Future Publishing back in black

Future Publishing has released its financial results for the six months ending March 2007, posting a pre-tax profit of GBP 8.6 million.

During the same period, revenues fell by 11 per cent - down to GBP 95.3 million from GBP 107 million. Future said it expects to meet full-year expectations, despite the fact that trading conditions remain tough.

The results mark a change in fortunes for the publisher, which reported a GBP 12.1 million loss during the same period a year earlier, and a GBP 49 million loss for financial year 2006.

According to CEO Stevie Spring, profits have been boosted by an increase in online advertising, which saw a year-on-year increase of 66 per cent in the UK and US. Consumer site Games Radar was cited as having achieved revenue growth of 102, although again, no specific figures were given. Overall, circulation and advertising revenues were down by 1 per cent.

She added that following moves to reduce operating expenses, the publisher made GBP 1 million more in cost savings than was originally forecast.

"With our key online hires now in place, the second half will see the bulk of our planned online investment, some of which had originally been expected in the first half," Spring said in a statement.

"Although the backdrop remains challenging for media generally, we are encouraged by the progress we have made to date and remain on track to deliver full-year results in line with existing expectations."