November 21, 2014updated 24 Nov 2014 1:42pm

Future Publishing reveals more than 400 jobs cut in statement revealing £35m losses

Future Publishing cut its total staff number from 980 to 577 in the year to September.

The US and UK-based company's results show its revenues fell from £82.6m in 2013 to £66m.

Future, which publishes T3 and Total Film among other magaziness, announced a loss before tax of £35.4m, compared with a loss of £2.2m last year.

According to the results, its print revenues fell from £52.2m last year to £38.4m, while its digital and diversified revenue fell from £30.4m to £27.3m.

Overall, UK revenue was down from £63.3m to £53.1m, and the US figure fell from £20m to £13.7m.

In the UK, it said, digital advertising now represents 63 per cent of total ad revenue, up from 58 per cent.

The statement said that it had sold its sport and craft businesses to Immediate Media in July 2014 for £23.8m, with 160 jobs lost from Future in this move. It also sold it auto business to Kelsey in August for £2.3m.

Under the headline “Restructuring”, the statement said: “Print support functions of Future's international print brands have been assumed by the UK content team. Over one third of US staff have left the business, including a number of the management team. The new management has renewed its focus on delivering sustained margin improvement, which has begun to be seen in the last quarter.

“The activities outlined above, plus a rationalisation of the property portfolio including the disposal of the Monmouth Street site in Bath for £1.25m post year-end, new back office processes and a commitment to reduce complexity in the organisation, have resulted in Group headcount being reduced from 980 to 577 at the end of September 2014.”

Chief executive Zillah Byng-Maddick: "The business is now stabilised, although as we continue to grow our newer revenue streams and transition from a print-led business to a digitally diversified content business, there remain some elements of uncertainty around the pace of decline in the print market.”

Topics in this article : Future PLC