Specialist consumer magazine publisher, Future Network, moved into the black during 2002, posting a £10.7 million pre-tax profit, according to this morning’s financial results. This follows a difficult 2001 when the group made a loss of £121.0 million.
Future launched 13 new magazines last year and saw advertising revenues rise by 7% and circulation revenues rise by 22%. The second half was stronger than the first, which is a typical seasonal trend for the group. Turnover from continuing activities rose by 16% to £165.3 million.
Acquisitions and launches
The company also announced today the acquisition of four magazines in France from Hachette Filipacchi Presse.
Chief executive Greg Ingham said that Future may make further acquisitions during the course of the year and that there will be several new magazine launches in 2003. This news indicates the new forward-looking position of Future Network and comes after a much weaker period of job losses, disposals and closures.
Advertising revenues are expected to be flat this year, but circulation revenues – which now account for 68% of group turnover – should show continued growth. Current 2003 trading is encouraging, says Ingham, although the second half is traditionally the stronger period.
Shares in Future Network were up by 6.3% at 50.5p by 10.45am today.
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