Friday, November 27

Future profit tumbles 61% in 2009

The company behind some the most comprehensive gaming magazines including PTOM and OXM has seen its profits drop a disheartening 61 percent, down from £9.5 million to £3.7 million.

Future blames the significant downturn on America, with revenue falling 13 percent to £153.1 million.

"This year was a tale of two markets. Our larger UK business outperformed the market, increasing profits despite a relatively modest revenue decline. Our U.S. Business experienced a very difficult year - hit by a general advertising market freefall and unprecedented disruption at news stand," Future CEO Stevie Spring said.

U.S. revenues were down 22 percent to £47 million, but the UK held up pretty well under the current market conditions, down only 8 percent to £106.5 million.

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