(Alliance News) - Future PLC on Friday said it expects profit for the full year to be materially ahead of current expectations as it highlighted a positive start to the year despite uncertainty in the macro-economic environment.
The FTSE 250-listed specialist magazine publisher said it benefited from high levels of online engagement in the first four months ended January 31 - particularly during Black Friday and Christmas - with revenue growth in the Media division driven by continued momentum in eCommerce and digital advertising. While the Events division has continued to be hurt by the Covid-19 pandemic, the Magazine division performed in-line with the trends seen the year prior.
Future also highlighted it is on track to achieve GBP20 million synergies following a successful integration of TI Media, which it acquired for GBP140 million.
Looking ahead, the company forecast that profitability for its financial year ending September 30 will materially exceed expectations. For financial 2020, it posted pretax profit of GBP52.0 million on revenue of GBP339.6 million.
Separately, Future confirmed it has completed the GBP594 million acquisition of GoCo Group PLC and the AUD30 million - around GBP16.8 million - purchase of Australian price comparison website Mozo. Former GoCo Chief Financial Officer Alan Burns and former Chief Executive of GoCompare Lee Griffin will join the board.
"The acquisition of Goco will further strengthen Future's position as a leading global specialist media and intent platform by extending the Group's price comparison eCommerce capabilities beyond products and into services, and adding financial services as a new content vertical. The acquisition of Mozo will combine its leading financial services insight with Future's expertise in customer acquisition and content creation, creating an enhanced brand proposition and monetisation opportunities through Future's revenue diversification strategy," Future said.
Shares in Future were trading 8.4% higher at 2,062.26 pence each on Friday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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