Future plc records big gains in digital revenue, US operations now profitable
Digital edition revenues climb 44% year-on-year
The UK and US magazine publisher Future plc announced earnings on Friday and provided a bit of good news for those who are betting that digital will eventually pay off for the publishing industry.
Future reported slightly lower revenues, but after taking out shuttered businesses was able to report a 3 percent gain. The company was also able to report a pre-tax profit of £1.9 million compared to a loss of £2.7 million in the prior year. Debt was also halved from £14.1 million to £6.9 million thanks to those property sales.
“Our digital revenue growth accelerated, with a 38% increase year-on-year, and we passed an important transition point with more than half our advertising revenues now digital,” Mark Wood, Future’s Chief Executive, said. “We have made real progress in reshaping the Future business, diversifying our digital revenues, making our US operations profitable and building global digital brands.”
“Overall, these are good results after difficult trading conditions earlier in the year, thanks to stronger trading across all areas in the fourth quarter. Looking forward, we see the encouraging Q4 trends continuing with forward advertising bookings up year-on-year, and revenue momentum across all sectors,” Wood said.