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(Alliance News) - Future PLC on Wednesday said it expects full year profit to be materially ahead of current market expectations.
Shares in Future were up 9.8% at 3,526.00 each in London on Wednesday morning, making it the top performer in the FTSE 250 index.
The Bath, England-based magazine and website publisher has continued to perform strongly in the second half of the 2021 financial year, which ends on September 30.
Robust digital advertising and affiliate marketing revenue, helped by Amazon.com Inc's Prime Day in June, boosted performance in its media division. The magazines division performance is also in line with expectations, benefiting from soft comparators in the prior year.
The integration of GoCo, the owner of price comparison site GoCompare, is progressing well and on track to achieve the announced GBP15 million synergies, Future said. Trading at GoCo is in line with expectations.
Cash generation for Future was strong and the company continued cutting debt.
"As a result of the continued positive momentum, and despite the macro-economic uncertainties, the board expects full year profitability to be materially ahead of current market expectations," the firm added.
"We are delighted that the group's strong performance has continued throughout the period, which is testament to the strength of our diversified revenue streams and global reach," said Chief Executive Zillah Byng-Thorne.
By Amrit Sahota; newsroom@alliancenews.com
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