Marie Claire and NME publisher Time Inc UK boosted profits to almost £23m last year while paying out more than £5m to staff and top executives at the magazine company.

Time Inc UK reported a 6% rise in pre-tax profits to £22.8m in 2014 as revenues across its magazine portfolio fell 4.5% from £292.7m to £279.5m.

The company said that when re-organisation costs of £12.9m are stripped from profits at an operating level it saw a 27% boost to £26.3m.

Time Inc UK’s financial results list seven directors who either resigned or joined the company including Marcus Rich, the former Daily Mail and Emap senior executive who was appointed chief executive on 18 March last year.

It was a bumper year for directors, who received £2.8m in total payments during the year. There was also £2.7m in share-based payments to staff, including 11 directors who exercised share options last year.

Payouts to directors include a hefty £1.14m in “compensation for loss of office” payments.

The unnamed highest-paid director, most probably Rich, received £480,000.

Staff costs dropped from £87m to £84m as numbers fell by 118 to 1,558, with 59 of the cuts to editorial roles.

The publisher has also listed the book value of its London headquarters in the Blue Fin building near Tate Modern as £325.2m.

Time Inc is expecting a premium price for the property, which it describes as a “marquee” building, with a price tag potentially over £400m.

Time Inc UK also has a 50% joint venture – European Magazines Limited – the primary activity of which is to publish the UK edition of Marie Claire. It made a profit before tax of £139,000.

The filing also reveals that Time Inc paid £6m to buy UK Cycling Events.

The publisher also acquired 21% of Snap Fashion, which has developed visual search engine software, for £750,000 in cash and £1.25m of future marketing spend.