REG - Future PLC - Trading Statement

FutureAnnouncement

04/04/2024 07:00

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RNS Number : 2273J  Future PLC  04 April 2024

4 April 2024

Future plc

Trading statement

 

Future plc (LSE: FUTR; "Future" or "the Group"), the global platform for
specialist media, today announces a post-close trading for the six months
ended 31 March 2024.

 

The expected revenue improvement to the Q4 2023 exit rate has continued,
resulting in a return to organic revenue growth in Q2 for the Group.

The return to growth has been driven by a strong performance in Go.Compare,
alongside good growth in B2B, and a resilient performance in Magazines. This
has been offset by a more challenging performance in affiliate products and
digital advertising as macroeconomic pressures and low visibility continue to
impact the wider sector. Website users' broad stabilisation has continued in
Q2 but remains in year-on-year decline. Importantly, the implementation of the
Growth Acceleration Strategy (GAS), as outlined at full-year results in
December 2023, is underway, with encouraging progress from the Hero brands,
which continue to outperform the wider brand portfolio. This has been combined
with a stronger performance in US direct advertising, a key strategic
initiative, driven by the continued focus on premiumisation of advertising
inventory benefiting from the Group's scale and first-party data.

 

In February, the Group announced a reorganisation to accelerate the Growth
Acceleration Strategy, with the creation of three business units to enhance
our offer to audiences and partners: B2C, Go.Compare and B2B. The
reorganisation will make the Group more agile and less complex enabling faster
execution of the strategy to deliver improved growth.

 

The Group is highly cash generative and cash conversion in the half has been
strong.

 

As a result, the Group is on-track to deliver on expectations for FY 2024,
subject to impact of foreign exchange translation.

 

Future will announce its half-year results on 16 May 2024.

 

 

Enquiries

 

Future plc

Jon Steinberg, 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

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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