Turnover at international consumer magazine group, Future Network, rose by 18% in the four months to 31 October 2001, up from the 14% rise reported for the six months to 30 June 2002.
In a trading statement released this morning, Future said that earnings for the full year should be comfortably ahead of current consensus market expectations. Accordingly, shares were up by 5p at 63.5p by mid-morning.
Future says its performance in this period reflects strongly profitable trading in the US and continuing growth in the UK. Overall circulation performance of the group’s magazines has continued to show good growth, especially for computer games titles, as expected.
Advertising revenues across the business are expected to be flat year-on-year for the whole of 2002.
Future says that Q4 is typically its strongest. This means that the results for 2002 as a whole will depend to a significant extent on circulation revenues for November and December, which are not yet known.
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