Specialist magazine publisher, Future, has updated investors on its progress this morning, revealing a 17% dip in profit year on year and predicting a weaker market in the near term.
The company blamed tough trading conditions, and weak newsstand sales in the UK and France for its decline, which has seen pre-tax profit fall to £19.7 million for the year to 30 September, down from £23.6 million last year.
The Bath-based company, which publishes specialist interest titles across several niche markets, reported increased revenues, however, totaling £212.3 million, up 12% year on year from £190.4 million.
Commenting on the latest results, Future’s chief executive Greg Ingham said: “The year to 30 September 2005 has been an important one for Future. Although the economic backdrop has been unhelpful, the group has significantly grown the scale of its operations during the year. Whilst we continue to take a cautious view on the near-term outlook, trading in the first month of the new financial year is on track.”
Earlier this year saw Future warn investors that sales of titles in niche interest groups had been disappointing since the start of April, due to faltering consumer confidence in the UK (see Future Sees Profits Rise Despite Dip In Gaming Sector).
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