Strategy & Operations » Leadership & Management » Future CFO resigns as first half losses narrow

Future CFO resigns as first half losses narrow

Publishing house loses CFO after only eight months in the job; first-half losses narrow to £1.3m

RICHARD HALEY has quit as chief financial officer of Future Publishing after only eight months in the role, the global media group and publisher said as it revealed that first-half losses before tax narrowed to £1.3m from £24.3m in the previous year.

Haley joined Future, which publishes T3, Edge and Total Film, as CFO in October last year from Tesco after Zillah Byng-Maddick was promoted to CEO following the departure of Mark Wood a month after issuing a profit warning.

Future has undergone a major restructuring, which included cutting its headcount to 577 from 980 since Byng-Maddick was appointed CEO, and has steadily moved its focus away from magazine into digital titles. Digital and diversified revenues now account for 50% of total sales, which fell to £30.8m in the six months ended 31 March 2015.

“Both the UK and US businesses have reported profits in the first half – in the US this is the first time in seven years – as the transformation programme starts to deliver results and puts us on a stable footing,” Byng-Maddick said. “Momentum is clearly building, with half our revenues now coming from digital and diversified activities. This is an important milestone for the business.”

Commenting on Haley’s departure, Byng-Maddick said: “Richard has made a valuable and significant contribution to the group as we transform the business to profitability.”

The company said Haley will remain in his role to ensure an orderly handover.

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