Some 100 staff are to go from Future Publishing UK in the wake of a trading statement that showed group revenues down as pressures on print mount.
An internal memo to staff from Future Publishing’s UK CEO Mark Wood has broken the news to staff today, MCV understands.
Around 10 per cent the UK’s 1,000-strong workforce are to be made redundant. Initially, the firm is inviting staff to take voluntary redundancy – after that, roles will be removed via a consultancy period.
This morning the company said it would reduce headcount – the exact figure lost was not known until now. Future employs around 1,200 worldwide.
The news comes just hours after an nine-month interim management statement from the firm which said its US team was transitioning to a predominantly digital model, and also detailed group revenues down by five per cent year on year. UK circulation revenues for print titles were down three per cent.
Print remains challenged in the US, but Future insisted, however, that its digital transition is progressing well: in May 2011 UK digital revenues topped 1m for the very first time.
The message from Wood to UK staff also mentions "reviewing the future of some titles".
He adds that the company’s shift is all about "sharing skills and resources".
Future is resolutely focusing on succesfully embracing digital content and publishing. Wood’s note said that there is still "significant potential" in digital and other markets, but "challenging trading conditions in print" has triggered the decision to shrink the business.