14th Mar 2014 07:39
LONDON (Alliance News) - Media company Future PLC Friday warned that its operating profits would be significantly below market forecasts in the current financial year after the downturn in trading it saw in the latter part of its fiscal first quarter continued in January and February.
In a statement, the magazine and digital publisher said its earnings before interest, tax, depreciation and amortisation excluding exceptional items is expected to be below the normalised figures it reported in its last financial year. Its financial year runs from October 1 until September 30.
Its normalised Ebitda excluding exceptional items in fiscal 2013 was GBP6.4 million, the same level as in 2012. The company's normalised figures exclude discontinued and sold operations.
It said it would continue the cost reduction programme it started in February for the rest of the year in an attempt to boost margins.
"Our core sectors have remained strong and this has led the Board to decide to increase our focus on core areas - above all the Technology, Sports and Photography verticals - where we have established market-leading positions," it said.
By Steve McGrath; [email protected]; @SteveMcGrath1
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