Magazine Publisher Future Merges UK, U.S. Branches Following Fiscal Year Losses

British video game magazine company Future Publishing is set to merge its UK and U.S. operations, following a decline in revenue and greater losses year-over-year. The publisher has been facing financial difficulties this fiscal year, with two major executives resigning as a result and consideration of magazine closures. As part of its financial results for the fiscal year ended 30 September 2011, the company explained that it has now brought on a new group CEO and finance director to replace Stevie Spring and John Bowman. In a move to bring its U.S. branch back to profitability, the company's new CEO Mark Wood explained that the UK and U.S. branches will now be merged. "Building on the digital success in the UK, we have taken steps to reorganise the company, merge UK and US operations and create a single global product line," he explained. "These changes will enable us to operate more efficiently and return the U.S. business to profitability. The changes will also mean that we can accelerate our transition to a digital business model and start to sell our entire range of digital content to high-value audiences in the U.S. and other key markets." For the fiscal year ended 30 September 2011, the company saw revenue of £141.7 million ($219.1 million), down 6 percent year-over-year, while losses increased by 59 percent to £11.8 million ($18.2 million) year-over-year.