Revenue up at Future
Future, the special interest publisher, says the advertising market is improving and UK revenue is up, despite group revenue falling.
The publisher of Classic Rock, PC Gamer and T3 magazines, reported group revenue in Q3 increased 2%. Total revenue was down 3% for the 9 months to 30 June, an improvement on the 5% fall in the first half of the year.
Revenue in the UK, which accounts for 70% of the group’s business was down only 1% for the nine month period.
Future says performance was boosted by improving advertising revenue.
Sports, technology and crafts titles performed strongly while games titles, which account for 19% of UK revenue, did less well and continue to experience a tough market.
In the US, where revenue in the nine months was down 7%, customer publishing shows strong growth.
Stevie Spring, Future chief executive, says: “We’ve seen a continuation in the trading patterns that we reported at half-year, with revenues stabilising year-on-year, and some more positive trends in advertising.
“We continue to maintain flexibility in managing our portfolios. That flexibility will serve us well as we navigate through the continued uncertainty of the macro-economic environment and overall we remain confident that we are as well-positioned as we can be for the future.”
The publishing group has also reduced its net debt 32% year on year to £16.1m.
Earlier this month Future announced the closure of PC Zone magazine after 17 years.
