The company has signed a £3.5 million cash deal which gives it ownership of Hachette Digital Presse SA, a subsidiary of Hachette Filipacchi Presse SA which publishes four magazines – the French Official PlayStation 2 Magazine, Joystick, Joypad and DVD Magazine.
The purchase, which is subject to regulatory approval, comes as Future announced a strong set of preliminary results for the full year ended December 31 2002. Turnover for the year was up 16 per cent to £165.3 million, and most importantly, the company recorded a pre-tax profit of £10.7 million – compared to its enormous pre-tax loss of £121.0 million in 2001.
The return to profitability for Future was helped by growth in both of the company’s core businesses, with continuing circulation revenue up 22 per cent and advertising revenues up 7 per cent. The publisher launched 13 new magazines during the period, which are performing profitably as a group.
Future is now well-positioned strategically, managerially and financially, according to chief executive Greg Ingham. It is a successful specialist consumer magazine publisher… Circulation revenue now accounts for 68% of Group turnover and is expected to show growth in 2003. We expect advertising income to be flat this year.
Current trading for 2003 has been encouraging. I would remind shareholders that Future has historically shown much stronger trading in the second half of the calendar year. It is also clear that our success in 2003 will be affected by the general economic climate, which at present is overshadowed by much international uncertainty.
Source: Gamesindustry.biz
