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Future results show magazines not out of the woods

by on 22 May, 2013

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.

Both Centaur and Reed were quite upbeat, giving some hope that the long recession may be nearing its end.

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.

Good gloss

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.

Different markets

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.

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