Future reports fall in profits and revenues down
Financial results for the half-year show a fall in revenue and profit, but a rise in advertising revenue
Future Publishing has revealed its financial results for the half-year ended March 31, 2008, showing a fall in both operating profit and revenue.
The figures for specialist magazine publisher shows a revenue of GBP 78.3 million, down from GBP 84 million the previous year, and an operating profit of GBP 5.2 million, down from GBP 7.7 million.
Online advertising, however, rose 31 per cent, representing 19 per cent of all advertising revenue, up from 15 per cent the previous year. Advertising revenue rose to GBP 25.3 million, compared to 24.9 million the previous year.
"Our numbers are in line with expectations. Encouragingly, Future is proving resilient in these tough times because our consumers are passionate and committed. They invest in us, they spend time with us and they are loyal. They are 'prosumers'," said Stevie Spring, Future's CEO.
"We are also encouraged by the progress of our organic business initiatives across all platforms – print, online and events. In print, we now publish the Official magazines for all three major games console manufacturers on both sides of the Atlantic."
"Although we continue to take a cautious view of our markets, we expect a satisfactory outturn for the full year," she added.