Future has announced full year pre-tax profits of £9.2m, compared with a £36.7m loss in 2006.
The group’s operating profit was £12.1m compared with a £34m loss last year, whilst to the year ending September 30 2007, the company generated revenues of £165.7m, down 11.9%.
UK advertising revenues were up 1% to £33.8m and US advertising revenues were up 6% to $45.2m.
Stevie Spring, Future’s chief executive said: “The progress we have made in 2007 is very encouraging and has created a much firmer platform for future growth.
“We did what we said we would do. We have re-focused the business on its core and driven out costs, re-investing the savings in those parts of our business – online, core titles, US expansion and partnership publishing – which offer opportunities for above market growth in both sales and margins.
“We enter 2008 with a much healthier business, a stronger balance sheet and a re-invigorated team. We know there is more to do, but we are embracing the challenge with conviction, courage and confidence that Future is back on track.”
In October, Future sold its French operations to WM7 for €18 million as part of its continuing strategy of only investing in English language content (see Future Sells French Business).
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