The profits of Future magazine group have exceeded expectations, according to its latest financial results.
The publishing company, which produces around 140 titles including PC Gamer, Total Film and Classic Rock, said it was experiencing strong growth and is on track to beat current forecasts of between £78.2m and £83.2m profit, a sharp rise on the £52.2m which was reported last year.
The news comes after the company completed a £140m purchase of rival TI Media in April of this year, taking over titles relating to women’s interest, lifestyle and sport, including Country Life and Women & Home.
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The UK’s competition watchdog told Future it had to sell three titles in order for them to approve the deal, and lockdown was blamed for six further closures, including the Official Xbox Magazine. It also reduced its supply of magazines to retailers.
The publisher said digital was the secret to its success. Chief executive Zillah Byng-Thorne said: “While macro uncertainty remains in light of the pandemic, we are well positioned to benefit from the continued shift to digital media as we grow our global audiences.”
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