Last checked at 10 Feb 2021 07:00
10 February 2021
Annual General Meeting
Further to the announcement on 26 January 2021, Future plc (LSE: FUTR, "Future", "the Group"), the global platform for specialist media, will today hold its Annual General Meeting (AGM).
At the AGM, Richard Huntingford, Chairman of Future, will make the following statement in respect of FY2020 and, given the current offer period, the Group will not be commenting on current trading:
"2020 was a challenging year for many and my thoughts are with all of those impacted by the pandemic. Despite this, as we announced at our preliminary results in November, Future continued to thrive in FY2020, with Future's content now read by one in three people in the UK and US. Global audiences increased rapidly during the year from a mix of underlying growth in audience engagement, through new launches and acquisitions, and the increased consumption of digital content during the pandemic.
"This growth in audience has helped lead to another exceptional year of results. Revenue for the year increased by 53% to £339.6m, with organic revenue growth of 6% driven by strong organic Media revenue growth of 23% which offset the impact of COVID-19 on Magazines revenue, which declined organically by 29%. Adjusted operating profit increased 79% to £93.4m. These results were delivered despite the unprecedented challenges arising from the pandemic.
"After such an exceptional year the Group faces the future with confidence. I am confident that we will continue to deliver significant long-term value for shareholders.
"We also announced the significant acquisition of GoCo, which I am pleased was overwhelmingly supported by both sets of shareholders and we look forward to welcoming GoCo into the Future group."
Recommended acquisition of GoCo Group plc
On 25 November 2020, the Boards of Future plc ("Future") and GoCo Group plc ("GoCo Group") announced that they had reached an agreement on the terms of a recommended acquisition of the entire issued and to be issued share capital of GoCo Group (the "Combination"). The Combination is to be effected by means of a scheme of arrangement of GoCo Group under Part 26 of the Companies Act 2006 (the "Scheme").
Following the previously announced satisfaction of the shareholders' votes Conditions and the satisfaction of the FCA approval Condition, completion of the Scheme remains subject to the satisfaction or (if capable of waiver) waiver of certain remaining Conditions, including sanction of the Scheme by the Court at the Scheme Hearing which is anticipated to take place on 16 February 2021, and the delivery of a certified copy of the Court Order to the Registrar of Companies for registration, expected on 17 February 2021.
END
Investor enquiries
Zillah Byng-Thorne, Chief Executive Officer +44 (0)122 544 2244
Rachel Addison, Chief Financial Officer
Marion Le Bot, Head of Investor Relations +44 (0)777 564 1509
Media enquiries +44 (0) 203 805 4822
Stephen Malthouse / Rob Walker
future@headlandconsultancy.com
Legal Entity Identifier (LEI): 213800K2581YRLEXV353
About Future plc
Future is a global platform business for specialist media with diversified revenue streams. Its content reaches over 1 in 3 adults online in both the UK and the US.
The Media division is high-growth with three complementary revenue streams: eCommerce, events and digital advertising including advertising within newsletters. It operates in a number of sectors including technology, games & entertainment, music, home & gardens, sports, TV & film, real life, women's lifestyle and B2B. Its brands include TechRadar, PC Gamer, Tom's Guide, Android Central, Truly, Digital Camera World, Homebuilding & Renovating Show, GamesRadar+, The Photography Show, Top Ten Reviews, Marie Claire, Live Science, Guitar World, MusicRadar, Space.com, What to Watch, Gardening Etc, Adventure and Tom's Hardware.
The Magazine division focuses on publishing specialist content, with a combined global circulation of over 3 million delivered through more than 115 magazines, and 410 bookazines published a year. The portfolio spans technology, games & entertainment, sports, music, photography & design, homes & garden, country lifestyle, TV & film and B2B. Its titles include Country Life, Wallpaper, Woman & Home, Classic Rock, Decanter, Guitar Player, FourFourTwo, Homebuilding & Renovating, Digital Camera, Guitarist, How It Works, Total Film, What Hi-Fi? and Music Week.