REG - Future PLC - Future plc 2025 Half Year Results
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RNS Number : 9201I Future PLC 16 May 2025
16 May 2025
FUTURE plc
2025 HALF YEAR RESULTS
Building the business for tomorrow whilst delivering on today
Future plc (LSE: FUTR, "Future", "the Group"), the global platform for
specialist media, today publishes its results for the half-year ended 31 March
2025.
Highlights
Financial results for the half-year ended 31 March 2025
Adjusted results¹ HY 2025 HY 2024 Reported variance Constant currency variance¹ Organic variance¹
Revenue (£m) 378.4 391.5 (3)% (2)% (1)%
Adjusted EBITDA (£m) 109.8 113.9 (4)% (3)% n/a
Adjusted operating profit (£m) 100.7 105.8 (5)% (4)% n/a
Adjusted operating profit margin (%) 27% 27% flat flat n/a
Adjusted diluted EPS (p) 59.7 57.2 +4% n/a n/a
Adjusted free cash flow (£m) 111.5 126.0 (12)% n/a n/a
( )
Statutory results HY 2025 HY 2024 Reported variance
Revenue (£m) 378.4 391.5 (3)%
Operating profit (£m) 69.1 63.7 +8%
Operating profit margin (%) 18% 16% +2ppt
Profit before tax (£m) 56.6 46.6 +21%
Diluted EPS (p) 38.0 29.0 +31%
Cash generated from operations (£m) 115.9 130.4 (11)%
(1) The Glossary section of this document provides definitions of, and
reconciliations to, adjusted measures.
As mentioned at the FY 2024 results, the Group is now using the following
segments to review the performance of the Group: B2C, Go.Compare and B2B.
Financial & operational highlights
● Revenue was down (3)% year-on-year at £378.4m (HY 2024:
£391.5m), with (1)% organic decline combined with adverse foreign exchange
and previously announced business closures.
○ The Group delivered organic growth in Q1 2025, which was offset by
the uncertain macroeconomic sentiment in March, impacting US direct
advertising
● Across the divisions:
○ B2C - the Group's largest division - organic revenue was flat in
the period with excellent performance in Magazines of +1% organic growth
offset by decline in Media driven by digital advertising. Media revenues grew
by +3% in Q1, but, as noted above, was impacted by macroeconomic uncertainty
in March.
○ Go.Compare revenue declined (1)%, as expected car quote volumes
declined given the strong revenue comparator. However, we saw good
diversification with +10% revenue growth from non-car insurance.
○ B2B revenue continues to be challenging with a (13)% organic
decline, driven by tech enterprise. Other verticals in B2B such as financial
services and education are in growth.
● Profit margin was in line with last year with 27% adjusted
operating margin reflecting annualisation of investment and the impact of
inflation which is expected to reduce in H2, resulting in an adjusted
operating profit decline of (5)% to £100.7m (HY 2024: £105.8m). Statutory
operating profit was up +8% to £69.1m (HY 2024: £63.7m) mainly reflecting
reduction in adjusting items and reduction in share base payment partially
offset by adjusted operating profit movement.
● Adjusted diluted EPS is +4% in the period, reflecting lower
interest and the benefit of the execution of the share buy-back programmes.
● The Group remains highly cash generative with adjusted free cash
flow of £111.5m (HY 2024: £126.0m), representing 111% of adjusted operating
profit (HY 2024: 119%). Cash generated from operations was £115.9m (HY 2024:
£130.4m)
● Optimising our portfolio - ensuring we have the right portfolio of
assets is a continuous process.
○ During the period, we successfully actioned the previously
announced brand closures to focus the portfolio for growth.
○ We acquired RNWL in March 2025 for a £2.8m initial consideration
with a potential further earn-out subject to performance to focus our
customers' loyalty in Go.Compare (see note 17).
○ Announcing the acquisition in May 2025 of Kwizly for £0.7m
initial consideration which provides audience engagement tools.
