Heseltine's Haymarket doubles directors' pay
Tuesday 11 October 2011
Michael Heseltine's Haymarket Publishing has doubled the pay of its directors after returning to the black last year.
Haymarket, which is run by Lord Heseltine's son Rupert, the executive chairman, reported a £5.1m pre-tax profit in 2010. This compares with a £3.9m loss the year before. Sales rose by 3.9 per cent to £234.7m.
The group's highest-paid director was awarded a total of £2.25m in 2010, compared with £1.3m in 2009. And the combined pay of Haymarket's directors rose from £2.1m to £4.2m over the period. Haymarket benefited from a strong performance in its US business, where pre-tax profits jumped by 41.5 per cent to £2.48m.
Meanwhile, in the UK, losses narrowed from £5.9m in 2009 to £77,000 last year.
Haymarket, which owns gadget title Stuff, Autocar and PR Week, reported a 16 per cent rise in revenues to £34m at its "other countries" operations. This block includes Australia, Germany, Hong Kong and India, and the sales increase lifted its pre-tax profits more than 10-fold, from £232,000 to £2.4m.
Privately-run Haymarket has struggled to pay its debts in the past two years as the recession ate away at advertising revenues. The group's net debt grew last year, from £115.5m on 1 January to £123.6m on 31 December.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
iJobs Money & Business
£43500 per annum + pension + holidays: The Jenrick Group: Night Shift Operatio...
£20000 - £25000 per annum + OTE £40,000 + Car + Pension: SThree: SThree are a ...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...
£20000 - £25000 per annum + OTE £35000: SThree: SThree are a global FTSE 250 b...