Future returns to profit as turnaround takes effect

LONDON - Magazine publisher Future has made a pre-tax profit of £8.6m for the six months to March 31, with chief executive Stevie Spring claiming her turnaround strategy is working.

In the same period a year earlier, Future made a pre-tax loss of £1.6m, and ended with a loss of £49m for the whole financial year.

First half revenues from continuing operations were £95.3m, a fall of 11% from a year earlier.

The Total Film publisher is following a turnaround strategy of focusing on English-language content operations above its operations in continental Europe, and investing in product development and online advertising.

Spring said: "We have focus back in the group. We have stabilised revenues and improved margins to fund investment for our future revenue streams."

Revenues from online advertising grew 66% year-on-year and those from customer publishing grew 59%.

Future has reduced its net debt from £38.3m to £29.1m.

The company has also appointed Sep Bishop, the president of online ad network Miva and chairman of search marketing specialist Steak Media, as a non-executive director.

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