Future doubles H1 profit, confident for FY

20th May 2010 09:07

Special interest magazine publisher Future almost doubled interim pre-tax profit after an improved performance in the US and said it remained on track for the full year.The group, which publishes Total Film and Xbox 360, said reported pre-tax profit rose to £2.2m for the half-year ended 31 March 2010 from £1.2m the year before. Adjusted pre-tax profit rose 13% to £3.6m. Revenue slipped 7% to £71.4m.Future said first half EBITA was slightly ahead of expectations thanks to significant progress towards returning the US business to profit and a continuing robust UK performance.UK revenue fell 3% while US sales fell 10% compared to an 18% decline in the first half of 2009.Net debt came in at £11.5m, down 50% since 31 March 2009."Early signs of market improvement; our tight operational and strategic focus; and the talent and commitment of our people, all give me the confidence to say that we remain on track for the full year and as well-positioned for the future as we can be," said chief executive Stevie Spring.