Last checked at 3 Sep 2018 07:00
3 September 2018
Future plc
Pre-close full year trading update
Future plc (LSE: FUTR, "the Group"), the global platform for specialist media, has today published a pre-close trading update for the 12 months to 30 September 2018.
Trading for the year in the Group's core operations has been stronger than the Board's previous expectations. We have seen a positive performance from World Cup related campaigns and we have also benefited from some larger than expected product launches. As a result, full year EBITDA is expected to be ahead of current market expectations.
Within the media division, strong contributions continue to be made in all areas and we are very excited about adding the network and titles that are part of the recent Purch acquisition to our existing franchises.
The addition of a further four titles to the magazine division (What Hi-Fi?, FourFourTwo, Practical Caravan and Practical Motorhome) has continued to add scale and operational efficiencies, as well as broadening our audiences and range.
The integration of Newbay, which has expanded our reach in the US market, and of the Haymarket titles has progressed as planned and both businesses are trading in line with expectations. The Purch transaction is expected to complete in early September 2018.
The Group continues to show good revenue growth in all our core areas and our cash conversion continues to be excellent.
The Group expects to publish its full year results for the year ended 30 September 2018 on 23 November 2018.
Zillah Byng-Thorne, Future plc's Chief Executive, said:
"We continue to grow our audiences and diversify our revenue streams both vertically and geographically. As a result, the Group has again enjoyed an active and successful year, driven by our strategy of focussing on our vibrant, passionate communities, whilst harnessing technology to deliver growth in the business both organically and through acquisition.
"The year was characterised by several acquisitions - four specialist titles from Haymarket, US based information and events business Newbay and most recently Purch, a US consumer online technology media publisher. At the same, the underlying core strength of the business has continued and has led to the stronger than expected outcome to the year."
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About Future:
The Media division focuses on being at the forefront of digital innovation with three complementary revenue streams: e-commerce, events and digital advertising. It operates in a number of sectors including the high growth technology and games markets and has a number of leading brands including Techradar, Tom's Guide, Tom's Hardware, Space.com, PC Gamer, GamesRadar+, The Photography Show, Generate and Golden Joysticks.
The Magazine division focuses on publishing specialist content, with 86 publications and over 440 bookazines published per year, and a total global circulation of over one million. The Magazine portfolio spans technology, games and entertainment, music, creative and photography, hobbies (which includes knowledge, outdoor leisure and field sports) and home interest. Its titles include Classic Rock, Total Film, How It Works, Digital Camera, Homebuilding & Renovating and All About History. It holds market leading positions in the UK in creative and photography, music, games and home renovation.