Future’s announced this disappointing results for its FY11 this morning, with revenue down and debt up.
New Future CEO Mark Wood announced that the company would merge both the UK and US businesses for “the borderless digital markets opening up worldwide.”
For the FY ending September 30, revenue was down 6% to £141.7 million, making a loss compared to a profit in FY10.
Future’s net debut increased to £11.8 million from £7.4 million the previous year, up by 59%.
The merging of the UK and US operations will, according to Wood, “create a single global product line.”
He added: “These changes will enable us to operate more efficiently and return the US 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 US and other key markets.”
Future houses Official PlayStation, Xbox and Nintendo Magazines, as well as Edge, CVG and GamesRadar.
Thanks, MCV.
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