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(Alliance News) - Future PLC on Wednesday said it delivered a robust first-half performance extending its track record of growth in revenue and profit.
The FTSE 250-listed magazine publisher calls itself a "global platform for intent-led specialist media".
Future shares were trading 11% higher in London on Wednesday at 2,646.00 pence each.
For the six months to March 31, revenue was GBP272.6 million, up 89% from GBP144.3 million last year, and pretax profit was GBP56.9 million, doubled from GBP27.1 million.
Future proposed no dividend for the recent half.
The Bath, England-based company said revenue growth was driven by the Media division's improved performance, in particular digital advertising on-platform organic growth of 30% and e-commerce affiliates' organic growth of 56%.
Its US subsidiary, meanwhile, achieved revenue growth of 31% on an organic basis, Future said, and UK revenue grew by 5% organically.
The company estimated that the Covid-19 related one-off revenue benefit for e-commerce was about GBP5 million in the half-year.
Future also reported record user "engagement", with total reach of 419 million audience a month, and online user growth of 31% year-on-year to 311 million.
Looking ahead, Future said it has started the third quarter ahead of management expectations and expects full-year results to be "materially ahead" of market expectations.
"I am delighted to report the ongoing successful execution of our strategy with record revenue and profit in this half, materially ahead of market expectations. Following an exceptional e-commerce and digital advertising performance during Black Friday and Christmas in the first quarter, we have carried this strong trading momentum through to the end of the first half," said CEO Zillah Byng-Thorne.
"The progress we continue to make is testament to the diversity of our revenue streams, the agility of our people, and the scalable operating model we have built over time, which generates long-term sustainable growth," Zillah Byng-Thorne added.
Future raised its estimate of the annual cost synergies that it will achieve from the integration of recent acquisition GoCo to GBP15 million from GBP10 million. Future bought the owner of the GoCompare.com website for GBP594 million, completing the purchase in January.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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