The group, which publishes leading computer titles PC Gamer and Official PlayStation2 Magazine and is in the process of finalising a £30.5m deal to snap up 38 magazines from Highbury House, posted a 5% increase in revenue to £104.3m in the six months to March 2005.
A nominal rise of 1% saw the group’s pre-tax profits increase to £12.8m, while circulation and advertising revenues increased by 6% and 5% respectively.
The results come at a crucial time for Future as it continues head first into a four-year strategy to double the size of its business and mount a serious challenge to the likes of IPC and Emap in the consumer magazine market.
Greg Ingham, chief executive of Future, said: “We are committed to ensuring the continued growth of the business through acquisitions and increased new product development spend on launches and internet expansion.
“The games sector continues to perform well for us and faces significant growth from 2006. More generally, we are enthused by the multiple growth opportunities facing Future.
The last 12 months has seen the group buy 16 titles, launch another four in the first half of this year and has plans to unveil nine more during the rest of 2005.
Future’s deal with Highbury to acquire 38 magazines is expected to be pushed through, subject to shareholders’ approval at Highbury, by the end of June.
By Kevin May
Future positive as results grow
Future Publishing, one of the leading challengers in the UK magazine market to the dominance of IPC and Emap, has unveiled solid financial results and re-stated its desire to double in size.
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