Future Publishing 'Back on Track' Thanks to Digital, Custom Revenue
In its preliminary results for the fiscal year ending Sept. 30, UK-based Future Publishing is reporting a return to profitability in the United States and overall earnings above expectations.
Overall revenues declined by 1 percent compared to the same period in 2009. While overall ad revenue saw a 5 percent decline, online advertising rose by 8 percent. The largest percentage revenue gain came in custom publishing, an increase of 43 percent.
Total digital revenues increased by 14 percent and were up 30 percent in the second half after a "flat first half," the report states.
The company cited TechRadar, a consumer technology website launched three years ago, as an example of success with digital products. TechRadar has seen year-on-year revenue growth of 58 percent and, according to the report, is heading for a record-breaking fourth quarter.
"After an exceptionally tough 2009, we've delivered a set of results in 2010 that demonstrates we're back on track," said Stevie Spring, Future's Chief Executive.
"We've returned our U.S. business to profit—a key goal for the year. And made good progress against our strategic priorities—adapting and investing in our business to meet the needs of a rapidly changing content landscape."
"Consumer confidence is still fragile on both sides of the Atlantic, so our outlook for 2011 must remain cautious even though we've seen an encouraging 5 percent growth in the second half of 2010," Spring added.