FNET Future

RNS Number:4667A
Future Network PLC
05 July 2004

5 July 2004
                             The Future Network plc

                            Pre-Close Trading Update

The Future Network plc, the international specialist consumer magazine group,
today issues a trading update, prior to its interim results announcement which
is scheduled for 14 September 2004.

This trading update provides an overview of The Future Network plc's revenues
and general trading for the five months ended 31 May 2004, together with certain
estimated information for June. The figures may therefore differ slightly from
the interim numbers that will be reported for the six months to 30 June 2004.
All revenue growth figures are given year-on-year.

The headlines are as follows:

Group revenue up 8% (12% at constant currency)
Circulation revenue up 7% (11% at constant currency)
Advertising revenue up 10% (16% at constant currency)
Solid progress across the group

Revenue performance for the first five months can be analysed as follows:

Territory                     Growth             Growth            Proportion of
                            (sterling)      (constant currency)        Group
                                     
                                              
UK                              - 2%               - 2%                   53 %
US                             + 19%              + 35%                   25 %
Mainland Europe                + 22%              + 24%                   22 %
Total Group                     + 8%              + 12%                  100 %

The average value of the Dollar against Sterling declined by 14% compared with
the first five months of last year, so that revenue growth in Dollar terms was
much stronger than that reported in sterling. The average value of the Euro
against Sterling in the period declined by 2% against the same period last year.


Sector                      Growth             Growth            Proportion of
                           (sterling)      (constant currency)        Group
                                     
Games                          - 1 %               + 4%                   41 %
Computing                      + 2 %               + 5%                   32 %
Entertainment                 + 31 %              + 36%                   27 %
Total Group                     + 8%              + 12%                  100 %

In the UK, there has been some improvement in second quarter trading over the
first quarter, although total UK revenue for the six months to June is expected
to be broadly flat. Our recently appointed UK Managing Director has implemented
a number of initiatives to drive growth.

Future's expanded US portfolio is performing according to plan in the first half
of 2004, with the guitar titles acquired in 2003 performing well. US advertising
revenue in the first six months to June this year is ahead of 2003 by 37% (55%
in constant currency). It was confirmed last month that Future US was the
fastest growing on the newsstand among the top 50 US publishing companies in
2003, moving up from 19th to 13th position, ranked by audited newsstand in terms
of gross retail revenue (source: Circulation Management).

Our Mainland European subsidiaries in France and Italy have each been profitable
in the year to date. Cost-savings from last year's acquisition in France are on
track. Compared with the same period last year, the group's Mainland European
businesses have made a much stronger profit contribution.

The four acquisitions made by the group in 2003 have made good progress and
further details will be provided with the interim results in September.


                        Dividend and Reporting Calendar

At the AGM held on 13 May 2004 shareholders approved resolutions to pay a first
dividend of 1.25 pence per share and to change the financial year-end of the
Company from 31 December to 30 September with effect from 30 September 2004.

On 24 May 2004 the Group paid its first dividend of 1.25 pence per share and the
Board repeats that its intention is to recommend a final-only dividend of 1.25
pence per share for the nine months to 30 September 2004, in the absence of
exceptional circumstances.

The Group's interim financial results for the six months to 30 June 2004 will be
announced on 14 September 2004 and a further trading update will be provided at
that time.

An updated reporting calendar is available on the Group's website at
www.thefuturenetwork.plc.uk.

Enquiries:

The Future Network plc

Greg Ingham, Chief Executive Tel: 01225 442244
John Bowman, Finance Director Tel: 01225 442244

Hogarth Partnership

James Longfield/Georgina Briscoe Tel: 020 7357 9477



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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