Media company Future has missed its profit target for the year, despite seeing its digital revenue grow by almost a quarter (24 per cent) since October 2012, with online advertising rising by almost 60 per cent and iPad and tablet revenue up by half.
The company, which published T3, Cycling Plus, Total Film, Mollie Makes and Official Xbox Magazine, has released an interim management statement from 1 October until 30 June, revealing that group revenue was up by 1 per cent to £76.2m during that period and a pre-tax profit forecast of £8 for the full year, rather than the previously predicted £9.5m.
As a result of missing that target, the cost saving programme for the coming year will now aim to generate £2m - £2.5m, focusing mainly on the print division.
Mark Wood, Future, chief executive, said that the company was “disappointed” to miss its full-year target and would now bring forward plans to reduce legacy print costs and improve operating margins in the period ahead.
"We see encouraging trends across the business for the final quarter and the year ahead, including in the Games sector in the run up to major new console launches later this year, and anticipate delivering significant revenue and profit growth in the coming year,” he added.
Meanwhile, Future’s debt was reported as now being £9.2m, down by 46 per cent, following the sale of UK Rock titles in April for £10.2m.