Trading Statement

RNS Number : 0821E

Future PLC

01 April 2011

 



1 April 2011

Future plc

Trading Statement

Future plc, the international special-interest media group, today provides a trading update ahead of its results for the half-year ended 31 March 2011 which will be announced on 20 May 2011.

As outlined in the Interim Management Statement published on 9 February 2011, trading has remained challenging.  Consistent with this, Group revenue for the six months to 31 March is down some 2% - 3% in aggregate on the corresponding period last year and trading profits continue to be affected by the structural shift to digital distribution, particularly in our largest segment, videogaming. 

Despite these trends, the Board is encouraged by the notably strong return on prior investment that we are seeing from some of our digital and partnership products and believes that the Group will benefit from accelerated organic investment.

The Group is therefore maintaining the planned investment in both the UK and the US, despite margin pressure, to ensure the Group is well positioned for the future.

This reduces potential trading profits at the full-year by some £2m.  However, the impact on pre-tax profits will be fully mitigated by reduced charges in the income statement for amortisation of intangible assets and for net finance costs.

Taking account of all of these factors, and as the Group continues to be cash generative, the Board anticipates maintaining the interim dividend when this is announced on 20 May 2011.

Enquiries:

Future plc

Stevie Spring, Chief Executive                                 Tel: [phone]

John Bowman, Group Finance Director                     Tel: [phone]

Financial Dynamics:

Charles Palmer                                                      Tel: [phone]

About Future:

Future plcis an international special-interest media group, listed on the London Stock Exchange (symbol FUTR).  Founded in 1985 with one magazine, today we have operations in the UK, US and Australia creating over 180 special-interest publications, websites and events.  We hold market-leading positions in games, film, music, technology, cycling, automotive and crafts.  Our biggest-selling magazines include T3, Total Film, Classic Rock, Guitar World and Official Xbox Magazine.  Our websites include gamesradar.com, bikeradar.com, and techradar.com.  Future sells more than 3 million magazines each month; we attract more than 23 million unique visitors to our websites; and we host 27 annual live events.  In addition, Future exports or syndicates publications to 90 countries, making us the UK's number one exporter and licensor of monthly magazines.

 

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