Future Publishing sees 37% rise in digital revenue
UK revenues also up 1 per cent, US to be profitable by 2013
Future Publishing has seen a 37 per cent rise in digital revenue for the half year ended 31 March. The growth has offset the company's declining print operations, and allowed the UK to see a 1 per cent revenue rise.
The interim results, released today, also revealed that digital now represents 44 per cent of the company's advertising.
Statutory revenue stood at £61.1 million, compared to £68.8 million for the same period last year, an 11 per cent fall. Games products, including the official PlayStation 3 and Xbox magazines and websites like CVG, saw £8.8 million in revenue for the period. Operating profit fell 33 per cent to £1.2 million.
The statement explained "the Games sector has been tough as a result of the low levels of activity in hardware and software."
Digital represented £9.6 million of revenue, print, which was down 10 per cent, represented £45.1 million and customer publishing made up £4.4m million. The UK now represents 80 per cent of revenue for the Future group.
Normalised revenue was £59.1 million, a 4 per cent fall from £61.5 million for 2011.
"After a period of restructuring and refocusing, we are now seeing Future begin to generate significant revenues from new digital products and activities," said Mark Wood, chief executive.
"Group digital revenues increased by 37 per cent 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."
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