TIDMFUTR
RNS Number : 4126T
Future PLC
20 July 2020
20 July 2020
Future plc
Business update
TI Media integration progressing in line with expectations
Strong trading performance continues
Group on track for FY20 performance towards top end of
expectations
Future plc (LSE: FUTR, "Future", "the Group"), the global
platform for specialist media, today provides an update on both the
integration of TI Media, which completed on 20 April 2020, and
Group trading.
The Group is pleased to report that the integration of TI Media
is progressing in line with expectations. On 22 May 2020, the Group
announced the first phase of the integration process which
included: i) The launch of new websites in TI Media's content
verticals; ii) Migrating TI Media's websites with the largest
global opportunity onto Future's Vanilla website platform; and iii)
Leveraging Future's proprietary technology platform on current TI
Media digital properties. To date we have made good progress
against these priorities, as outlined below:
Launch of new websites utilising TI Media expertise
-- Gardeningetc.com launched in June, and Whattowatch.com and
Fitandwell.com launched this month
-- All brand launches have accessed the editorial expertise of
TI Media and the content archive
Migrating TI Media websites
-- Home&Gardens.com and Woman&Home.com both on track for
migration onto our unique Vanilla website platform by the end of
October
-- New sales and marketing resource hired in US to help drive
the launch of these brands, in line with strategy to expand US
reach
Leveraging Future's proprietary technology platform
-- Hawk - our price comparison technology that helps consumers
find the best deals in the market - has been successfully deployed
onto Cyclingweekly.com and Woman&Home.com, with the majority of
the rest of the portfolio planned to be moved onto Hawk over the
summer
-- Hybrid - our leading advertising technology - is expected to
be rolled out across the TI Media estate in August
Executive leadership team appointments
As previously announced, Rachel Addison was appointed as Chief
Financial Officer of the Group, effective 1 June 2020. Andrea
Davies, Angie O'Farrell and Adrian Hughes, also from TI Media, have
all joined the leadership team at Future, following the completion
of TUPE at the end of June, bringing their experience and expertise
to the Group.
Synergies
On 30 October 2019, when the Group announced the acquisition of
TI Media, it also stated that expected cost synergies of GBP15m per
annum will be achieved within 24 months. The Group outlined that
total restructuring costs of GBP9m across both back-office and
front-office functions and other overhead costs will be incurred by
the end of FY21 to deliver these cost savings. Progress on the
delivery of these savings is well underway, with the original
synergies being validated, and annual cost synergies of over GBP9m
already secured, of which c.GBP3m will benefit FY20. As part of the
next phase in the delivery of these synergies, the Group is
commencing a consultation process with employee representatives in
relation to a proposed reduction in workforce. The Group continues
to expect that synergies will be delivered in line with the
original cost-to-achieve ratio.
Group trading
The Group continues to benefit from the effect of its
diversified revenue streams and operating leverage. With
approximately two months of the current financial year remaining,
as a result of the combined effect of strong digital audience
numbers - helped by an increased consumer shift to digital media
during the Covid-19 lockdown - s trong cost control and the
acceleration of synergies following the TI acquisition , FY20
trading is currently expected to be towards the top end of market
expectations*. In recognition of the Group's continued strong
performance, it is repaying the support previously received from
the UK Government furlough scheme.
Zillah Byng-Thorne, CEO of Future, said:
"Building on our strong track record of successfully integrating
acquisitions, we are pleased that the integration of TI Media is
progressing in line with our expectations.
"We remain confident in the long-term opportunity to create
value through integrating TI Media's brands into our unique
portfolio and optimising their performance by leveraging our
technology platform to build digital presence, introduce new
revenue models and capitalise on the opportunity to expand our
reach beyond the UK, particularly in the US. Furthermore, the
strong Group performance we reported at our half-year results has
continued and we remain confident of delivering another year of
growth within our portfolio and further strategic progress."
* The current consensus range for adjusted EBITDA for the year
ending 30 September 2020 (FY20) is GBP86.3m to GBP91.0m. Reported
FY19 adjusted EBITDA was GBP54.5m.
Enquiries
Future plc 01225 442244
Zillah Byng-Thorne, Chief Executive Officer
Rachel Addison, Chief Financial Officer
Media:
Headland 020 3805 4822
Stephen Malthouse, Rob Walker
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 in
both the UK and the US.
The Media division is high-growth with three complementary
revenue streams: eCommerce, events and digital advertising
including advertising within newsletters. It operates in a number
of sectors including technology, games, music, home interest,
hobbies and B2B and its brands include Truly, TechRadar, PC Gamer,
Tom's Guide, Android Central, Homebuilding & Renovating Show,
GamesRadar+, The Photography Show, Top Ten Reviews, Live Science,
Guitar World, MusicRadar, Space.com 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 220 publications. The portfolio spans technology,
games and entertainment, sports, music, creative and photography,
hobbies, homes and garden, real life, country lifestyle, TV and
film and B2B. Its titles include Country Life, Wallpaper*, Classic
Rock, Guitar Player, FourFourTwo, Homebuilding & Renovating,
Digital Camera, Guitarist, How It Works, woman&home, Total
Film, What Hi-Fi? and Music Week.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTXKLFFBDLXBBD
(END) Dow Jones Newswires
July 20, 2020 02:24 ET (06:24 GMT)
Future (LSE:FUTR)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Future (LSE:FUTR)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024