Publisher Future loses £35 million but flags return to blackComments Off on Publisher Future loses £35 million but flags return to black
Print revenues shrank dramatically but even digital and other non-print revenues, now nearly half of sales, fell 3%, reversing a 9% rise in the first half of the year.
Chief executive Zillah Byng-Maddick said the digital decline came after she halted US activities in content marketing that were “very thin margins” and focused on “quality”.
She insisted the publisher of technology and games titles such as T3 and TechRadar is in much better shape after selling off sport and craft magazines to raise cash and reducing staff numbers by 400.
Investors took comfort that the group was profitable before exceptionals in the last quarter.
The shares today rose 40%, up 2.6p to 9.2p, from a near-record low. There is still a “material uncertainty” because of “minimal headroom” on bank loan covenants.