BATH, United Kingdom (BRAIN) Tuesday May 22 2012 1:15 PM MT—Future media group revenue fell 11 percent in the half-year ending March 31 although its digital business was a bright spot with iPad sales and digital advertising both on the rise, according to an earnings report released Tuesday.
Total half-year revenue was 61.1 million pounds ($96 million), down from 68.8 million pounds ($108.6 million) for the same time period last year. Group digital revenue was up 37 percent with digital advertising now accounting for 44 percent of all ad sales. Sales on the iPad have reached 3 million pounds ($4.73 million) since the launch of Apple’s Newsstand last October. Growth on the digital side in the U.K. helped offset declining print revenue, the company’s chief executive Mark Wood said in a statement.
Future’s portfolio of 200 publications, apps, websites and events includes the Bike Radar and Cycling News websites, the CyclingNews HD digital magazine and Mountain Biking UK, Procycling, Triathlon Plus, What Mountain Bike and Cycling Plus print magazines.
Future is set to debut a U.S. version of its popular U.K. Bike Radar website next month with U.S. specific content. Overall U.S. operations are on track to return to profitability in the next year after a restructuring reduced staff by 31 percent through the disposal of its U.S. music titles, Wood said.
Future Publishing sells 2.2 million magazines a month, tallies more than 35 million unique visits to its websites and delivers more than 100 digital editions.