Bauer Media saw its profits slip 9.5% in 2011 with revenue declining 7.2% year-on-year.
The publisher, which houses music brands such as Kerrang! Q and Mojo reported 2011 profits of £57m and revenue of £228m (down from £246m in 2010).
According to the latest ABC figures, Kerrang! recorded an average readership of 40,203 at the end of June this year – a 4.5% decline over six months - while Q dropped over 15,000 readers over the same period.
Bauer, which owns a range of other brands including FHM and Grazia, has reportedly increased staff numbers slightly, although its revenue decline was offset slightly by reduced overheads.
While operating profit dropp from £52.6m to £50.5m, administrative expenses were cut by almost 11% year-on-year by around £10m (from £90m to £80m).
The company also drew income of £3.1 million from its share of Box TV, a joint venture with Channel 4 operating a number of music television services.
Source: The Guardian