20 September 2005 Acquisition of games magazines in Italy and France
Future plc (‘Future’), the international special-interest consumer magazine group, today announces that it has made two acquisitions, in Italy and France, for a total cash consideration of €3.7m (£2.5m).
In Italy, Future has acquired Italy’s longest-running computer games title The Games Machine from Milan-based Xenia Edizioni Srl for €3.5m (£2.4m). The deal also includes smaller titles PC Action, PC Action Games, the recently launched Videogames and the website www.tgmonline.it
For the year to December 2004, turnover for the established titles and website was €4.5m and the estimated profit before tax attributable to these titles was €0.6m. The acquisition involves ten Milan-based employees who are all moving across to Future’s office, also in Milan.
In France, Future has acquired Consoles Plus magazine from Emap France for €0.2m including integration costs. Founded in 1991, Consoles Plus is one of the leading multi-platform games magazines in France. The magazine fits well with Future France’s games magazine portfolio. This includes the titles acquired from Hachette in 2003, which have exceeded expectations. In the year to March 2005, Consoles Plus recorded sales of €1.8m and a small loss before tax.
Commenting on these acquisitions, Greg Ingham, Chief Executive of Future said:
“These are good bolt-on acquisitions that build on our existing position in the games sector in Italy and France. We look forward to publishing these titles, which we have admired as competitors for many years. They are a very welcome addition to our portfolio.”
Greg Ingham, Chief Executive Tel: +44 1225 822521
John Bowman, Finance Director Tel: +44 1225 732281
James Longfield/Georgina Briscoe Tel: +44 20 7357 9477
Future plc was founded in the UK in 1985. Today, it publishes over 150 special-interest consumer magazines worldwide with strong portfolios in the computing, games, music, automotive, sports, crafts and leisure sectors. It is the fifth largest magazine publisher in the UK. Future employs 1,450 people in offices in the UK, US, France and Italy. Over 100 international editions of Future’s magazines are also published under licence in 30 other countries across the world. The company is listed on the London Stock Exchange (symbol FUTR).