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Monday, June 30, 2008

In the Jungle a Lion Gently Roars- or possibly sleeps.

Being a private company owned exclusively, or pretty much so, by Lord Heseltine, Haymarket doesn't have to say much about its results, but Lord H normally does. This is what he says about the last year results.

Turnover is up just 1%. In other words it went down in real terms. Lord H brags that his turnover from digital has grown to 8% of turnover and 13% of profits. Thats £20m of turnover and £4m of profit. Its a small percentage but a reasonable number gven the breadth and range of the portfolio. Haymarket may be better placed than many companies to see through the changes needed in the 21st century media world.. It is in private hands and likely to remain so. It has nothing to lose by being braver than its public peers. However, in b2b Haymarket has done little that is truly innovative. Haymarket says they are a multi platform media company. Haven't we heard that before somewhere? Oh yes, its what they all say. Please, please someone say something new. Please someone find a new angle. "Magazines are dying so we thought we would do some other stuff", is not a strategy for the future, its a tactic for now.

Lord H brags in his piece about the creativity of his people. I hope they find something to inspire us in new media as Lord H himself once did with his first magazine, "Man About Town".

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