LONDON, United Kingdom (BRAIN) — Future plc, the publisher of Cycling Plus, Cyclingnews.com and BikeRadar.com, saw normalized revenues increase 1 percent to £76.2 million ($116 million) in its third quarter.
Digital advertising revenues was up 24 percent and now accounts for nearly 60 percent of the company's advertising revenue.
Besides its bike titles, Future publishes several sites and magazines in the games market, which has been weak and contributed to a new forecast for full-year EBITDA that is below previous projections. As a result, the company has instituted a cost-savings program. The company said the program will reduce expenses related to the print magazine side of its business.
"We are disappointed to miss our target for the full year and as a result we are bringing forward plans to reduce legacy print costs and improve operating margins in the period ahead," said Mark Wood, Future plc's chief executive.
"We see encouraging trends across the business for the final quarter and the year ahead, including in the Games sector in the run up to major new console launches later this year, and anticipate delivering significant revenue and profit growth in the coming year."
Future is traded on the London Stock Exchange (symbol: FUTR). It operates media titles in games, film, music, technology, cycling, automotive and crafts, selling a total of 2.2 million magazines a month and seeing more than 38 million monthly unique visitors across its websites.
