Future Publishing has reported a slump in revenue and profits for the six months to March 31, despite a 31% increase in digital advertising. It also saw a 4% increase in overall advertising revenue.
The company’s revenue dropped from £84m for the same period last year to £78.3m, with profit slumping from £6.3m to £4.1m. However, like-for-like pre-tax profits are up by 17%. Online advertising also grew to 19% of advertising revenue, up from 15% a year ago.
Digital advertising has been boosted by the launch of music and technology portals MusicRadar and TechRadar earlier this year, but GamesRadar, its most established website, accounts for more than 30% of all its games advertising revenue.
The publishing company has also recorded a 9% year-on-year increase in UK subscriptions revenue, although its overall circulation revenues fell 1% to £46.6m. It has blamed the drop on increasing competitive pressure in the market.
Future Publishing magazines include MacFormat, Fast Bikes, Total Film, the official Playstation Magazine and Metal Hammer.