Future climbs 4% after positive results

Magazine group Future climbed 4% today to 46p after saying results were on track to come in at the top end of expectations.
Future, which publishes 180 specialist titles including Cross Stitcher and Digital Camera, said in a pre-close trading update ahead of its annual results that its strategy remained on track.

"The group is actively developing its online business and the only acquisitions made during the current financial year have been of online properties," it said in an update ahead of its September 30 year end.

The company said it continued to consolidate its "global market leadership position in the games sector" by winning the US contract to publish Official Nintendo magazine.

The group, whose chief executive Stevie Spring joined last year, has gone through an overhaul since last summer and for the six months to March 31 it notched up pre-tax profits of £8.6m. That compares with a loss of £1.6m a year earlier.

Future has paid off a quarter of the debt it had a year ago and has seen circulation pick up for the bulk of its magazines business, which includes DVD Review and Disney Girl.

Stephen Brook and Katie Allen
Wednesday September 26, 2007
MediaGuardian.co.uk