Trading Update Compared to Annual Results5 Feb 2026 07:45
Today’s Trading Update — 5 February 2026
Period covered: 4 months ended 31 January 2026.
Key points:
Future plc says it is on track to deliver FY 2026 performance in line with market expectations, including forecast consensus revenue of around £745 m and an EBITDA of about £224 m.
Direct digital advertising continues to grow year-on-year in both the UK and US.
Programmatic ad and e-commerce affiliate revenues remain challenging (softness persists).
Go.Compare’s decline is moderating but PPC costs are weighing on profitability.
B2B revenue shows signs of improvement.
The £30 m share buyback programme (announced in December 2025) is underway, with ~£5 m repurchased so far.
Management emphasizes portfolio optimisation and long-term value creation.
Tone: Cautiously positive — the company is largely sticking to expectations rather than beating them, and highlighting areas of growth (direct digital ads, B2B improvement) while acknowledging ongoing softness in some segments.
Annual Results — For Year Ending 30 September 2025 (Reported 4 Dec 2025)
Financial performance:
Revenue: £739.2 m, down ~6 % on prior year.
Adjusted operating profit: £205.4 m, down ~8 % (margin stable at 28 %).
Adjusted diluted EPS: very slightly down (~1 %).
Free cash flow: £177 m (weaker than prior year).
Net debt: £276.4 m (slightly higher than FY 2024).
Strategic highlights:
5× increase in dividend (to 17.0 p) and a £30 m share buyback programme were announced, reflecting confidence in cash generation.
Organic revenue decline partly offset by cost discipline and cash returns to shareholders.
Outlook focused on modest organic growth in 2026, improved cash conversion, and medium-term sustainable revenue growth.
Tone: Resilient but mixed — results showed contraction in revenue and profit, but stable margins, strong cash flow, and shareholder returns helped maintain confidence.
Direct Comparisons
Trading Update (Feb 2026)
FY 2025 Annual Results (Dec 2025)
Aspect
Overall outlook
On track to meet market expectations for FY 2026
Delivered in line with expectations but with year-on-year declines
Revenue trend
Expected ~£745 m in FY 2026 (consensus)
£739.2 m in FY 2025 (down 6 %)
Profitability
Forecast EBITDA ~£224 m
Adjusted op profit £205.4 m (margin steady)
Growth areas
Direct digital advertising growing; B2B gradually improving
Digital ad growth in H2 noted previously; magazines resilient
Weaknesses
Programmatic & e-commerce affiliate softness continuing
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