Futures annual profits grow

Future Publishing has announced preliminary results for the year to September 30th – including a healthy year-on-year pre-tax profit rise of three per cent, or 300,000.

Overall normalised revenues grew two per cent to 162.9 million, with normalised EBITAE up nine per cent to 14.9 million.

The company’s net debt was cut down by ten per cent to 21.9 million.

Reported earnings per share were down nine per cent to 2.1p – but adjusted earnings per share rose 12 per cent to 2.8p.

Other operating highlights included overall circulation revenue rising 2 per cent, with advertising revenue up three per cent and online revenues up 36 per cent.

The firm also announced that is online unique website visitors now stood at 18m – double what it was in 2007.

Future’s Chief Executive Stevie Spring said:

Future bucked the trend in 2008. We made real progress. Our special-interest focus, healthy balance sheet, lean operating structure and strong cash generation are all ingredients that have helped us to weather the storm to date. And it is these strengths which give me confidence that Future will continue to make progress.

During 2009 we will invest appropriately within the context of a cautious view of the economic backdrop. Thanks to the measures we set in place over the last two years, the robustness of our strategy and our proven cost flexibility we are confident that the business is in the best shape it can be to deal with whatever challenges lie ahead.

And, with our first quarter advertising revenue bookings (for October to December) already running at 95% of 2007 actuals, we are pleased to report that our new financial year has begun satisfactorily.”

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