UK Lags Behind Europe And US Growth For Future
The international specialist consumer magazine group, Future Network, has today revealed that revenue for the first five months of 2004 is up by 8%, fuelled by growth in Europe and the United States.
The trading update, issued prior to the interim results due on 14 September 2004, shows that mainland Europe outperformed all other regions, growing by 22% with subsidiaries in France and Italy each making a strong profit contribution. US revenue was also up for the five month period, growing by 19%, however, the UK’s performance pales in comparison, as revenue declined to -2%.
Group advertising revenues grew by 10% over the period, while circulation revenue was up by 7%, citing solid progress across the group. The entertainment sector made significant gains over the first five months of this year, up by 31%, when compared to computing and games which grew by 2% and 1% respectively.
Improvements in the UK are expected for second quarter trading as the benefits of new initiatives implemented by the recently appointed UK Managing Director come to fruition.
The statement says that Future’s expanded US portfolio is meeting expectations in the first half of 2004, with guitar titles, including Guitar One which was purchased in 2003, performing well. Last month it was confirmed that Future US was the fastest growing on the news-stand among the top 50 US publishing companies in 2003.
Along with the trading update, Future also announced today that it has just won a lucrative extension to continue publishing the official Xbox Magazine, which will run until December 2011.
Future Publishing: 01225 442 244 www.futurenet.com
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