Future said that it was considerably strengthened during the last 12 months and was now operating as a smaller and more focused group, following substantial restructuring. The company managed to reduce net debt by 89% to £7.8m and said it was expecting a stronger second-half performance.
The company enjoyed strong pre-Christmas trading, particularly from its core games magazines including its Official PlayStation 2 Magazine. The company also publishes Total Film.
Turnover was down at £142.9m from £151.5, but the company did report an operating profit (EBITA) from continuing activities of £10m, only slightly down on 2000's £10.8m. It also reported a write-down of £120.6m.
Greg Ingham, chief executive of Future Network, said: "We have emerged from the most difficult year in Future's history as a more robust and mature business, with a strong management team determined to restore our performance. The actions we have taken to reshape the group and re-base our capital structure give us a good platform from which to build."
He added: "Trading conditions for our games magazines continue to improve, reflecting the recovery in the games sector as a whole. In aggregate, our other special interest magazines have held up reasonably well in what has been a very tough year for the media sector."
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