FNET Future

RNS Number:5806W
Future Network PLC
29 May 2002



29 May 2002

                             THE FUTURE NETWORK PLC

                         AGM STATEMENT: TRADING UPDATE


At today's Annual General Meeting of The Future Network plc, the international
specialist consumer magazine publisher, Chairman Roger Parry gave the following
update to shareholders.



I am pleased to report today that our Group no longer has any net debt.  As at
30 April 2002, the group had modest cash balances amounting to £2.0m.  This
compares favourably with the high levels of net debt a year ago, which peaked at
some £78m at 30 June 2001.  Net debt was subsequently reduced to under £8m by 31
December 2001 and the group is now debt-free.



The Board continues to be encouraged by year-on-year growth in Group revenues
from continuing operations.  For the first four months of 2002, circulation
revenue, which last year accounted for approximately two-thirds of Group
revenues, grew by 23% compared with the same period last year while advertising
revenues were 4% lower than for the same period last year.  Total Group revenue
increased by 15% from continuing activities.



As we announced with our annual results on 19 March, our success for 2002
overall will be determined primarily by our ability to capitalise on the
continued growth of the games market.  The video games market continues to show
encouraging growth.  Overall, the Group's business continues to perform in line
with the board's expectations for 2002.



Shareholders are reminded that historically, Future has derived the majority of
its profits from the second half of the year, particularly the fourth quarter.
Although there has been encouraging trading in the first four months, it is too
early to estimate the full-year outcome.  The Group's results for the half-year
to 30 June are expected to be announced on Wednesday 4 September 2002.





Enquiries:


The Future Network plc
Greg Ingham, Chief Executive                          Tel: 01225 442244
John Bowman, Finance Director



Hogarth Partnership
James Longfield/Georgina Briscoe                      Tel: 020 7357 9477





                      This information is provided by RNS
            The company news service from the London Stock Exchange

Future (LSE:FNET)
Historical Stock Chart
From Jun 2024 to Jul 2024

Future (LSE:FNET)
Historical Stock Chart
From Jul 2023 to Jul 2024