Future confirms 10% of UK workforce will go

Specialist publisher Future has confirmed about 100 of its 1000 UK workforce face redundancy, following this morning's interim statement announcing a restructure of the business.

Stevie Spring: Future plc chief executive
Stevie Spring: Future plc chief executive

The company hopes a voluntary scheme will offset the need to make forced redundancies.

Staff were informed in an email from chief executive of the publisher Mark Wood.

Future Plc chief executive Stevie Spring said the company was in the process of rolling out a "different form of publishing" model and that would mean potentially cutting 10% of its 1000+ UK workforce.

Emphasising the company was still performing well in the UK – it was named digital consumer publisher of the year at the AOP Awards last month – Spring said that while it was looking at a more digital approach, and that meant a more efficient operation, it was still in the magazine business.

Spring said: "It's a tough media market out there. But we are still launching print products, such as Mollie Makes that we’re on the second issue of, in sectors where there is growth and where we have credentials, but there are sectors where magazines are no longer part of the zeitgeist."

This morning, Future announced a 5% fall in group revenues over the past nine months, with UK circulation revenues down 3% year on year, though growth of its digital advertising business had offset declines in print advertising revenues.

It said the company's digital revenue has grown by 40% to date and now accounts for a third of its advertising revenue.

Spring said the announcement that it would shift its US operation to a predominantly digital business over the next year and a half was in response to diminishing news stand opportunities in the US, but it was not an indication of any withdrawal from the states where its digital products were also performing well.

"The American news stand footprint is shrinking rapidly and opportunities are down for most publishers," Spring added.

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