Specialist consumer magazines publisher Future has reported revenue down 7 per cent in the three mnonths to 1 January, driven largely by a drop in print revenues in the US.
The publisher of titles such as Total Film, Classic Rock and T3 has, however, reported a 41 per cent increase in digital revenue – meaning that it now comprises 17 per cent of overall revenue.
In the UK, revenue dropped 2 per cent the period – but digital circulation and advertising revenues grew 51 per cent, the company said in a trading update.
In the US, which comprises 25 per cent of the group, closures and print revenue declines saw a 20 per cent drop in revenue.
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On the financial outlook for the company, Future said: "Print sales will be challenging, but we expect digital revenue to maintain a vigorous growth rate.
"We expect revenues from tablets and other mobile devices to show continued growth as the number of devices proliferates.
"Future is a world leader in this field and has over 65 digital editions available through the Apple Newsstand for iPads and iPhones, more than any other publisher."
Future revealed that its free apps have been downloaded 10m times and that it has sold 430,000 digital magazines. It also claimed that its websites are visited by 34 million people a month – with UK site Techradar alone reaching 11 million unique users in December.
Chief executive Mark Wood 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."
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