Media: Future merges arms in face of £19.3m loss

Future Publishing has reported a £19.3m annual loss and has disclosed plans to merge its UK and US business, which is likely to lead to a further 50 job losses.

The publisher of T3, Classic Guitar and other specialist publications, which last month axed chief executive Stevie Spring, saw profits plummet from £5.5m in 2010 to a £19.3m loss, as it was hit by poor performance in the US.

Revenues fell from £151.5m to £141.7m in the year ending 30 September.

The publisher is now merging its two main businesses in the US and the UK as it seeks to strip costs out of the group. Its US division - which has long been troublesome for the publisher - has been hit by problems with its print business.

Future has reduced its headcount in the UK from 1,000 to 900 within the past two years.

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