Marie Claire and NME publisher Time Inc UK almost doubled pre-tax profits in 2013, while revenues across its magazine portfolio fell 7% year on year.

Time Inc UK, rebranded from IPC Media last month following the spin-off from US parent company Time Warner, reported pre-tax profits of £21.5m last year, according to its latest annual results filed with Companies House.

In 2012 Time Inc UK reported profits of £11.4m, a 75% year-on-year fall fuelled by a £24.8m writedown in the value of the company’s assets.

Revenues across the UK operation fell 7% year on year to £292.7m. Operating profit before exceptional items was £20.7m, down from £28.22m in 2012.

The company took a £7.85m charge for re-organisation costs.

Time Inc UK’s financial results list 14 directors who either resigned or joined the company including Sylvia Auton the chair and chief executive, who left in May last year after 36 years with the publisher.

Directors received £2.56m in total emoluments during the year, there was also a charge of £413,000 for loss of office.

In addition there was a further £2m in share-based payments, with Time Inc UK stating that 11 directors exercised share options during the year.

Total staff costs dropped slightly, from £89.6m to £87.2m as average employee numbers fell from 1,760 to 1,676.

Time Inc UK also has a 50% joint venture European Magazines Limited, the primary activity of which is to publish the UK edition of Marie Claire.

This made a pre-tax profit of £211,000 last year, slightly up on 2012’s £193,000 profit but a dip compared to 2011’s £347,000.

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