Future plc (LSE: FUTR), the international media group and leading digital publisher, today announces the implementation of plans to fast-track the digital transition of its US business.
Following our update to the market on 14 March, Future is accelerating a realignment of resource in the US away from print. With these changes, all US print support functions such as consumer marketing and production will move to teams in the UK hub. Editorial leadership for Future's international print brands in the US will now be centralised in the UK, with some limited localised contribution from the US. No brands will be closed as part of this realignment, but US headcount will reduce by approximately one third.
Future CEO Mark Wood said: "These changes enable Future's US business to focus squarely on profitable operation of our core US digital brands, which have increased traffic by 40% in the past year and draw over 22 million unique user visits a month."
Future CEO-designate Zillah Byng-Maddick said: "We are absolutely focused on driving a significant reduction in the cost base of the business to deliver sustained margin improvement. With this activity we have moved decisively to realign resources and build efficiencies while taking a major step towards being a 100% digital business in the US. This is just one example of our determination to right-size Future for long-term success."
Future announced on 26 March 2014 that CEO Mark Wood will step down from his current role, and will become a non-executive Director of the Group, on 1 April 2014. CFO Zillah Byng-Maddick will take over as CEO at this time. Future will provide a full update on progress when results for the half-year ended 31 March are announced on 23 May 2014.
Mark Wood, Chief Executive Tel: 020 7042 4007
Zillah Byng-Maddick, Chief Financial Officer Tel: 020 7042 4433
Chris Taylor, Director of Communications Tel: 020 7042 4033/07980 221942
Jon Coles/Andy Rivett-Carnac Tel: 020 7404 5959
· Future plc is an international media group and leading digital business, listed on the London Stock Exchange (symbol: FUTR).
· Future has been named Consumer Digital Publisher of the Year for three years in a row by the Association of Online Publishers (2011, 2012, 2013) and has been named the Professional Publishers Association Digital Publisher of the Year for two consecutive years (2012, 2013). Future is also the British Media Awards Media Company of the Year.
· We have operations in the UK, US and Australia creating more than 200 publications, apps, websites and events.
· We hold market-leading positions in Technology, Games, Guitar, Creative and Sport & Auto sectors.
· Future sold more than 19 million magazines last year, that's 37 magazines sold every minute. Our most well-known brands include T3, Cycling Plus, Total Film, Mollie Makes and Xbox: The Official Magazine.
· Future has developed its own app-creation software, FutureFolio. We produce over 100 digital editions, and have sold over 5 million digital issues in the last year.
· Future exports or syndicates 225 publications to over 89 countries, making us the UK's number one exporter and licensor of magazine content.