Spring said the results were "the beginning, not the end" for Future, and committed to investing more than £6 million on its online products, not on more magazine acquisitions.
Spring, who took over from the previous chief executive, Greg Ingham, in July, said: "This makes pretty grim reading. Future spent £46 million on acquisitions so, to put it mildly, it's disappointing."
Future, which publishes 120 titles in the gaming, technology and entertainment sectors, blamed the poor results on an over-investment in acquisitions and a lack of focus on organic development. The publisher blamed its acquisition of 38 titles from Highbury House in June 2005 for the heavy debt.
