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Future is to cut more than 200 jobs and sell off its sport and craft magazine portfolio, as the ailing publisher reported a £30.6m pre-tax loss in its first half year.

Future Publishing, which recently brought in former AutoTrader financial chief Zillah Byng-Maddick as chief executive to transform the business, said that it is to cut more than 170 jobs at its UK operation.

A further 40 roles have already been cut in the publisher's US operation.

Future also said that it is to sell its portfolio of sport and craft titles – which include Procycling, What Mountain Bike and The Knitter – to Radio Times and Top Gear publisher Immediate Media in a £24m deal.

The portfolio includes 17 titles and a range of websites and made operating profit of £6.4m and revenues of £23.7m in the year to the end of September.

Future reported a £30.6m pre-tax loss in the six months to the end of March, hit by a £26m impairment charge on the value of its print asserts, as revenue fell 10.8% to £48.7m.

The company said there was strong growth in digital and non-advertising revenues, up 9% to £16.8m, but that overall it was a poor performance.

"Whilst the board is disappointed with the results for the first half of the year, we have already taken significant actions to address the fundamental issues," said the Future chairman, Peter Allen. "We have completed a thorough review of the organisation. In the UK we are currently consulting with staff on a transformative restructuring programme which the board believes will simplify our business, allowing it to thrive in an increasingly digital and mobile age, with a renewed focus on revenue and margin growth in core sectors."

SeeNoEvil wrote:I'm not sure Future Publishing own the rights to the TV show? it was made by Hewland International (which is no longer in business) for Channel 4? Obviously someone owns it, don't know who though.

"I sold the rights to Future Publishing for that purpose. I knew it wouldn't come back. I was hoping to take the cash. I know broadcasting well enough to know the moment has passed."

SeeNoEvil wrote:Ah well there you go, you're right. Hopefully if they do sell them, the new owner may try to monetize the rights instead of just sitting on them. Fingers crossed!

Simon Maxwell, group publisher of Future's console and online portfolio, added: "GamesMaster is a key gaming brand for Future and there are some fantastic opportunities to expand its reach and influence beyond the magazine.

"This year, we'll bring a comprehensively redesigned GamesMaster magazine to market, develop an online presence through our existing sites, and explore the appetite for bringing the show back to TV."