● £43.2m was returned to shareholders during the period comprising
£39.5m through share buybacks (HY 2024: £32.0m) and dividends of £3.7m (HY
2024: £3.9m). On 1 April 2025, there was £30m remaining on the current share
buyback programme, with the Group announcing a new additional share buyback
programme of up to £55m.
● Leverage was stable at 1.1x (FY 2024: 1.1x) with net debt at the
end of the half-year of £241.2m (FY 2024: £256.5m). Total available debt
facilities at the end of March 2025 were £650m (FY 2024: £650m).
Board changes
● Kevin Li Ying joined the Company's Board as Chief Executive
Officer on 31 March 2025.
Outlook
● Following a weaker performance in March, US direct digital
advertising returned to growth in April.
● At this stage, given ongoing macroeconomic uncertainty, the Group
believes it is prudent to adopt a more cautious view on the second half and
expects a low single-digit decline in FY 2025 organic revenue.
● In addition, at prevailing rates, foreign exchange represents a
headwind.
● The Group continues to expect to deliver a stable adjusted
operating margin of 28% alongside continued strong cash generation.
● The Group will provide a trading update in July 2025.
● Beyond FY 2025, the Group expects to deliver accelerating organic
revenue growth.
Kevin Li Ying, Future's Chief Executive, said:
"Today's half-year results reflect the strength of our diversified
proposition, delivering a resilient performance in what remains a challenging
macroeconomic environment.
It is a huge privilege to become CEO of a company I first joined over 20 years
ago as a programmer. In my first few weeks as CEO, I have focused on
evaluating growth opportunities to leverage our core strengths: our growth
mindset, our track record of innovation through product and data, and our
combination of agility and rigorous execution.
We are building the business for tomorrow whilst delivering on today, ensuring
we attract and reach a valuable audience through our powerful brands and drive
effective monetisation to deliver growth.
Whilst the wider macroeconomic environment remains challenging, the quality
of our content and intent-driven audience, and the uniqueness of our tech
stack, underpinned by our strong financial characteristics, position us well
to deliver long term growth in what is an ever-evolving media landscape."
Presentation
A live webcast of the analyst presentation will be available at 09.00 am (UK
time) today at:
https://stream.brrmedia.co.uk/broadcast/67bc4c55118fdd71345ec976
(https://stream.brrmedia.co.uk/broadcast/67bc4c55118fdd71345ec976)
A copy of the presentation will be available on our website at:
https://www.futureplc.com/investor-results/
(https://www.futureplc.com/investor-results/)
A recording of the webcast will also be made available.
The definitions below apply throughout the document.
1) A reconciliation of adjusted results to statutory measures is included in
the Glossary section at the end of this document.
2) Online sessions defined as the average monthly total daily sessions over
the financial period from Google Analytics.
Enquiries:
Future plc +44 (0)122 544 2244
Kevin Li Ying, Chief Executive Officer
Sharjeel Suleman, Chief Financial Officer
+44 (0)777 564 1509
Marion Le Bot, Head of Investor Relations
Media
Headland +44 (0)203 805 4822
Stephen Malthouse, Charlie Twigg, Rob Walker
future@headlandconsultancy.com
About Future
We are the platform for creating and distributing trusted, specialist content,
to build engaged and valuable global communities. We operate ~200 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.
Chief Executive Officer's review
Media has always been, and will always be, one of the most dynamic industries.
Therefore, the agility to lean into opportunities, double down on them through
innovation and new products through our own capacity to fund growth
initiatives are paramount to deliver sustainable revenue growth.
In my 20 years at Future, the Group has continued to innovate through new
technologies and products: from covermount on magazines, to our Vanilla
web-platform to our ecommerce tech, Hawk, all whilst maintaining the strong
financial characteristics of high margin and strong cash conversion. This is
why I am very excited about the next phase for the Group and I believe we have
all the assets and talent to be able to deliver on our strategy.
