Future's half year digital revenue grows by 37%
Publishing group Future has announced that its half year digital revenue has grown by 37%, with digital advertising now accounting for 44% of its total advertising revenue.
In announcing its interim financial figures, Future, which published Total Film, SFX and Cycling Plus, said that its normalised group revenue had fallen by 4%, however sales through iPads had now passed £3m since the launch of Apple’s Newsstand last October.
In total, the company’s UK revenue grew by 1% as a result of digital increases, which offset the company’s print decline, while it has also claimed that its US operations were on track to return to profitability in 2013.
However, the company still made a pre-tax loss of £700,000.
Mark Wood, chief executive of Future, said: "After a period of restructuring and refocusing, we are now seeing Future begin to generate significant revenues from new digital products and activities. Group digital revenues increased by 37% and in the UK digital growth offset the decline in print revenues. Our recovery plan for the US is on track and we will meet our commitment to return the US to profitability within the next 12 months.
"We are confident the momentum now building across the Group will ensure we meet our expectations for the full year.
"Future is seizing the opportunities offered by new platforms and channels to reach new audiences and grow a global digital business. On Apple's iPad, Future is one of the world's leading digital publishers in sales volumes and number of titles. That is a sign of how far we have come in a very short time," added Wood.