Tough games market hits Future Publishing
Revenues down 12 per cent, games portfolio hit hardest
Specialist interest magazine publisher Future has reported a 12 per cent drop in revenues to £36 million, for the first quarter ended December 31.
Games magazines were singled out as being the hardest hit due to a decline in software releases.
"We expected the first quarter to be tough, and that has proven to be the case particularly in our Games segment," offered Stevie Spring, CEO of Future. "We expect trading to remain under pressure throughout 2010, so we are managing the business appropriately, while also ensuring our strategy remains on track.
"However, there have been some very robust performances throughout the business and I remain confident that Future is as well positioned as it can be to benefit from any economic recovery."
For the global business, circulation revenues were down 6 per cent and advertising revenues down 20 per cent.
Although the company said it is seeing slow signs of recovery in the economy, "projected growth rates are very low and advertising budgets remain soft against a fierce competitive backdrop". The business expects trading conditions will remain challenging throughout 2010.
Future publishes the official Xbox 360 and PlayStation Magazines, PC Gamer and Edge, amongst others.