Future PLC has announced digital revenue growth of 24 per cent for its most recent financial quarter.
Overall group revenues were down three per cent, although the UK outperformed this with revenues falling just one per cent. Furthermore, Future's US operations remain on track for profitability in 2013, despite further print decline in the region.
Digital now accounts for 23 per cent of the company's normalised revenue – up from 18 per cent in the same period a year before. Digital advertising now accounts for 54 per cent of total advertising revenues, up from 45 per cent. In the US the digital advertising share grew from 64 per cent to 74 per cent.
Normalised digital circulation grew 16 per cent. Net debt as of December 31st stood at 16.8m, down six per cent year-on-year.
The period saw new digital launches such as Football Week and Photography Week as well as a number of print closures – PSM3 and Xbox World in the UK and Nintendo Power and Official PlayStation Magazine in the US.
Future now expects full year numbers to be in line with expectations, although print revenues will remain challenging” with digital continuing to grow.
We are pleased to have achieved steady growth in our digital revenues in the first quarter,” Future chief exec Mark Wood stated. We will continue to focus on generating new revenues from our large, global online audience of 50m 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.”