Future was founded as a UK company in 1985. Its focus as a special-interest publisher has been built on a creative, innovative and competitive culture.
In 1994, Future UK was acquired by Pearson plc, which subsequently sold the business in 1998 to a management buy-out backed by Apax. In June 1999 the enlarged Group (now including UK, US and other countries) was floated on the London Stock Exchange. Future’s expansion included further overseas subsidiaries.
Following this period of over-extension, the Group was scaled back during 2001 and its bank debt significantly reduced by (i) the disposal of its then largest magazine, and (ii) a 20p rights issue.
From 2001, the Group ran subsidiaries only in the UK, US, France and Italy. The Group had no net bank debt for three years from May 2002. From 2003 to 2005 Future made a number of small acquisitions, funded from its net cash position.
In December 2004, the Group announced an intention to double its size by 2008, and in June 2005 acquired a number of titles from Highbury House Communications plc, funded by bank debt. The financial results from this acquisition were disappointing and coincided with a period of reduced profits.
In 2006, The Board scaled back the ambitious policy of rapid expansion, and appointed a new Chief Executive, Stevie Spring, who set out the Group’s new strategy in the Annual Report 2006.
In 2007, the Group vigorously implemented its new strategy. We sold or closed 51 weaker titles, and disposed of Future Italy and Future France. The Group is now concentrating on its key strategy of providing English-language content in key sectors, cross-platform.
