Future sees digital revenue grow by nearly one third
In its approach to becoming a digital publishing organisation, Future has seen its group digital revenues climb by nearly a third, although group revenue by has fallen by four per cent.
In an interim management statement, the international specialist media group reported on its performance between 1 October last year until today (31 July), stating that its normalised group revenue had fallen to £87.9m, but that it had grown by 1 per cent in the UK.
With continued increase in sales of its digital editions on iPads and other tablets during its third quarter, the publisher saw its digital revenue grow by 30 per cent, with sales of over 1.7 million copes through Apple’s Newsstand since its launch last October.
It also said that it remains on track to make a profit in the US, where it is aiming to grow it’s presence, next year.
The company aims to ‘diversify’ its revenue in the US, having launched two US versions of its digital platforms TechRadar and BikeRadar.
The net debt on 30 June for Future grew however, in-line with expectation by one per cent to £17.1m as a result of recent restructuring costs.
Mark Wood, CEO of Future, said: "We have made further progress in transforming Future into a more digital business, building strong sales on tablets and building our online properties in the US. The profile of Future is changing at a rapid pace, and we are excited by the prospects."