Future has announced a pre-tax profit of £8.6 million for the six months to March 31 2007, with first half revenues from continuing operations at £95.3 million, a decline of 11% from a year earlier.
The magazine publisher’s revenues from online advertising were up 66% year-on-year, whilst its customer publishing revenues grew 59%.
The company also announced that it has appointed Seb Bishop, currently president and chief marketing officer of MIVA, Inc, as an independent non-executive director with effect from 14 June 2007.
Commenting on the results, Stevie Spring, Future chief executive said: “I am pleased with what we have achieved in the first half and the steps we have taken to strengthen the business.
“We have stabilised revenues and improved margins to fund investment for our future revenue streams. Today’s results demonstrate that the turnaround is working and I would like to thank everyone at Future for their contribution to this progress. There is clearly more to do, but I am confident that we are moving in the right direction.
“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. We also anticipate continuing declines at Future France as we have not been investing in this part of the business. Despite this and 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.”
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