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Future PLC - Bath, England-based online magazine publisher and owner of price comparison website Go Compare - Says that trading has been "broadly in-line with expectations" for the four months to January 31. Macroeconomic pressures have resulted in a "slower start to the year" for affiliate products and digital advertising, Future says, but these are being offset by "strong trading in price comparison and good growth in business-to-business". The company also notes headwinds from currency movements in the four-month period, but says that magazine sales continue to be "resilient". In its December results for financial 2023, Future said that it expected a return to organic revenue growth in the second half of 2024, translating into "low-single digit" revenue growth for the full year ending September 30. The company will announce its results for the half-year ending March 31 on May 16.
Future says that its "growth acceleration strategy" is underway. In December, the company launched the strategy, which outlined a two-year investment programme of between GBP25 million and GBP30 million towards portfolio optimisation, revenue diversification and audience growth. Future notes "encouraging progress" for its "hero" brands, which include GoCompare and the TechRadar online publication, and says that these 12 brands are outperforming the wider portfolio.
Current stock price: 694.00 pence per share, down 3.3% in London on Wednesday.
12-month change: down 57%
By Hugh Cameron, Alliance News reporter
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