Future expects results at "lower end" of expectations
Publisher updates investors with modest revenue decline and loss for US business
Future, the publisher of several videogames magazines - including Edge - has issued a trading statement ahead of its full year results release in November, noting that it expects its financial performance to weigh in "towards the lower end of market expectations."
The company anticipates revenue to show a modest decline, but the statement noted that in the current conditions that was "particularly encouraging in a media sector that continues to experience very significant advertising and newsstand challenges and reflects the underlying strength of our special-interest business, our continuing focus on operating performance in each segment and our ability to mitigate revenue disappointments swiftly."
However, the company's US business, which comprises around 30 per cent of the total group revenue, is expected to post a loss, and new hire John Marcom Jr - with experience from the Financial Times, Time Inc, Forbes and the Wall Street Journal - has been drafted in to turn it around.
The company recently announced that it was declining to release half-year audit figures for its magazines this year in an apparent attempt to cut costs.