Future Publishing to cut 55 jobs

Restructuring from print-based business to digital publisher sees company downsize back office

Future Publishing is to cut 55 jobs as it continues to restructure from a primarily print-based business to a digital publisher.

The company, which publishes official titles for Xbox, PlayStation and Nintendo, issued a profit warning in July and said that it needed to make cost savings of £2m to £2.5m this year.

On Tuesday the publisher briefed its 1,000 employees of its plans to restructure the business, kicking off a 30-day consultation period.

"We are restructuring Future in the UK to adapt it more effectively to the company's rapid transition to a primarily digital business model," said Mark Wood, the chief executive of Future. "Approaching 60% of our advertising now comes from digital markets. As Future becomes an increasingly digital business, we need to reduce costs and staff levels devoted to print products and downsize back office and support activities."

Wood said that the cost cutting would involve 55 redundancies and "the removal of an additional number of vacant posts".

He said that the redundancy programme will "affect selected, but limited" areas of the company.

In the company's most recent financial update, in July, its games sector was the most heavily hit as the market held off spending on ad campaigns before the launch of the XBox One and the PS4.

Contributor

Mark Sweney

The GuardianTramp

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