• The Financial Times continued strong progress in transforming the business model, driving digital, content and subscription revenues. Digital subscriptions grew 14% year on year to over 343,000 and total paid circulation was 602,000, a modest increase on 2012. We continue to invest to shift resources from analogue to digital and have further reduced leased printing capacity globally since 30 June 2012 from 21 to 19 sites.
• Mobile readership continued to grow sharply, with over half of all FT.com subscriber consumption, more than a third of total traffic and 24% of new digital subscriptions coming through mobile devices.
• New products and innovations have strengthened our digital offering and driven engagement, including a redesign of the award-winning FT web app, now with over 4m users, which has powered a 33% increase in the amount of content subscribers consume in the app. In May, the FT launched fastFT, an original and dynamic service that provides market-moving news and views 24 hours a day across all devices, with over half of users coming through mobile devices.
• The FT Non-Executive Director’s (NED) diploma, the first post-graduate course designed specifically to train independent non-executive directors, launched in Hong Kong in June which has helped to increase overall global enrollment on the program by 36% year to date against 2012.
• Digital subscriptions at Investors Chronicle increased 45% to 11,528 while print subscriptions grew 7% to 21,245. Just two months after launching, Money-Media’s Financial Advisor IQ was named one of the highest rated digital news sources in its market. Medley Global Advisors had a strong first half, with high renewal rates and a significant number of new hedge fund clients across the globe, particularly in Canada, Brazil, and the United States, helped by the strong performance of most asset markets and high demand for MGA’s analysis of central bank policy in the US, Europe, China and Japan.
• Mergermarket continued to grow despite a challenging M&A market, with strong performances from Debtwire and mergermarket. New product launches included FT Remark, a bespoke research offering and joint venture with FT.com, Debtwire Analytics for North America, Europe and Asia Pacific, and Infinata’s Retirement PlanVision for pension-focused advisors and asset managers in the US.
• The Economist Group, in which Pearson owns a 50% stake, has seen strong growth in its digital revenues, which now make up 39% of total revenues. Non-advertising revenues now comprise 60% of the total, up from just 44% five years ago. Print advertising revenue declines and long term investments in Asia and the EIU are likely to reduce earnings this year.

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