Future Network, the international games and specialist consumer magazine publisher, has today said that it has been encouraged by the trading of January and February this year and described the previous financial year as the most difficult in the company’s history.
Future has had a very rocky ride of late, but today’s results show more confidence. Net debt had been reduced by 89% to £7.8 million by the year-end and growth in the company’s operations began to emerge in January and February this year.
Nevertheless, turnover was down from £151.5 million in 2000 to £142.9 million for the year ended 31 December 2001. Operating losses from discontinued activities reached £15.7 million and the overall pre-tax loss for the group came in at £121.0 million – more than double 2000’s £59.3 million.
Commenting on the results, chief executive Greg Ingham said: “We have emerged from the most difficult year in Future’s history as a more robust and mature business, with a strong management team determined to restore our performance.
“The Board is encouraged by year-on-year growth in Group revenues from continuing operations for January and February. Our success for 2002 overall will be determined primarily by our ability to capitalise on the continued growth of the games market. In the past, Future has shown much stronger trading in the second half of the year and this trend is expected to apply for 2002. Overall, Future now has a smaller business, better systems, less debt, a lower cost base – and none of the wholesale restructuring and attendant issues which preoccupied it last year. All this leads us to believe that there will be a good performance in 2002.”
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