Future's interim pre-tax loss narrows, CFO to step down

18 May 2015 14:57

Media company and digital publisher Future reported a narrower pre-tax loss in the first half of the year, thanks to impairment charges not recurring.The group, whose magazines cover a range of areas from technology to football and music, saw its pre-tax loss for the six months to 31 March decline from £24.3m to £1.3m, although revenue declined 14% year-on-year to £30.8m. In a statement released on Monday, Future said its 'transformation programme' aimed at diversifying revenue stream was nearing completion and reported a 2% increase in digital and diversified revenue to £15.3m. However, that was offset by a 25.5% drop to £15.5m in print revenue. "Momentum is clearly building, with half our revenues now coming from digital and diversified activities," said group chief executive Zillah Byng-Maddick. "This is an important milestone for the business. We expect the trends seen in the first half to continue into the second half of the current financial year." Meanwhile, the group has announced that Richard Haley, its chief financial officer, has decided to step down from the board and resign but will remain in his role to ensure a smooth transition. Future shares were up 2.38% to 10.75p at 15:23 on Monday.