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(Sharecast News) - Future lifted its FY2022 expectations on Tuesday, sending shares in the media group surging.
In its results for the year to 30 September, the company said statutory pre-tax profit rose 107% to £107.8m on revenue of £606.8m, up 79% on the previous year.
The US achieved organic revenue growth of 27%, which Media said demonstrates early momentum from the execution of its US strategy for TI Media. Meanwhile, UK organic revenues were 17% higher, reflecting weighting towards events and magazines revenue.
Media, which owns Country Life magazine, said it now anticipates adjusted results for FY22 to be "materially above" current expectations, as its platform effect continues to drive further margin expansion across the business.
Chief executive Zillah Byng-Thorne said: "I am pleased to announce another set of exceptional results, which builds on our long-term track record of growth. Our performance reflects the diversity of our revenue streams and our global reach and the operating leverage of our business model.
"We generated 23% organic growth in the period, driven by the strength of our trusted content which continues to attract a high value audience. The growth was accelerated in the US and we are confident about our ability to capitalise on the opportunity in North America, to further strengthen and diversify our revenue streams."
At 0820 GMT, the shares were up 15% at 3,670.56p.
15 Dec 2022 12:06
IN BRIEF: Future proposes capital reduction to allow more returns
Future PLC - Bath, England-based magazine publisher - Proposes capital reduction at annual general meeting in February. Aims to create additional distributional reserves of around GBP669.8 million "to provide flexibility for future dividend payments and/or share buybacks". The accounting exercise is conditional to shareholder approval at AGM. The process consists of cancelling the entire amount standing to credit of the firm's share premium account and capitalisation of the entire amount to the credit of its merger reserve by issuing B ordinary shares.
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