 year would have looked weaker. The current-year profit of £18m represents a return closer to normal operating earnings, though still substantially below the prior-year level when the real estate transaction was included.