Tough US trading hits Future Publishing

26th Nov 2009 08:39

Special interest magazine publisher Future Publishing blamed poor trading in the US for a sharp fall in profits in the year to September 30.The firm, whose titles include Playstation: The Official Magazine, Guitar World and the Knitter, said pre-tax profits slumped to £3.7m from £9.5m over the same period the previous year as revenues fell to £153.1m from £162.9m.'The year was a tale of two markets,' said chief executive Stevie Spring.'Our larger UK business out-performed the market, increasing profits despite a relatively modest revenue decline,' he said. 'Our US business experienced a very difficult year - hit by a general advertising market in freefall and unprecedented disruption at newsstand.'Revenues at the UK business fell 8% to £106.5m, while they slumped 22% in the US, which accounts for the rest of revenues. The US business depends on advertising for 44% of overall revenues.The firm said that trading continues to be challenging and that it remains cautious.