Our strategy is simple and that's one of the reasons why it works: it is about
bringing quality content to valuable audiences and monetising it effectively
through innovative products and data: from tailored branded content campaigns
in B2C, to enhanced user-experience in Go.Compare, to highly curated content
in B2B. All of which can be accelerated through effective portfolio
optimisation and the rigorous application of our capital allocation framework,
which is a key success factor of the Group.
During the half, we have made progress on:
1. Attracting and reaching valuable audience
2. Diversifying and growing our monetisation
3. All whilst maintaining strong financial characteristics and
applying our capital allocation framework
It is important to continue to drive growth initiatives, regardless of the
macroeconomic challenges, whilst remaining fiscally responsible. It is about
building the business for tomorrow, whilst delivering on today.
1. Attracting and reaching valuable audience
The editorial team is our biggest team and leveraging the talent to create
expert and authoritative content is of importance to attract valuable
audiences and in return, drive brand loyalty. The editorial team is more
powerful when collaborating tightly with our audience and tech teams.
We have deployed AI-enhanced re-circulation which provides our audience with
suggestions of what to read next within Future, using AI to surface existing
content. This is driving brand engagement by increasing the length of time
spent on the site and therefore the ads served with no incremental cost.
We have also enabled commenting on our sites. This is valuable because it
contributes to brand loyalty, creating a sense of passionate community and
purpose. It also brings valuable behavioural first-party data that feeds into
Aperture.
On April 30, we launched T3 Germany, using AI and limited human input. This
uses existing content - so no incremental cost - and creates additional
revenue monetised programmatically. The plan is for this initiative to be
the first of many: the platform effect is ready to deliver yet again through
more brands, more languages.
In Go.Compare, it is about improving the user experience to drive loyalty. As
mentioned at the FY 2024 results, we have successfully re-platformed
Go.Compare. This unified tech stack means that any innovation is easier to
deliver and can be pushed through more effectively to multiple verticals. We
continue to work on simplifying the login journey and drive SEO improvements
to drive the audience more effectively to Go.Compare.
2. Diversifying and growing our monetisation
Improving monetisation can take many forms: from introducing a second
monetisation route to premiumisation, with opportunities to do so across our
businesses.
In B2C, we have moved 1ppt of our advertising impressions away from open
auction into more valuable direct advertising. This is a testament of the
effectiveness of our sales force combined with the value of our audience and
the scale we have. Vouchers is another route of monetisation where we leverage
the strength of our brands to offer added value to our audiences. In the half,
vouchers' revenue grew by +53%, representing £8m of revenue in the period.
At Go.Compare, to drive our objective of revenue diversification, we have
launched quick quotes which use data provided for one product to offer
insurance quotes for home for example and this will be deployed to other
products. This enables us to diversify our revenue away from car insurance -
which is and remains a very valuable category for us. We have been successful
with growth in non-car insurance of +10% in the half, representing 38% of
Go.Compare revenue, up +4ppt from last year.
Additionally, now upon renewal you don't get an email informing you "it's time
to renew", you proactively receive a renewal price.
In B2B, going forward and in response to market challenges, we are actively
integrating our assets to unlock cross-brand opportunities. For example,
unifying our audience data across our B2B brands as well as driving
operational efficiencies. We are also increasingly embedding AI tools within
our proprietary tech stack to improve campaign performance and streamline
workflows for scale and efficiency.
3. Portfolio review and capital allocation
Optimising our portfolio is a continuous process driving focus and
accountability to ensure execution of our strategy. We continuously assess our
assets to ensure they are strategic, poised for growth and/or cash generative.
At the end of FY 2024, we closed 19 brands that did not meet these criteria
and a further four in HY 2025 as part of the same programme which were
immaterial to revenue and profit.
The Board will continue to keenly appraise performance with its responsibility
to accelerate value creation across the Group's business units.
