Future publishing restructure resulting in loss of 170 UK jobs
Restructuring at magazine publisher Future will result in the a loss of over 170 jobs in the UK, the publisher reported in its half-year financial results (ending March 31, 2014). Known for gaming publications like OXM, PC Gamer, CVG and Edge, Future announced its global plans to "refocus and simplify" at the beginning of the month.
Future reported an increase in its normalized UK revenues by two percent to £41.5 million ($69.4 million), which accounted for 85 percent of the group's total revenue. Its normalized U.S. revenue was down 14 percent for the half-year to £7.3 million ($12.2 million). Part of Future's plans involves the sale of the company's sport and craft properties to Immediate Media for up to £24 million ($40.1 million). The sports magazines include Procycling, Cycling Plus and Mountain Biking UK, whereas the craft publications in question include both the UK and US Mollie Makes magazines, The Knitter and Simply Knitting.
[Image: Future PLC]
