Future to cut 170 roles in the UK following 'disappointing' financials - BikeBiz

Future to cut 170 roles in the UK following 'disappointing' financials

Publisher records drop in revenue on the day it sells heavy hitting bicycle titles and sites
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Confirming reports circulating earlier this month, Future - publisher of BikeRadar, CyclingNews, MBUK, Cycling Plus, Triathlon Plus and more until it sold them to Immediate Media today - is to reduce its headcount by losing over 170 roles in the UK. Over 40 have been cut already in the US.

Immediate has stated it expects approximately 130 staff to transfer following the sale.

Future's half year results (ending March 31st) saw first half of the year revenue down to £48.7m (£54.6m in H1 2013) - though normalised Group revenue was down one per cent to £48.5m.

While there was good news in that UK revenue rose two per cent to £41.5m, US revenue dived 14 per cent to £7.3m.

Peter Allen, Future chairman, said: "Whilst the Board is disappointed with the results for the first half of the year, we have already taken significant actions to address the fundamental issues. Since appointing Zillah Byng-Maddick as CEO on 1st April we have completed a thorough review of the organisation. In the UK we are currently consulting with staff on a transformative restructuring programme which the Board believes will simplify our business, allowing it to thrive in an increasingly digital and mobile age, with a renewed focus on revenue and margin growth in core sectors.

"Today we also announce the disposal of our Sport and Craft titles to Immediate Media for up to £24m. These divisions are well managed and very successful parts of Future's portfolio and will continue to thrive under their new owners. However their disposal will enable Future to focus on the remaining lead verticals with an emphasis on the growing consumer technology market."

Following the sale of its sports and cycling titles, Future is concentrating on consumer technology markets.

There's more on Future here.

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