Last checked at 13 Mar 2023 07:00
13 March 2023
Future plc
No material exposure to Silicon Valley Bank
Future plc (LSE: FUTR, "Future", "the Group"), the global platform for specialist media, confirms that its exposure to Silicon Valley Bank ("SVB") is immaterial to the Group's liquidity position.
As at 10 March 2023, cash deposits with SVB accounted for less than 3% of the Group's cash on hand, equivalent to less than £1 million. SVB also provided £50 million of the Group's £900 million total debt facilities. Of this £50 million, approximately 48% is currently drawn.
The Group, backed by a strong banking syndicate, has access to significant levels of liquidity. As at 10 March 2023, the Group had access to £26 million cash on hand and £438 million of undrawn committed facilities excluding SVB's undrawn hold.
Enquiries
Future plc | +44 (0)1225 442244 |
Zillah Byng-Thorne, Chief Executive Officer Penny Ladkin-Brand, Chief Financial and Strategy Officer |
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Marion Le Bot, Head of Investor Relations | +44(0)7775 641509 |
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Media |
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Headland | +44 (0) 20 3805 4822 |
Stephen Malthouse, Rob Walker, Charlie Twigg | future@headlandconsultancy.com |
About Future
Future is a global platform business for specialist media with diversified revenue streams. Its content reaches 1 in 3 adults online in the UK and US.
The Media division is high-growth with complementary revenue streams including eCommerce for products and services, events, and digital advertising (including advertising within newsletters and video). It operates in a number of sectors including technology, games & entertainment, music, home & gardens, sports, TV & film, real life, knowledge, wealth & savings, women's lifestyle and B2B. Its brands include TechRadar, PC Gamer, Tom's Guide, Android Central, Truly, The Week, Kiplinger, GoCompare, Digital Camera World, Homebuilding & Renovating Show, GamesRadar+, The Photography Show, Top Ten Reviews, Marie Claire, Live Science, Guitar World, MusicRadar, Space.com, Who What Wear, 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 4.5 million delivered through more than 106 magazines, and 743 bookazines published a year. The portfolio spans technology, knowledge, games & entertainment, sports, music, photography & design, homes & garden, country lifestyle, TV & film and B2B. Its titles include Country Life, Wallpaper*, Woman & Home, The Week, Classic Rock, Decanter, Guitar Player, FourFourTwo, Homebuilding & Renovating, Digital Camera, Guitarist, How It Works, Total Film, What Hi-Fi? and Music Week.