TIDMFUTR
RNS Number : 2283P
Future PLC
08 February 2023
8 February 2023
Future plc
AGM trading statement
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 2023 ("the
period").
The diversification of our revenue streams and content
verticals, together with the operational leverage we generate from
our platform effect, continues to deliver and as a result, we
expect to deliver full-year adjusted operating profit in-line with
expectations.
Overall revenue performance in the period has been broadly
in-line with expectations reflecting the strength and diversity of
the Group. The market slowdown in audience numbers and consumer
spending seen towards the end of FY 2022 has continued, impacting
growth of digital advertising and affiliate for products revenue,
notably in the consumer technology vertical. New strategic
verticals (Homes, Fashion & Beauty and Wealth & Savings)
are gaining momentum, creating further medium-term opportunities
for the Group. Affiliate for services (price comparison) has
performed strongly with market share gain in both car and home
insurance, and magazine revenue has been resilient in the
period.
Since the start of the period, the Group has completed a further
two acquisitions in target growth verticals for a total
consideration of just under GBP45m :
-- ActualTech provides content marketing solutions for B2B
marketers. The acquisition strengthens Future's position in the B2B
vertical and provides greater scale and reach in North America to
further monetise our highly-valuable B2B audience by leveraging
ActualTech's webinar capabilities to the Group's existing
portfolio.
-- Gardening Know How is a US Homes website with a Comscore
audience of 1.1m users, increasing our US Homes market position
from 11 to 10 (Comscore MMX Multi Platform Total Audience US
December 2022). This acquisition strengthens our strategic Homes
vertical, bringing valuable evergreen content, notably in the US
and will benefit from our operating model including our proprietary
tech stack.
Future will be holding its AGM today at 11:00 am at 121-141
Westbourne Terrace, Paddington, W2 6JR. Full details on how to
access the AGM can be found at the end of the Notice of Meeting
previously circulated to shareholders and is available on the
website.
Zillah Byng-Thorne, Chief Executive, said:
"The start to the year demonstrates the strength and diversity
of the Group, and we are pleased to reiterate our guidance for the
Full Year. Whilst the macro environment remains uncertain, we look
ahead with continued confidence in our plans to deliver on our
strategy and outperform the industry."
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, future@headlandconsultancy.com
Charlie Twigg
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 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.
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END
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February 08, 2023 02:00 ET (07:00 GMT)
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