Future revenues down for the quarter

Future Publishing has released an Interim Management Statement today covering the financial period for the three months to the end of December last year, and posted a slight decline in overall revenues, although advertising was up.

The group took GBP 40.6 million altogether, down 1.5 per cent on the previous year, with 71 per cent of the total contributed from the UK business, and the remainder generated in the US.

Despite that, total advertising revenue was up 1.6 per cent, thanks to a 28 per cent increase in online ad sales offsetting a 3.4 per cent print decline.

The statement noted that despite the overall drop, the group still expects to show "significant growth for the financial year as a whole."

Additionally, "operating costs, overheads, interest costs, depreciation and capital expenditure are all running within their budgeted level."

Chief executive Stevie Spring commented: "Although we continue to take a cautious view of our markets, the current financial year has begun satisfactorily and the Group's financial position is solid. Our strategy remains firmly on track."