Shortlist Media has published its latest accounts, showing its losses almost doubled in the last financial year.
It comes a few weeks after the publisher of the country’s largest men’s weekly magazine, announced that it was closing the print edition.
Rebranded as The Stylist Group Ltd as of November, it is to refocus on the women’s title, Stylist.
According to the figures on Companies House, turnover slightly increased year-on-year, from £22.6m to £22.9m. However, the cost of sales was up from £19.4m to £23.4m. With distribution costs of £3m and administrative expenses of almost £5m, it showed an operating loss of £8.6m, compared to a loss of £4.6m in the previous year.
In the directors’ strategic report, they said that traditional print display revenue declines had been offset by content driven revenues from online and offline.
The cost of sales increased as the business “stepped up investment into the commercial content agency operation” called Family, which accounts for more than 50% of its turnover – up from 37%.
“It is expected that digital revenues will overtake print within the next 3 years and become the main driver of overall contribution,” it stated.
“Increasing the events programme is underway with additional Stylist Live formats in major cities outside of London.”