The publisher's YoY profits have dropped by 56.6%.

Condé Nast's annual financial report has revealed that pre-tax profits stand at £.6.9M, down from £15.9M in the previous year.

Profits for the year ending 31 December 2015 showed turnover held steady in comparison to the end of 2014, with final figures standing at £122.5M.

Despite this, staff costs rose by £7M to £42.89M.

In 2014, overall profit was £12.1M, but in 2015 it stood at just £4.9M. This represents a drop of 59.6%.