Future reports pre-tax loss but digital revenues surge

Future, the specialist magazine publisher, has reported a pre-tax loss of £700,000 in the six months to March 2012, but said digital revenues have surged by 37% as it becomes a more digital-centric business.

Mark Wood: chief executive of Future
Mark Wood: chief executive of Future

Future, whose titles include Total Film, Classic Rock and Total Guitar, today (22 May) reported its financial figures for the six months to 31 March 2012.

Revenues were down 11% from £68.8m to £61.1m on a statutory basis in the six months period.

The group reported a pre-tax loss of £700,000, compared to pre-tax profits of £1.2m the year previous. Profits were hit by a difficult advertising market across its print portfolio. It was also hit by £1.4m restructuring costs.

Future also today disclosed that it had sold trucking titles Trucking News and Trucking, as it looks to divest itself of its non-core titles.

Future is merging its core UK and US business, which has led to a number of redundancies. The group said the changes will make saving of £4.5m by the end of 2012.

It is also looking to become a more digitally-focused business and said that sales of its titles on the iPad had passed the £3m mark since the launch of Apple’s Newsstand in October 2011.

Mark Wood, chief executive of Future, said: "After a period of restructuring and refocusing, are now seeing Future begin to generate significant revenues from new digital products.

"Group digital revenues increased by 37% and in the UK digital growth offset the decline in print revenue. Our recovery plans for the US is on track and we will meet our commitment to return US to profitability within the next 12 months."

Follow John Reynolds on Twitter @johnreynolds10

Have your say...

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Media Week Jobs
Search for more media jobs

Latest

VivaWomen! puts on a show

VivaWomen! puts on a show

Something exciting happened at Saatchi & Saatchi last night that pushed beyond advertising, writes Jo Wallace, creative director, Saatchi & Saatchi.

Share
Sven-Göran Eriksson stars in BetVictor ad

Sven-Göran Eriksson stars in BetVictor ad

Sven-Göran Eriksson, the former England football team manager, features in BetVictor's newest TV ad.

Share
Vizeum wins £60m Burger King European media business

Vizeum wins £60m Burger King European media business

Burger King, the fast-food chain, has appointed Vizeum to handle its consolidated European media planning and buying account, estimated to be worth €74 million (£58.7 million).

Share

Get news by email