26 September 2024
Future plc
Pre-close Trading
Update
FY24 performance in line with
expectations
Future plc (LSE: FUTR; "Future" or
"the Group"), the global platform for specialist media, today
announces a pre-close trading update for the year ending 30
September 2024.
The Group confirms that FY24
performance is expected to be in line with market
expectations1, with the Group delivering a return to
organic revenue growth during H2 2024 and maintaining its strong
financial characteristics.
The Group continues to make good
progress executing its Growth Acceleration Strategy. One of the
pillars of the strategy is portfolio optimisation, which is a
continuous process to ensure the Group is best positioned to
deliver sustainable organic growth. During Q4, the Group began the
closure of a number of non-core or low to no growth assets,
including its external video production unit, selected events and a
small number of print and digital brands, representing c.£15m of
annualised revenue and with margins below the Group's
average.
The Group's £45m share buyback
programme announced on 16 May 2024 is progressing well with just
over £30m repurchased to date.
Jon
Steinberg, Chief Executive Officer, said:
"We are making good progress with our Growth
Acceleration Strategy since its launch last December. The progress,
combined with our return to organic growth and the stabilisation of
our online audience trends, means we will deliver a FY24
performance in line with market expectations. Whilst we remain
mindful of the macro backdrop and the ongoing evolution of the
media landscape, including updates in the search market, the highly
cash generative profile of the Group and our cost base flexibility
ensures we are well positioned as we look ahead."
Future will announce its full-year
results on 5 December 2024.
1 Company-compiled consensus for FY 2024: Revenue of £786m and
Adjusted Operating Profit of £220m
Enquiries
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Future plc
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Jon Steinberg, Chief Executive
Officer
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+44 (0)1225 442244
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Sharjeel Suleman, Chief Financial
Officer
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Marion Le Bot, Head of Investor
Relations
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+44(0)7775 641509
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Media
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Headland
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+44 (0) 20 3805 4822
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Stephen Malthouse, Rob Walker,
Charlie Twigg
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future@headlandconsultancy.com
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Legal Entity Identifier (LEI):
213800K2581YRLEXV353
About Future
We are the platform for creating and
distributing trusted, specialist content, to build engaged and
valuable global communities. We operate c.230 brands in diversified
content verticals, with multiple market leading positions and three
core monetisation frameworks: advertising, eCommerce affiliate and
direct consumer monetisation (subscriptions and newstrade magazine
sale). Our content is published and distributed through a range of
formats including websites, email newsletters, videos, magazines
and live events. The successful execution of our strategy is
focused on three pillars: grow engaged audience, diversify and grow
revenue per user and optimise the portfolio.