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Future says page has turned with profit

The publishing group showed positive signs in the first half of the year, beating market expectations on the way
A pile of magazines which shows the industry that Future PLC is in
Future's magazine division has more than 100 publications, including T3 and Total Film

Digital and print media company Future PLC (LON:FUTR) beat market expectation in its latest six months as the benefits of heavy retrenchment and restructuring started to pay off.

Reported revenues for the six months to 31 March were £30.2mln, comfortably ahead of market expectations, and there was reduced loss of £0.3mln (£1.3mln).

After a difficult six months, which has seen the share price drop around 25%, the publisher did see a return to operating profitability.

Future – which produces magazines such as ‘Official Xbox’ and ‘TechRadar’ – announced adjusted operating profits for the period of £0.6mln, again beating the market expectation of £0.2mln.

“This is an encouraging performance in the year to date,” said chief executive Zillah Byng-Thorne.

“We expect the trends seen in the first half to continue into the second half of the financial year.”

The group restructured in November, splitting its business into separate media and magazine divisions.

As the firm continues to “manage the decline” of its print operations, it has invested heavily in its e-commerce revenues, which increased by 275% during the period.

Looking forward the media company says it will look to make “appropriate” acquisitions and is confident in meeting expectations for its full year results.

Broker Numis reiterated its 12.5p target and ‘buy’ rating.

Shares were down 0.14p or 1.5% to 8.76p.

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