Future Publishing has reported a 9% rise in adjusted operating profit and a 3% boost in advertising in its preliminary results for the year.
The publishing group said that advertising bookings in the three months to December were at 95% of their level in the same period last year.
Future said it was “pleased” with the financial results, adding that its performance had been “resilient in challenging market conditions”.
Stevie Spring, chief executive of Future, said: “We [have] made real progress. Our special interest focus, healthy balance sheet, lean operating structure and strong cash generation are all ingredients that have helped us to weather the storm to date.”
The company reported a 2% rise in adjusted revenue to £162.9 million, while its adjusted operating profit was up 9% to £14.9 million.
Meanwhile, Future’s advertising revenue was up 3% year on year to £50.7 million – online advertising was up 35% to £9.3 million, representing 18% of total ad revenue.
The publisher’s 80-plus magazines accounted for 82%, £41.4 million, of total ad revenue.
Circulation revenues were also up, by 2% year on year to £97.8 million, while subscription sales saw a 14% increase.
Future said its performance is very creditable “in a tough magazine market underlining the defensive qualities of special-interest content”.
Spring said: “During 2009 we will invest appropriately within in the context of a cautious view of the economic backdrop.
“Thanks to the measures we set in place over the past two years, the robustness of our strategy and our proven cost flexibility we are confident that the business is in the best shape it can be to deal with whatever challenges lie ahead,” he added.
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