Future delivers improved results following Imagine acquisition
Video games media firm reports revenue increase of 35%
Future Publishing has seen revenue increase 35% for the six months ending March 31st, driven by the acquisition of Imagine Publishing.
Future's revenue rose to £40.9m ($53.1m). The majority of this is from its magazine division - which includes gaming titles such as Edge, Official Xbox, PC Gamer and Official PlayStation. Magazines generated £24.7m ($32m), a rise of 45%. This was bolstered by the addition of 18 magazines from the acquisition of Imagine Publishing - including GamesTM, Retro Gamer and a strong bookazine offering.
Events revenue grew 15% to £3m ($3.9m), while 'ecommerce' now accounts for £4.3m ($5.58m). Its media division, which includes those two areas plus digital advertising on websites such as PC Gamer and Gamesradar, generated £16.2m ($21m) - up 23% compared with the same period a year before.
Profit before tax increased to £0.9m ($1.16m), compared with a £0.3m ($0.39m) loss for the same period a year prior.
The company expects to make 'synergy savings' of £3m driven by the Imagine acquisition in its 2018 financial year.
The company also acquired rock music magazine titles - Team Rock - in January 2017. Alongside games, Future also operates tech, sport, design and photography publications.
"We have delivered another strong performance with substantial increases in both revenue and profitability, driven by organic growth and acquisition," said Future CEO Byng-Thorne. "We are seeing clear benefits from our operational gearing and we continue to focus on cash conversion.
"Our strategy to build a global scalable platform business for specialist media with data at its heart is gaining real momentum as we continue to diversify our revenue streams.
"The quality of our content - as a trusted destination for consumers and for our customers - allied with our market-leading and global super brands have driven further significant online audience growth."