Total pre-tax profits for the six months to March 31 were down due to heavy investment in the US and UK on new titles. However, turnover rose 5% to £104.3m and ad revenue also increased by 5%.
Greg Ingham, chief executive of Future, said that the company had acquired 16 titles during the period and launched four.
The company's £30.5m acquisition of Highbury, minus its computing titles, is set to go ahead subject to approval by Highbury shareholders.
Future abandoned its initial bid for the entirety of Highbury's titles following a decision to refer the deal to the Competition Commission. Future will take control of Fast Car, Fast Bikes, DJ, DVD Review, the What Video group of magazines, some puzzle titles and five US titles.
Despite Future's ambitious expansion plans, Ingham warned: "Trading in the second half has begun a little below our expectations and our short-term outlook is therefore cautious."
He added that the actions Future has taken this year will expand Future UK by over a third. In the past 12 months it bought titles including What Laptop? from Crimson Publishing and Mini Magazine among others from A&S Publishing.
It has also expanded in the US via acquisition and launches.
Its internet presence is being expanded as well. Last month bought games website .
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