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Future Publishing Sees Losses Of $96m

Officials from UK based magazine publisher Future Publishing have announced the company’s preliminary results for the financial year ended September 30th, in which the company reported pre-tax losses of £49.0 million ($95.6m), including an impairment char
Officials from UK based magazine publisher Future Publishing have announced the company’s preliminary results for the financial year ended September 30th, in which the company reported pre-tax losses of £49.0 million ($95.6m). The company publishes all three official console magazines in the UK, as well as the internationally renowned multiformat publication Edge, and also owns Future US, which runs magazines including Official Xbox Magazine and websites such as Next-Gen.biz in the States. The £49.0 million loss for the overall company was a significant drop from a profit of £12.5 million ($24.4m) the previous year. Underlying EBITAE profits also fell from £20.4 million ($39.8m) to £13.7 million ($26.7m), although revenues were up on the previous year, from £212.3 million ($414.4m) to £224.9 million ($438.9m). The company also took an impairment charge of £45.0m ($87.8m) against the value of its assets. Additionally, the company disposed of the entire share capital of its Itailan subsidiary, Future Media Italy, to rival Sprea Editori and Future Media Italy managing director Bernardo Notarangelo, for a cash consideration of €1.1 million. The amount will be payable in cash upon completion, which is expected to be in early December 2006. Future CEO Stevie Spring commented, “It is clear with hindsight that during the past two years, Future over-invested in acquisitions and under-invested in organic development. The consequences of this strategy are clearly evident in today’s disappointing results.” “We have taken a number of steps to strengthen the business. These actions have created significant cost savings which we are fully re-investing in the business”, added Spring. Appearing to warn of further disappointing results in the future, Spring continued: “I am pleased at how the business is responding to the changes we’re making, but anticipate that 2007 will be a year of transition as we evolve our business models to reflect changing consumer, advertiser and retailer behavior, and ensure we have a more focused and responsive group. "Our new financial year has begun satisfactorily, but we continue to take a cautious view of our markets and anticipate that trading conditions will remain challenging throughout 2007.”

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