Future reveals drop in revenues
By Nick Batten, mediaweek.co.uk, Tuesday, 31 July 2012 10:45AM
Magazine group Future has reported a 4% year-on-year drop in group revenues for the past 10 months from October 2011, to £87.9m, excluding revenues from publications closed since October 2010.
The group’s update to the stockmarket did not have to include a statutory revenue figure and Future declined to reveal one.
Instead it presented a "normalised" revenue figure, which excludes revenues and costs relating to activities closed or divested between 1 October 2010 and 31 July 2012, but includes any new activities launched in that period.
The company, whose titles include Total Film, Classic Rock and Total Guitar, claims its digital revenues are up 30% year on year.
Mark Wood, chief executive of Future, said: "We have made further progress in transforming Future into a more digital business, building strong sales on tablets and building our online properties in the US."
In Future’s last financial year, to 30 September 2011, statutory revenues dropped 6.5% to £141.7m and it made a pre-tax loss of £18m.
Since it has pared back its US division, selling a number of titles in January 2012, and merged its core UK and US business, which has led to a number of redundancies.
Today it claimed the US "remains on track for profitability in 2013".
Future was named consumer digital publisher of the year by the Association of Online Publishers in July.Follow @nickbatten2
This article was first published on mediaweek.co.uk
- Designer/Illustrator/Children's Designer Premier Media plus excellent benefits, Central London
- Lead User Experience Designer -London - £55,000-£65,000 Digital Gurus £60 - £70 per annum, London
- Senior Account Manager Gemini Search £34000.00 - £38000.00 per annum, City of London
- Powerpoint and Infographics presentation designer 30 to 40k+ Digital Gurus £30 - £45 per annum, London
- Web Development Manager NG Digital Marketing 30-35k DOE, South West
Chronicles of Cannes – Day Two: The Redux
Annie Leibovitz explained the art of bringing a story down to a single moment, and shared the inspiration behind the campaign she created with Disney making tales as old as time relevant to today. We heard from Astro Teller, Captain of Moonshots at Google (yes, really) reinforcing the importance of storytelling in driving audacious invention. Mother warned us to hang on to the joy of craft and keep our brains happy in order not to become advertising douchebags. And Facebook discussed scalable creativity.