Spending spree on the cards for publisher as it plans Future acquistions
Magazine publisher Future reported it had reduced its pre-tax losses today as it forecast further acquisitions activity.
The figures
Group revenue fell from £30.8m to £30.2m during the six months to 31 March.
Its magazine revenue was down 12 per cent to £17m, “reflecting the market’s overall structural decline”.
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Future said its media division’s turnover was up 15 per cent to £13.2m, while e-commerce was up 250 per cent and events 13 per cent.
The firm said its operating profit was £100,000, up from a £1m loss.
Why it’s interesting
In April, Future acquired Noble House Media, a publisher specialising in technology and the mobile industry, and Blaze Publishing, which covers the music and shooting sectors.
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And the publisher anticipates more activity to strengthen its portfolios in both its media and magazine divisions.
Future, which publishes titles including TechRadar and PC Gamer, is also planning on launching a new children’s range this summer.
What the company said
Chief executive Zillah Byng-Thorne:
This is an encouraging performance in the year to date, with recurring revenue streams now representing 25 per cent of our total revenue. We expect the trends seen in the first half to continue into the second half of the financial year.