Magazine publisher Future Publishing has managed to record a £1.1 million profit for the full 2012 financial year, up from an £18 million loss in 2011. This in spite of the fact that the company reported that sales were down from £141.7 million to £123.5 million.
The company attributed to sharp turnaround to the drastic restructuring of its US business and a focus on digital markets as the print business continued to decline. The company said that it managed to generate £6 million if sales on Apple's digital Newstand since it launched in October 2011, with global sales on all tablet devices hitting $1 million each month.
"We are a leading force in the new tablet markets and our online audience has grown by 70 per cent to more than 50 million unique users," said CEO Mark Wood. "The main achievement was to advance our new business models which steadily reduce reliance on print markets and have opened new avenues for global expansion. We are aiming to generate more than half our revenues from digital markets within three to four years."
The company said that UK sales in its entertainment and technology business were down last year due to the games market cyclicality. Future recently announced the closure of PSM3 and Xbox World, but still publishes Edge and websites Computer & Videogames and Games Radar.