Future reports challenging trading in first quarter

LONDON - Future, the specialist magazine publisher, has warned its pre-tax earnings for the first half of 2010 will be lower than last year, mainly due to currency effects.

PlayStation Magazine: Future title
PlayStation Magazine: Future title

In a pre-close trading update released today, Future reported its games division, which houses magazines such as PlayStation: The Magazine and The Official Xbox Magazine, has continued to experience a very tough market.

Future also said advertising in the US remains under pressure.

In its interim management statement in February, Future reported revenues fell 12% year on year to £36m in the three months to the end of December and predicted a "challenging" 2010.

Today the company stated its results for the first half of this year, to be released on May 20, will be in line with those expectations.

However, the publisher said its special interest titles within the Active, Technology and Music & Movies division, with titles such as Metal Hammer and Classic Rock, continue to show resilience.

The company said: "The group continues to focus on returning the US business to profit managing costs, protecting yields and targeting investment in a few initiatives where there may be opportunity for growth."

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