LONDON, England (BRAIN) Feb 10, 07:19 MT — Future plc, the owner of Cyclingnews.com, BikeRadar.com websites, and Cycling Plus and Procycling magazines, is reporting a slight overall decline in revenue over its first quarter, but a 41 percent increase in digital revenues.
Future, traded on the London stock exchange, says overall group revenues were down 7 percent in its first fiscal quarter, which ended December 31. UK revenues were down 2 percent. However the decline was partly offset by cost savings and the rise in digital revenue.
Digital revenues now account for 17 percent of the company's business, compared to 11 percent for its previous fiscal year, ending September 30, 2011.
A 20 percent decline in print revenue in the U.S., the result of shuttering or selling several magazine titles, contributed to the overall revenue decline. Digital revenues in the U.S. were up 24 percent.
Future is bullish on digital sales in general and especially for digital subscriptions and app sales through the Apple Newsstand. The company has more than r 65 digital editions available through the Newsstand. The company has seen 10 million downloads of its free apps, generating sales of over 430,000 digital magazines.
Future has more than 200 special-interest publications, apps, websites and events in the games, film, music, technology, cycling, automotive and crafts areas. Its biggest-selling products include T3, Total Film, Classic Rock and Official Xbox Magazine.