13 September 2000

On- and off-line publisher Future Network, which on Monday appointed Rupert Murdoch’s daughter Elisabeth as a non-executive director [WAMN: 12-Sep-00], yesterday reported a sharp increase in pre-tax losses for the half-year to June.

These spiralled from £6.3 million in 1999 to £13.48m, attributable mainly to new launches which cost £12.9m. Undaunted by the redness of the results, chairman Chris Anderson plans to launch thirty new magazines and seven internet sites during the next twelve months.

The company, which publishes titles such as PC Gamer, T3 and Business 2.0, currently has a market capitalisation in the region of £1bn.

News Source: CampaignLive (UK)