Future plc, the publisher responsible for print and digital titles including TechRadar, Total Film and Gizmodo, has reported its first US profit in seven years, as it manages to cut total pre-tax losses by £34 million year on year.
For the six months ending 31 March 2015, the publisher, which sold off a number of titles and cut more than 400 staff last year, reduced total pre-tax losses to £1.3 million, down from £35 million in 2014.
The company said that it has now completed its transition to become a “digitally diversified content business,” with digital and diversified revenues now accounting for 50% of total revenues.
“Both the UK and US businesses have reported profits in the first half – in the US this is the first time in seven years – as the transformation programme starts to deliver results and puts us on a stable footing,” said the company’s chief executive, Zillah Byng-Maddick.
“Momentum is clearly building, with half our revenues now coming from digital and diversified activities. This is an important milestone for the business.”
Total revenues were down 14% year-on-year from £35.8 million to £30.8 million as the group continues to manage the decline in print and exit loss-making activities; however, digital engagement has seen a significant improvement, with both the group’s most popular digital sites – TechRadar and PCGamer – increasing their audiences during the period.
In the UK, revenue fell from £29 million to £24.8 million, with digital advertising now accounting for 71% of total UK ad revenues.
Future expects continued improvement in the second half of the year.
