Future reports fall in revenue

Future, the specialist magazine publisher, has reported an 11% fall in revenue for the six months to the end of March.

The company’s revenue was £76.6 million for the period, a 2% year-on-year fall or 11% when the effects of currency exchange are removed.

Overall circulation revenues, accounting for 59% of total revenues, were down 10% year on year to £45.4 million when currency effects are taken out.

Ad revenues, accounting for 32% of total revenues, were down 15% on a constant currency basis to £24.5 million.

Future’s online advertising was up 18%, and now accounts for 24% of advertising revenue.

The company’s UK operations saw earnings remain broadly flat at £7.4 million, with revenue falling 8% to £52.3 million on a constant currency basis.

Circulation revenue was down 6% overall in the UK: subscription revenue was up 9%, domestic newsstand revenue down 14% and export revenue grew 3%. Ad revenue fell 9% and customer publishing revenue fell 4%.

Chief executive Stevie Spring said: “The underlying strength of our special-interest business; our ability to mitigate revenue disappointment swiftly; and continuing progress in our strategy all give me confidence that when the economic storm does finally clear, Future will be well-positioned to benefit.

“We’ve taken proportionate actions to mitigate revenue shortfalls. We also continue to invest in new products, ensuring that we do not limit the group’s prospects or its ability to benefit from the market recovery in the mid-term. More broadly, our strategy remains on track and we continue to make real progress in the development of our digital network.

“While our outlook for the second half must remain cautious, we are still on course to meet expectations for the full year.”