REG - Future PLC - AGM trading statement

FutureAnnouncement

08/02/2023 07:00

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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 £45m :

●    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, 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 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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