Future Publishing has posted a pre-tax profit of 9.2 million in its full-year financials, up dramatically from the 36.7m loss of the previous year. While revenues were down from 188.1m in 2006 to 165.7m for the financial year ended September 30th 2007, the company is confident that it has turned the corner.
The progress we have made in 2007 is very encouraging and has created a much firmer platform for future growth,” said Future chief executive Stevie Spring. We did what we said we would do. We have re-focused the business on its core and driven out costs, re-investing the savings in those parts of our business – online, core titles, US expansion and partnership publishing – which offer opportunities for above market growth in both sales and margins.”
We enter 2008 with a much healthier business, a stronger balance sheet and a re-invigorated team,” added Spring. We know there is more to do, but we are embracing the challenge with conviction, courage and confidence that Future is back on track.”