Future sold its sports and craft portfolio earlier this year for around £24 million.
Future publishing has today announced its preliminary results for the year ended 30 September 2014, revealing a pre-tax loss of more than £35 million.
The news comes as the publisher said that 403 jobs have now been cut since the start of its ‘transformation programme’, reducing headcount from 980 to 577 by the end of September 2014.
In a statement, Future said it wants to enter 2015 “a leaner, simpler business with a strategy that focuses on core competencies of content that connects its customers and clients.”
The company also reported a 20% decline in revenues, from £82.6m in 2013 to £66m, with print sales and advertising continuing to decline (full report here).
Commenting on the results, Zillah Byng-Maddick, Future’s chief executive, said: “Our property portfolio has been rationalised, non-core businesses sold, our balance sheet strengthened and the cost base materially reduced.
“The business is now stabilised, although as we continue to grow our newer revenue streams and transition from a print-led business to a digitally diversified content business, there remain some elements of uncertainty around the pace of decline in the print market.”
Earlier this year Future announced that it was to sell off a number of its print titles, alongside a significant management reshuffle which saw the company’s former managing director, Nial Ferguson, step down from his role to head up Future’s content and marketing division.
The publisher has since announced that it is to combine three of its online platforms into one entertainment website. From this month, TotalFilm.com, SFX.co.uk and GamesRadar.com will merge into a single platform to offer film, TV and game reviews and news
