A slump in magazine sales and advertising in the US sliced 39 per cent off adjusted pre-tax profit at publisher Future, the company behind titles including Guitar World and the T3 gadget magazine. If that wasn't bad enough, the decision to write down the value of the group's US assets by £17m plunged the business into a huge loss and prompted a 19 per cent collapse in the share price. Add in 59 per cent increase in net debt to £11.8m, and a dividend 'holiday' is the price for keeping the banks onside. Shareholders will now have to wait until at least 2013 for their next payout having only just received the interim dividend announced in May.
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