Condé Nast chief Nicholas Coleridge received a 40% jump in pay last year to £1.3m as profits at the Vogue publisher as profits almost doubled at its UK operation.
Condé Nast, the publisher of high-end magazine titles including Tatler, Vanity Fair and GQ, saw reported pre-tax profits jump from £8.78m to £16.55m last year.
This was good news for Coleridge, president of Condé Nast International and managing director of the UK operation, whose pay increased by 38% year-on-year, from £931,900 to £1.29m.
Coleridge received £1.28m in “aggregate emoluments” and a further £2,991 as a company contribution approved executive pension plan (EPP) on his behalf.
In 2013, he received 920,000 in pay and £11,964 from the EPP.
Ten directors took home a healthy £3.1m in total. The financial filing does not break down the individual pay packets beyond listing the highest paid director. The ten listed include Jonathan Newhouse and long-serving Vogue pubisher Stephen Quinn.
The publisher saw a small rise in total revenues year on year from £109.9m to £113.7m.
Condé Nast said that the growth in revenue was mainly due to its digital business, as well as increased revenue from its College of Fashion and Design which opened in April 2013.
The company said that the revenue growth and cost savings – staff costs fell £38m to £32m year-on-year – were the drivers of the 88% surge in profits.
While staff costs fell by £6m employee numbers only fell slightly, from 666 in 2013 to 653 last year.
