Magazine publisher Future has reported a 9% year on year fall in revenue for the nine months to the end of June.
Advertising revenue was down 14%, the company said in an interim management statement today, while circulation revenue fell 8%.
Total revenue fell 2% year on year in the nine months to the end of June, or 9% not including the effects of currency exchange. Advertising revenue declined 4%, or 14% on a constant currency basis, with circulation revenue down 2%, or 8% on a constant currency basis.
The company said that the UK has seen resilient revenue performances in aggregate across the business, with the exception of PC gaming, personal computing and automotive.
It added: “Overall, we have continued to invest but have successfully mitigated a revenue shortfall of 6% through active and aggressive management of costs.”
Stevie Spring, Future chief executive, said: “We have continued to focus on navigating through exceptionally tough market conditions and thanks to the underlying strength of our specialist business, our cost flexibility and our hardworking teams, we remain on course to meet market expectations for the full year.
“While it is premature to talk about a market recovery, there has been no deterioration in trading conditions since the half year. And I am confident that when recovery comes, Future is well-positioned to benefit. Every action we’ve taken to mitigate revenue shortfalls has been proportionate; we’ve continued to invest in both new products and new people and, more broadly, our strategy remains firmly on track. We are in the best shape we can be in for the mid-term.”
