Group revenues fell by 6% to £153.1m, but the picture could have been a lot worse if the falling pound had not changed a 22% drop in Future's US revenues to a mere 1% in sterling terms.
The US division was hit hard by "unprecedented disruption" to the magazine distribution system after a dispute between wholesalers and retailers early this year, in addition to falling advertising revenues.
The division made a £3.3m loss before interest, taxes and amortisation.
In the UK, operating profits actually increased by 11% to £14.2m, though revenues dropped 9% to £106.5m.
Circulation revenues were down 7% to £69.3m, despite Future achieving an average cover price of over £5 during the year.
Advertising revenues were down 11% to £26.1m, but chief executive Stevie Spring pointed out this was an outperformance in terms of the overall market, which was down 14%.
"In the UK I think we've done bloody marvellously," Spring said. "Yes, alright revenues were down a bit, but to be less than 10% is amazing and the fact that we turned in a profit that was 5% up this year, post Lehmans - nothing short of a miracle."
Spring was bearish on the economic outlook for 2010 but optimistic about Future's own circumstances, highlighting the 29% reduction in its net debt to £15.6m.
The company's share price fell in early trading by 2.5% to 19.75p.
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