FNET Future

RNS Number:6315Y
Future Network PLC
13 May 2004




13 May 2004
                             THE FUTURE NETWORK PLC

                         AGM Statement: Trading Update

At today's Annual General Meeting of The Future Network plc, the international
specialist consumer magazine group, Chairman Roger Parry gave the following
update to shareholders.

Group revenue for the first quarter to 31 March 2004 was 7% above first quarter
revenue in 2003. Revenue growth came largely from the entertainment segment,
primarily reflecting expansion of the group's portfolio in this area via the
acquisition last autumn of the leading guitar magazines in the US.

Circulation revenue (which in calendar year 2003 accounted for 69% of Group
revenues) grew by 8% compared with the same period last year and advertising
revenue rose by 7%.

Revenue performance for the first quarter can be analysed as follows:

Sector                 Year-on-year            Year-on-year        Proportion of
                      growth (sterling)      growth in local              Group
                                                    currency
Games                        - 5%                    + 2%                   41%
Computing                    + 5%                   + 10%                   32%
Entertainment               + 33%                   + 62%                   27%
Total Group                  + 7%                   + 15%                  100%

Territory            Year-on-year             Year-on-year         Proportion of
                      growth (sterling)     growth in local              Group
                                                 currency
UK                         - 4%                     - 4%                    52%
US                        + 18%                    + 35%                    26%
Mainland Europe           + 27%                    + 28%                    22%
Total Group                + 7%                     +15%                   100%

The average value of the Dollar against Sterling declined by 15% compared with
the first quarter 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 was unchanged.

In the UK, newsstand sales were slightly soft during the quarter. We changed our
magazine distributor with effect from 1 May 2004 to Marketforce, who are the UK
's largest magazine distributor. We were also pleased to announce in March the
appointment of Robert Price as our UK Managing Director.

In the US, after a particularly strong 2003, trading in the first quarter of
2004 was a little quieter than anticipated. First quarter advertising revenues
were slightly below expectation, while those for the second quarter are expected
to be slightly above.

The Group's businesses in Mainland Europe have made good progress in the first
quarter.

The Group's results for the half-year to 30 June 2004 are expected to be
announced on Tuesday 14 September 2004.

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






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