This growth in circulation contribution and marketing efficiency has been achieved so far in a world where our processes and systems have served a predominantly print business This however is set to change. Whilst subscriber preference today is mostly for a print edition of TE, in two years these preferences reverse And if our business moves as this way, our digital-only subscriber business could go from being worth £x this year to X plus £60m in a few years time It will be important that we are able to carry across to this new world the flexibility, speed and creativity that as driven our success in print