20th May 2016 06:58
LONDON (Alliance News) - Media and publishing group Future PLC on Friday said its pretax loss narrowed in the first half due to lower exceptional costs and despite a small dip in revenue.
Future's pretax loss narrowed to GBP300,000 in the six months to the end of March, compared to GBP1.3 million a year earlier when it booked one-off costs totalling GBP1.4 million. Those one-off items fell to GBP500,000 in the first half of the current year.
Revenue slipped to GBP30.2 million from GBP30.8 million a year earlier, mostly pulled lower by a 12% fall in revenue in the magazine division, reflecting the overall structural decline of the print market. The media unit delivered 15% growth in revenue, boosted by booming e-commerce sales of digital magazines and 13% growth in events revenue.
Future said the media division was boosted by a strong performance from its Techradar publication and by good revenue growth at PC Gamer.
"This is an encouraging performance in the year to date, with recurring revenue streams now representing 25% of our total revenue. We expect the trends seen in the first half to continue into the second half of the financial year," said Chief Executive Zillah Byng-Thorne.
By Sam Unsted; [email protected]; @SamUAtAlliance
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