The publisher went from a £5.5 million profit in 2010 to a loss after taxation of £19.3 million in the year to September 30 2011, with annual revenue also down, from £151.5 million to £141.7 million

Future said the loss was caused largely by sharply reduced print copy and advertising sales in the US, where the company operates titles such as Guitar Aficionado and Maximum Tech.

Future US revenues were down 13% at $62.4m and the operation delivered a loss ...