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Future’s digital growth offsets print decline in Q4 2011

Future PublishingFrom October to December 2011, Future Publishing’s digital revenues grew 41% and were 17% of overall revenues, compared with 11% for the year ended 30 September 2011. In the UK, which now represents 75% of the business, revenues declined by 2% − chiefly as a result of the loss of a customer publishing contract. Digital circulation and advertising revenues grew by 51% and offset net declines in print-related revenues. This is an important milestone in the evolution of the business. In the US, revenues were down 20%, as anticipated. The fall was largely the result of year-on-year reductions in print revenues and the managed closure of titles. Future’s programme of cost reductions offset the impact of this decline. Digital revenues in the US were up 24% and digital advertising made up 45% of all advertising revenues. Mark Wood, Future plc Chief Executive said: "The new management team is delivering fast digital growth and restructuring our US business in line with the strategy outlined in November. We are pleased that cost-saving initiatives have fully offset the anticipated reduction in revenues. "We are starting to see a significant change in the shape of the business as our digital innovation enables us to reach entirely new consumers in global digital markets. The period has confirmed Future's position as a recognised leader in the transition to digital publishing." Future is an AOP Board Member company.

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