Increases in customer publishing and digital revenue have helped magazine publisher Future get “back on track”, according to the company’s preliminary results for the year ending 30 September.
In the report, published today, Future claims that its overall revenues have declined by 1 per cent on last year, with net debt reduced by more than 50 per cent.
The publisher adds that its US business has returned to profit while customer publishing revenue has grown by 43 per cent in the last 12 months.
Advertising revenues declined by five per cent overall, but individually online advertising (which makes up 25 per cent of the advertising revenues) rose by eight per cent.
In the report Stevie Spring, Future’s chief executive said the results show the publisher is back on track.
We’ve returned our US business to profit – a key goal for the year. And made good progress against our strategic priorities – adapting and investing in our business to meet the needs of a rapidly changing content landscape.
Consumer confidence is still fragile on both sides of the Atlantic, so our outlook for 2011 must remain cautious even though we’ve seen an encouraging 5 per cent growth in the second half of 2010.