The special interest media group continues to focus on reducing its debt and reported that net debt at 30 June 2010 was £16.1m, down 32% year on year.
Future’s global business which operates in the UK, the US and Australia, reported that group revenue was down 3% in the first nine months of its financial year to 30 June, against a 5% loss in the period from September 2009 to February 2010.
In the US, which comprises 30% of group revenue, the company reported that revenue for the nine months was down 7%. Future said advertising and circulation "remain challenging" in the US market, but that customer publishing revenue "continues to show strong growth".
Stevie Spring, Future chief executive, said: "We’ve seen a continuation in the trading patterns that we reported at half-year, with revenues stabilising year on year, and some more positive trends in advertising."
The UK business, which comprises 70% of group revenue and includes revenue from Australia, has seen continued growth in advertising quarter by quarter, while circulation revenue remains "soft", Future said.
The company said its circulation weakness was due to the video games market, which comprises 19% of Future’s UK revenue. Future said its portfolio was led more strongly by its music, sports, technology and crafts publications.
Future will provide a pre-close trading update on 28 September and will announce its annual results (for the year to 30 September 2010) on 24 November.
This article was first published on mediaweek.co.uk