REG - Future PLC - Pre-close Trading Update

FutureAnnouncement

26/09/2024 07:00

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RNS Number : 6880F  Future PLC  26 September 2024

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
expectations(1), 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

 

 Future plc
 Jon Steinberg, Chief Executive Officer     +44 (0)1225 442244
 Sharjeel Suleman, 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

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.

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