Future Publishing reports lower first half revenue, announces CFO will leave the company
Despite steep revenue decline, both UK and US operations report a profit for the first half of the year
The publisher of T3, Total Film and other consumer magazines, Future plc, reported first half results earlier this week, and thanks to severe cost cutting, was able to report that both its UK and US operations were in the black.
“Both the UK and US businesses have reported profits in the first half – in the US this is the first time in seven years – as the transformation programme starts to deliver results and puts us on a stable footing,” CEO Zillah Byng-Maddick said. “Momentum is clearly building, with half our revenues now coming from digital and diversified activities. This is an important milestone for the business.”
Head count has gone from 980 to 577 at Future, though one assumes some of the cuts involve the sale of some of Future’s titles (at least one hopes so).
Total revenue fell 14 percent to £30.8 million in the first half of the year, and losses before tax narrowed to £1.3 million from £24.3 million the previous year. US revenue fell from £7.1 million to £6.3 million.
The publisher was able to report a 14 percent increase in digital advertising, and both ecommerce and events reported gains, as well.
The company also said that Richard Haley, who was announced as CFO at Future in September of last year, is leaving after only eight months. Haley was Finance Director for Tesco Extras UK, and prior to that Group Financial Controller for Tesco plc.
“Richard has made a valuable and significant contribution to the group as we transform the business to profitability,” Byng-Maddick said in the company’s announcement.