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Future CFO resigns as first half losses narrow

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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