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

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