After reporting a year-over-year loss, it looks like magazine publisher Future Publishing is going to merge its operations in the United Kingdom and the United States. Earlier this year two prominent executives resigned from the company due to the publisher's financial troubles.
Following its financial results for the fiscal year ended September 30, 2011, the company announced the appointment of a new group CEO and finance director to replace Stevie Spring and John Bowman. Future's new CEO Mark Wood explained why the UK and U.S. operations will now be merged.
"Building on the digital success in the UK, we have taken steps to reorganize the company, merge UK and US operations and create a single global product line," he explained. "These changes will enable us to operate more efficiently and return the U.S. business to profitability. The changes will also mean that we can accelerate our transition to a digital business model and start to sell our entire range of digital content to high-value audiences in the U.S. and other key markets."
For the fiscal year ended September 30 2011, the company reported revenue of £141.7 million ($219.1 million), down 6 percent from last year, while losses increased by 59 percent to £11.8 million ($18.2 million) from the same period a year ago.
Future operates multiple game magazine including Best Buy's @Gamer, PC Gamer, and Official Xbox Magazine.