Feeds

Future in red, not dead

£3.5m losses grow to £59.3m

  • alert
  • submit to reddit

Top 5 reasons to deploy VMware with Tegile

Bath-based publisher Future Network has reported pre-tax losses of £59.3m for the year 2000, up from just £3.5m in 1999.

The company was hammered by a slump in computer games magazine market and a downturn in online and new media advertising. It forecasts hefty losses for the first half of 2001.

In February, Future announced its plans to slash 350 jobs and close 20 magazines. The axed titles accounted for £18 million in turnover and losses of £14.7 million in 2000.

Future's big plan to sort out its finances is to sell Internet business mag Business 2.0. Future says the titles revenues were up 341% in 2000 from 1999, but Q4 had been very tough.

The large percentage growth suggests sales haven't been very high at all, and the downturn in new media advertising will have been a good hard kick in the nads for the magazine. Circulation of the twice monthly grew to 350,000.

The company had sales of £254 million in 2000, up 28.6 per cent on 1999's £197.5 million. Future is still dependent on the fortunes of games market, currently in the doldrums because of the late arrival of Sony's PS2 - 35 per cent of its revenues still come from that sector. ®

Related Stories

Future slashes 90 jobs in UK
Games mags in difficulty

Secure remote control for conventional and virtual desktops

Whitepapers

Go beyond APM with real-time IT operations analytics
How IT operations teams can harness the wealth of wire data already flowing through their environment for real-time operational intelligence.
The total economic impact of Druva inSync
Examining the ROI enterprises may realize by implementing inSync, as they look to improve backup and recovery of endpoint data in a cost-effective manner.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Mitigating web security risk with SSL certificates
Web-based systems are essential tools for running business processes and delivering services to customers.