Specialist consumer magazines publisher Future today reported operating profit (before exceptional items) up 26 per cent to £6.8m on turnover down 12 per cent to £123.5m.
Group digital revenues were said to be up 30 per cent to £20.6m.
Chief executive Mark Wood said: “This has been a year of substantial progress and Future is now well positioned to grow and diversify revenues as a global digital business. We are a leading force in the new tablet markets and our online audience has grown by 70 per cent to more than 50 million unique users. These advances are opening new opportunities and we will accelerate Future's digital transformation in the year ahead.
“Overall, we achieved a substantial improvement in the group's financial performance in 2012 despite an unfavourable economic climate in many of our core markets. Normalised operating profit grew by 68 per cent year-on-year and digital revenues have increased by 30 per cent to £20.6m. The restructuring actions taken over the last 18 months have crystallised the £4.5m in annualised savings that we highlighted a year ago.
“A key focus in 2012 was on turning round our US operations. We reduced losses, de-risked the print business and put the US on track to return to profitability in 2013. The UK business again showed resilience despite a challenging trading environment, producing a 13 per cent operating profit improvement to £9.3m.
“The main achievement was to advance our new business models which steadily reduce reliance on print markets and have opened new avenues for global expansion. We are aiming to generate more than half our revenues from digital markets within three to four years.”
He said that gross revenues from digital magazine sales are now running at more than £600,000 a month.
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