Future "back on track" with full year profits

Future Publishing has recorded a full year pre-tax profit of GBP 9.2 million for the year ended September 30, a swing back to black after last year's loss of GBP 36.7 million.

The company is now confident it is back on track after overhauling the business, although it acknowledges there is still more work to be done.

"The progress we have made in 2007 is very encouraging and has created a much firmer platform for future growth," commented Stevie Spring, chief executive.

"We enter 2008 with a much healthier business, a stronger balance sheet and reinvigorated team.

"We know there is more to do, but we are embracing the challenge with conviction, courage and confidence that Future is back on track."

Revenues were down to GBP 165.7 million compared to GBP 188.1 million, and the company closed or sold over 50 under-performing magazines during the 12 month period.

"We have re-focused the business on its core and driven out costs, re-investing the savings in those parts of our business — online, core titles, US expansion and partnership publishing — which offer opportunities for above market growth in both sales and margins," added Spring.