Special interest magazine publisher Future said today it expected full year financial results to be at the ‘lower end of market expectations’ as its US business was likely to make a trading loss.
Future issued a trading update today, ahead of full year results expected later in the year, saying it had been hurt by newsstand disruption and a revenue shortfall in its US business, which usually accounts for 30 per cent of the company’s revenue.
The company said it had appointed a new boss in the US to help deal with its shortfall there.
‘To help address the specific challenges in North America we have appointed John Marcom as the new president of our US business, effective from October 2009.
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“John brings extensive multi-platform content experience – international, commercial and creative – from previous roles at Yahoo!, the Financial Times, Time Inc. magazines, Forbes Magazine and The Wall Street Journal and we are delighted to welcome him to Future.”
The publisher said its UK and international licensing business, which accounts for 70 per cent of the total revenue, had performed well.
It expects full year earnings in this division to be broadly flat.
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