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(Alliance News) - Future PLC on Monday said its earnings expectations for the year were at the top end of previous forecasts, as it also revealed that Rachel Addison will step down as chief financial officer at the end of the month.
The magazine publisher expects full-year adjusted operating profit to be at the top end of market expectations, placing the range of analyst forecasts between GBP183.5 million to GBP193.6 million. For the 2020 financial year, adjusted operating profit was GBP93.4 million, so it is set to more than double.
Future attributed the strong performance to momentum in digital advertising with sustained yield growth more than offsetting the impact of positive comparators on audience growth.
"I am pleased to report that the continued successful execution of our strategy puts us on track to report another year of strong revenue and profit growth. I am confident that the acquisition of Dennis will help to accelerate our progress," said Chief Executive Zillah Byng-Thorne.
Future on Monday said it has completed its purchase of media subscription business Dennis. The titles acquired in the deal include The Week UK and US, MoneyWeek, Kiplinger and IT Pro. The GBP300 million acquisition was first announced in August.
CFO Addison will step down at the end of October and will be succeeded by Penny Ladkin-Brand. Currently chief strategy officer, Ladkin-Brand previously had been Future's CFO for five years.
Shares were trading 3.7% lower in London on Monday morning at 3,620.00 pence each.
Future will report full-year results on November 30.
By Will Paige; willpaige@alliancenews.com
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