Sources have said that 10% of staff – about 100 people – are to lose their jobs at Future publishing following the news that the company is going to focus on online rather than print.
MCV have reported that an internal memo to staff from Future publishing's UK CEO Mark Wood said that voluntary redundancies are being offered initially, before a consultancy period. It was also suggested that the company would be ‘reviewing the future of some titles.’
Today Future published its Interim Management Statement, which said that revenues for the last night months have been down 5% from last year, and circulation revenues in the UK are down 3%. This news was offset with digital products performing better than management expectations.
The statement had said that there were plans ‘to re-organise the UK business, re-calibrating it to ensure faster adaptation to digital and more efficient execution of print.’
Non-executive director Mark Whiteling today acquired 200,000 shares from the company, with a price per share of 13.7pence.