Future publishing sees digital revenue increase by 24 per cent
Publishing company Future has announced a 24 per cent increase in digital revenue within its latest trading update.
The announcement is part of the group’s first quarter of its latest financial year between October and the end of December 2012, which shows group revenue to be down by three per cent, and by one per cent in the UK.
The publisher, which has been focused on increasing its digital output in recent years, saw a continued growth in its digital earnings, reported as 23 per cent of its normalised revenue, although its managed declines in print by its US division was cited as the main factor in overall revenue decline.
The growth in digital revenue follows the 18 per cent rise that was recorded during the same period a year earlier, and now represents over half (54 per cent) of its total advertising revenue, which was recorded at 45 per cent the previous year.
Future has grown to offer over 40 publications through Google Play’s Magazine Shop, which only opened last December, while the trading statement also claimed that in the US digital advertising made up almost three quarters (74 per cent) of its total advertising revenue.
Future plc (LSE: FUTR), the international media group and leading digital publisher, today announces its Interim Management Statement for the period from 1 October 2012 to the date of this announcement, incorporating the Group's first quarter for the three months ended 31 December 2012.
Mark Wood, CEO of Future, said: "We are pleased to have achieved steady growth in our digital revenues in the first quarter. We will continue to focus on generating new revenues from our large, global online audience of 50 million unique users. We now sell digital editions on all the major tablet platforms and, through content partnerships, we are able to enter new markets, as most recently demonstrated by our move into English Premier League Football with Football Week."
The net debt of the company at the end of 2012 was £16.8 million, reduced by six per cent during 2012.