Profits at Richard Desmond’s publishing and adult entertainment empire were transformed in 2007 in spite of a costly push into the US, after its chairman decided against receiving another sizeable injection into his pension plan.

The company’s full-year figures, to be filed to Companies House today, show turnover up 5.3 per cent at £485m, and pre-tax profit ballooning from £5.16m to £54.9m.