The Group continues to have strong financial characteristics of high margins
and strong cash generation. Adjusted free cash flow conversion of 111%
represented £115.9m cash generated from operations. Our five pillar capital
allocation framework was applied to optimise value creation:
1. Investment for organic growth: being an asset light business, our
capex in the half was £7.8m or 2% of revenue (HY 2024: £6.8m or 2% of
revenue).
2. Bolt on M&A: in the period, we acquired RNWL, an insurance
wallet, for an initial consideration of £2.8m and a potential further
earn-out subject to performance to accelerate our focus on customers' loyalty
in Go.Compare. We will continue to execute on bolt-ons at the right price to
accelerate growth (note 17). We are announcing the acquisition in May 2025 of
Kwizly for £0.7m initial consideration which provides audience engagement
tools.
3. Strategic M&A: this pillar is currently not a priority but we
will continue to remain opportunistic.
4. Dividends: we have an annual progressive dividend policy - to grow
dividend in line with earnings - which translated into a £3.7m dividend paid
in February (HY 2024: £3.9m)
5. Share buybacks: during the half, we spent £39.5m and have
announced a new share buyback for up to £55m to commence as soon as the
current programme is completed which is expected in the Summer. This is to
ensure that, as announced at our FY 2024 results, the Group will return excess
free cash to shareholders such that the Group maintains a minimum leverage of
1x.
Execution underpinned by people
After 20 years at Future, I am very proud to be leading this incredible
organisation. I know that the journey is exciting and that we will
collectively succeed through a rigorous focus on execution, innovation with
the ability to test, learn and pivot to write our own future. I continue to be
extremely impressed by the depth of talent and energy throughout Future, and I
want to personally thank our colleagues for their hard work.
As a responsible business everything we do is underpinned by our purpose and
values which fosters an aligned culture across the organisation and looks to
ensure we create value for all stakeholders. We are extremely fortunate that
our brands give us the platform and opportunities to influence and inspire
people across the globe to encourage positive change.
Outlook
● Following a weaker performance in March, US direct digital
advertising returned to growth in April.
● At this stage, given ongoing macroeconomic uncertainty, the Group
believes it is prudent to adopt a more cautious view on the second half and
expects a low single-digit decline in FY 2025 organic revenue.
● In addition, at prevailing rates, foreign exchange represents a
headwind.
● The Group continues to expect to deliver a stable adjusted
operating margin of 28% alongside continued strong cash generation.
● The Group will provide a trading update in July 2025.
● Beyond FY 2025, the Group expects to deliver accelerating organic
revenue growth.
Financial summary
The financial summary is based primarily on a comparison of results for the
half-year ended 31 March 2025 with those for the year ended 31 March 2024.
HY 2025 HY 2024
£m £m
Revenue 378.4 391.5
Adjusted EBITDA 109.8 113.9
Adjusted operating profit 100.7 105.8
Operating profit 69.1 63.7
Profit before tax 56.6 46.6
Basic earnings per share (p) 38.4 29.2
Diluted earnings per share (p) 38.0 29.0
Adjusted basic earnings per share (p) 60.2 57.5
Adjusted diluted earnings per share (p) 59.7 57.2
( )
The Directors believe that adjusted results provide additional useful
information on the core operational performance of the Group and review the
results on an adjusted basis internally. Refer to the Glossary section at the
end of this document for a reconciliation between adjusted and statutory
results.
Revenue
Revenue movement(1)
HY 2025
vs
HY 2024
%
Organic decline (1)%
Impact of acquisitions and disposals (1)%
Year-on-year decline at constant rate (2)%
Impact of foreign exchange (1)%
Reported revenue change (3)%
(1) The Glossary section of this document provides definitions of, and
reconciliations to, adjusted measures.
Group revenue was down (3)% year-on-year at actual currency, with a (1)%
organic decline combined with the previously announced closures of brands and
adverse foreign exchange.
