Future results show magazines not out of the woods
It may have been too much to hope for three quite good results in a row from the magazine industry. Future Publishing has followed Centaur and Reed with its interim results.
Future’s results are less positive. Turnover is down 1% on the corresponding half year. Profits are down 24%. And there is no interim dividend, so the share price is slipping as I write.
The board puts a good gloss on it all. Digital revenues are up 33% and now 25% of revenue. Digital accounts for 57% of all advertising revenues, up from 47% in the corresponding quarter.
But for this Future is very dependant on the US market. US digital advertising is 77% of digital sales. Yet the US operation is still making a loss.
One of the differences between the three is that Future is firmly in the consumer/specialist market but Centaur and Reed are in the business market. The consumer is not leading us out ot this recession.
Not out of the woods at all yet.