IPC Media has reported a 37 per cent fall in profits last year, while confirming the sale of yet another set of its publications this week.

The UK's largest magazine publisher reported 2009 pre-tax profits of £49.7m and revenues of £351m - a decrease of 11 per cent from the year before, London Evening Standard reports.

There was also no payout of dividends in 2009 as compared to a £146m payout in 2008.

Meanwhile, the Guardian reports that IPC has confirmed the sale of its niche titles Aeroplane, MiniWorld, Ships Monthly, Park Home & Holiday Caravan to Kelsey Publishing.

This is the latest in a series of sell-offs by the Time Warner-owned publisher. Earlier this week, its Web User magazine was sold to Dennis Publishing, while last week, Guitar & Bass was acquired by Anthem Publishing. Cage & Aviary Birds had been sold to Kelsey earlier.

IPC is also in the final stages of a deal with Vitality over the sale of Loaded, SuperBike, Prediction and Hi-Fi News, the Guardian adds.