Future PLC - Bath, England-based magazine publisher - Stock price gains for second day in a row, after Future announces on Monday it plans to buy back up to 10% of its shares. The on-market share buyback programme will return up to GBP45 million to shareholders. Future has been a frequent acquirer of media and technology companies in recent years and "has historically prioritised organic and inorganic investment before debt repayment and returning excess cash to shareholders", it says. However, it explains the buyback "will provide greater flexibility to achieve an optimal use of cash to deliver value for shareholders, whilst still maintaining a strong balance sheet."
Current stock price: 759.50 pence, up 3.3% on Tuesday, closed up 6.9% on Monday
12-month change: down 59%
By Tom Waite, Alliance News editor
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Future (FUTR)