Future PLC has revealed strong digital revenue growth in its interim results for the half-year ended March 31st 2012.
Statutory revenue for the period fell 11 per cent to 61.1m with operating profit falling 33 per cent to 1.2m. Normalised revenue was down four per cent and profit down five per cent.
UK revenues grew one per cent thanks to digital growth, and the company says its US business remains on track for a return to profitability in FY 2013.
Group digital revenue soared by 37 per cent, however, with digital advertising now accounting for 44 per cent of the group’s total advertising revenue.
Sales of digital editions on iPad have also passed 3m since Apple launched Newsstand in October 2011.
"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 per cent and in the UK digital growth offset the decline in print revenues,” chief executive Mark Wood stated.
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."