Last checked at 3 Feb 2022 07:00
3 February 2022
Future plc
Trading Update
Future plc (LSE: FUTR; "Future" or "the Group"), the global platform for specialist media, today announces a trading update covering the four-month period ended 31 January 2022 ("the period").
The Group continues to perform well, benefitting from ongoing momentum in digital advertising which is more than offsetting the exceptional year-on-year comparators in audience and eCommerce. As a result, Group performance in the period is in line with expectations with good conversion to profit and cash.
This performance underpins the Group's upgraded full year outlook as announced at the FY 2021 results, despite continued macro uncertainties and inflationary pressures. Full year results are expected to be in line with the Board's expectations with the focus on execution and ongoing platform effect expected to drive further margin progression in FY 2022.
Following completion of the acquisition of Dennis on 1 October 2021, the integration of the business is on track to be completed by the end of March 2022.
Future will be holding its AGM today at 11:30am at 121-141 Westbourne Terrace, Paddington, W2 6JR. There will also be a live webcast of the AGM with the ability for shareholders to ask questions via the platform after the presentation. Full details on how to access the AGM can be found at the end of the Notice of Meeting previously circulated to shareholders.
Zillah Byng-Thorne, Chief Executive, said:
"We are pleased to report the continued growth in the Group, with trading in line with the expectations we set at the full year results, delivering material year-on-year growth despite the inflationary backdrop. Good momentum in digital advertising is being driven by the strength of our trusted content which continues to attract a high value audience making us a partner of choice for advertisers.
"Our diversified strategy positions us well to continue our strong growth momentum and we are pleased to reiterate our recently upgraded guidance for the full year."
Enquiries
Future plc
Zillah Byng-Thorne, Chief Executive Officer +44 (0)1225 442244
Penny Ladkin-Brand, Chief Financial Officer
Marion Le Bot, Head of Investor Relations +44(0)7775 641509
Media
Headland +44 (0) 20 3805 4822
Stephen Malthouse, Rob Walker, Charlie Twigg
future@headlandconsultancy.com
Legal Entity Identifier (LEI): 213800K2581YRLEXV353
About Future
Future is a global platform business for specialist media with diversified revenue streams. Its content reaches 1 in 2 adults online in the UK and 1 in 3 in the 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, 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 131 magazines, and 735 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.