Specialist publishing powerhouse Future reported revenues of £40.6 million for the three months ending December 31st 2007 – down 1.5 per cent compared to the same period in 2006.

Future attributed the drop to ‘project phasing of customer publishing revenues’ which despite being down in the first quarter are expected to show growth for the financial year as a whole.

After launching both Official Nintendo and Official PlayStation magazines in the US, the firm said its online and print games business delivered solid revenues and profits.

Investment activity was up year-on-year, after setting up MusicRadar and TechRadar.

In terms of outlook for 2008, the publisher said the phasing of its EBITA is expected to reflect the intensity of investment in the first half and anticipated business activity levels in the second half.

“Although we continue to take a cautious view of our markets, the current financial year has begun satisfactorily and the Group’s financial position is solid,” said Stevie Spring, chief executive at Future. “Our strategy remains firmly on track.”