Bath-based publisher Future says it has passed an “important milestone” as its expansion into digital markets continues to gather pace.

The firm announced yesterday that its UK digital circulation and advertising revenues in the three months to December 31 offset a decline in its print-related revenue.

​In an interim management statement, new chief executive Mark Wood said: “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.”

The company, which employs more than 600 people in Bath, said trading had been in line with expectations.

While total group revenue was down seven per cent, digital revenues rose 41 per cent. In its UK operations, the pace of digital growth was sharper still, with revenues growing 51 per cent.

In the US, revenues dipped 20 per cent because of year-on-year reductions in print revenues and the “managed closure” of titles.

But Future’s statement struck a note of optimism about the prospects for its US business.

“We completed the sale of the US Music titles, in January, for a consideration of up to $3m,” said the statement. “This and other cost efficiencies keep us on track to return the US business to profitability by 2013.”

The company expects digital revenues to grow as a result of more people owning tablets and mobile devices.

“We expect trading to remain in line with market expectations. Print sales will be challenging, but we expect digital revenue to maintain a vigorous growth rate.”