Future blames "tough conditions" for fiscal end of 08 though still up Y-o-Y

Future plc (Official PlayStation Mag, among many others) has blamed "tough conditions at the newstands" in lieu of a fairly tepid trading update for the three months to December 31, 2008.

The company said its games publications had a hard time due to what it calls the decline of PC gaming and the "very tough" US advertising climate, says MCV.

The company did however, reveal that revenue was up 1% compared with the previous year.

"Our focus this year is on guiding our business effectively through the uncharted waters of the current macroeconomic environment and ensuring we remain on course to deliver sustainable growth in the mid-term," said Future chief exec Stevie Spring.

"While of course we’re not immune to current challenges, we’re mitigating these through the active management of our portfolio and through building in greater cost flexibility. We remain confident that we’re in the best shape we can be to deal with whatever challenges lie ahead and are on track to deliver against expectations for the full year."

By Mike Bowden