Future looks brighter as group 'back on track'

The group – which publishes titles such as Total Film, Classic Rock and technology magazine T3 – said it was getting "back on track" as it reported underlying profits up 13 per cent to 3.6m.

But revenues fell 7 per cent in the six months to March 31, dragged lower by the US business, although Future said it had stemmed losses in America.

Its half-year figures mark a welcome recovery after a terrible previous year, when the group was hit by a deep advertising slump and industry wide news-stand disruption in the US.

Stevie Spring, Future chief executive, said: "While it may be tempting fate to say that the worst is behind us, we are now seeing some notable improvements in trading patterns which we're confident will benefit us through the second half."

The UK business delivered a far better performance in the half-year, with advertising revenues largely flat after growth in the second quarter offset falls in the first.

Bath-based Future said it was encouraged by the second quarter revival and added the third quarter had started well with forward bookings up on a year earlier.

Shares rose 7 per cent after its interim results beat expectations and as investors took heart from the group's positive outlook comments.