Magazine publishing group, I Feel Good (IFG), this morning said that its full-year losses were reduced from £1.2 million in 2001 to just £0.2 million last year, as turnover grew by 90% to £8.0 million.
Earlier this week, the group announced that it has received an approach which could lead to a takeover offer, although the interested party was not named. Further reports have linked Dennis Publishing supremo, Felix Dennis, with the approach (see
Dennis Linked With Move For IFG). Today’s statement said that a further announcement will be released in due course.
IFG’s flagship title is the men’s magazine Jack. The group said that advertising revenues at Jack are continuing to grow, following its ‘critically acclaimed’ first six issues. However, sales are currently below management targets and chairman Alistair Ramsay says that steps have been taken to address this, including ‘product improvements following market research’.
The group’s strongest title last year was Bizarre, which saw advertising revenues rise by 15% and sales by 16%. IFG also publishes adult comic Viz, which has increased its frequency from six to ten issue per year and has seen sales rise by 36% and subscriptions by 93%.
Outlook IFG says that the current year’s trading is in line with expectations, with newsstand sales of Bizarre performing strongly and Viz and Fortean Times remaining in line.
“Despite difficult market conditions we believe that the group is well placed to achieve further success in 2003,” said Ramsay.
