Future sees its revenues tumble 12pc

Playstation Magazine publisher Future said yesterday that first-quarter revenue fell 12 per cent and it expected trading conditions to remain difficult throughout 2010.

The company said projected growth rates were very low and advertising budgets remained soft against tough competition, which continued to put pressure on yields.

Future, whose special-interest magazines and websites range from computer gaming to cycling, said it continued to operate within all bank covenants.

For the three months ended 31 December, total revenue fell to £36m.

For the second quarter, the company said it expected January’s adverse weather conditions to hurt UK newsstand performance in the month, but did not expect this to be significant.

Chief Executive Stevie Spring said: “There have been some very robust performances throughout the business and I remain confident that Future is as well positioned as it can be to benefit from any economic recovery.”

Future shares closed 6.7 per cent higher yesterday at 20p on the London Stock Exchange.