Bath-based media group Future today said it is starting to reap the rewards of its major restructuring programme under which it has slashed hundreds of jobs and sold off dozens of titles.
The firm, which made a £35.4m loss in the year to September 30, also said it started its new finance year well and was building on its performance at the end of last year, when it returned to profit. 
Chairman Peter Allen told its annual general meeting at its London office: “We have made a solid and encouraging start to [the new financial year] across the group and continue to build momentum.
“We are starting to see the benefits of the largely completed transformational plan. Trading is in line with our expectations and continues the trends seen in Q4 2014.”
He added that the group continued to have a positive cash balance.
Sales last year from £82.6m to £66m as Future sold income-generating titles as part of the shake-up, which started last March. Since then it has shed more than 400 jobs and sold most of its sport and craft titles to Bristol-based rival Immediate Media for £23.8m and its auto titles to Kelsey Publishing for up to £2.3m.
The cost of the transformation programme, including redundancies, added £24.3m to its annual pre-tax loss.
Since March it has reduced its staffing from 980 to 577,
