Haymarket Media Group published its annual accounts and announced an 8.7 percent increase in operating profit to £5 million ($7.3 million U.S.) from £4.6 million in FY2014, on revenue of £184.3 million (£187 million in 2014) in the financial year that ended June 30, 2015.

The international media group is home to over 70 brands, including PistonHeads, Stuff, Autocar, FourFourTwo and MediaWeek.

The financial performance was driven by a growing demand for online content. Particularly the motoring segment, where the ‘Pistonheads’ platform is housed, and specialist contract-publishing and pharmaceutical business information benefitted.

The sale of Haymarket’s former headquarters in London in November 2015 reduced the Group’s net debt by almost 80 percent.

Lord Heseltine, chairman of Haymarket, said: “Our Group is well-placed to seize expansion opportunities in the media industry following an encouraging operational performance in the last financial year. We have significantly strengthened our balance sheet since the year-end, with the sale of our London site, enabling Haymarket to continue its digital transformation in our core markets.”

Since 2012, group borrowings have reduced seven-fold and digital revenue has increased to 33 percent of the Group’s total. Print revenue now represents 42 percent of total revenue, down from 61 percent in 2012.

Over the past two years, Haymarket has completed ten non-core disposals, reducing its presence in countries such as Germany and Australia, while expanding in North America with bolt-on acquisitions.

CEO Kevin Costello said: “We continue to shift our portfolio away from print to digital and our conferences and exhibitions businesses.”

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