May 22, 2013

Future revenue down amid ‘trough’ for games titles but digital growth continues apace

Consumer magazine publisher Future has reported a narrower pre-tax loss for the first half of 2013 compared with last year.

The publisher of Total Film, Total Guitar and T3 made a loss of £1.5 million in the six months to the end of March 2013, down from a £2.2 million loss in the same period 12 months ago.

Revenue for the period was also slightly down, falling from £50.1 million last year to £49.4 million. Future said revenue was hit by difficult trading in the games market “which has been in a trough ahead of new console releases from Microsoft and Sony.” Future’s games titles include the official magazines for Nintendo, PlayStation and Xbox 360, as well as PC Gamer and GamesMaster.

While print revenue fell 9 per cent from £40.8 million to £37 million, the group grew digital turnover by 33 per cent, from £9.3 million to £12.4 million.

Future’s websites also attracted 51 million unique users in the first half of this year, Future said, equal to its total unique users for 2012. It also sold 432,000 digital magazines, more than twice the number sold in the equivalent period in 2012.

In April, Future sold its UK rock titles – Classic Rock and Metal Hammer – to Team Rock for £10.2 million.

Following the sale, Future has begun a review of its operational structures “to identify further efficiencies which will benefit the group”.