HY 2025 HY 2024 Reported Organic
£m £m YoY var YoY var
B2C 256.0 263.4 (3)% flat
Go.Compare 95.3 96.1 (1)% (1)%
B2B 27.1 32.0 (15)% (13)%
TOTAL REVENUE 378.4 391.5 (3)% (1)%
Reported revenue for B2C was down (3)%, impacted by foreign exchange and
closures. Organic revenue was flat during the period reflecting mixed
performance. Media organic revenue was down (2)% in the period with
challenging digital advertising being offset by good growth in affiliates.
During the half, sessions(2) of 328m (HY 2024: 340m) declined (4)%, with areas
of weakness in the prior year such as entertainment and women returning to
growth. Off-platform users grew to 250m (HY 2024: 243m), mainly driven by
social media followers. The performance in Media was offset by an excellent
performance in Magazines, a market in secular decline, which represents 50% of
the B2C division. Magazines organic growth of +1% was led by improvement in
our subscription business combined with growth in premium print titles.
Revenue for our price comparison business Go.Compare only declined (1)%, both
reported and organically, despite a strong comparator of +30% growth in HY
2024, with strong progress in non-car insurance revenue, delivering +10%
growth in the period.
B2B performance remained challenging with (15)% reported revenue decline and
(13)% organic. The performance was impacted by challenging end-market dynamics
in enterprise tech.
B2C revenue
HY 2025 HY 2024 Reported Organic
£m £m YoY var YoY var
US digital advertising 48.8 52.6 (7)% (5)%
UK digital advertising 22.5 27.8 (19)% (14)%
Digital advertising 71.3 80.4 (11)% (8)%
eCommerce affiliates 44.5 41.7 +7% +9%
Other Media 12.8 12.8 flat +1%
MEDIA 128.6 134.9 (5)% (2)%
Subscriptions 60.9 63.9 (5)% (2)%
Other Magazines 66.5 64.6 +3% +5%
MAGAZINES 127.4 128.5 (1)% +1%
B2C REVENUE 256.0 263.4 (3)% flat
Digital advertising market remained challenging in the UK, down (14)%
organically although the organic rate of decline improved in Q2 to (9)%. In
the US, the year started well with +7% organic growth in direct advertising in
Q1, offset by customers delaying or pulling campaigns in the latter part of Q2
due to macroeconomic uncertainty. As a result, total organic US digital
advertising was (5)% for the period.
Affiliates performed well with +9% organic growth in the period with good peak
trading with flat basket and higher conversion combined with continued
excellent organic revenue growth from vouchers of +53%.
Subscription organic revenue was only down (2)% in the period, testament of
the work and investment to drive stabilisation in this revenue stream with
growth in key titles such as The Week Junior.
Other magazines (print advertising and newstrade) organic revenue grew +5% in
the period driven by a premium book for Rolex combined with better underlying
performance for both weekly and premium titles.
Go.Compare revenue
HY 2025 HY 2024 Reported Organic
£m £m YoY var YoY var
Car insurance 58.9 62.9 (6)% (6)%
Non-car insurance 36.4 33.2 +10% +10%
GO.COMPARE REVENUE 95.3 96.1 (1)% (1)%
Car insurance revenue declined by (6)% in the half set against strong
comparators. The car performance was impacted by lower quote volumes driven by
the market partially offset by strong conversion.
Non-car insurance revenue grew by +10% in the period, reflecting the strategic
focus to grow non-car categories which now represent 38% of Go.Compare
revenue, up +4ppt year-on-year.
B2B revenue
HY 2025 HY 2024 Reported Organic
£m £m YoY var YoY var
Digital advertising (Newsletters) 16.6 17.8 (7)% (3)%
Affiliates (Lead gen & webinars) & Other Media (Events) & 10.5 14.2 (26)% (25)%
Magazines
B2B REVENUE 27.1 32.0 (15)% (13)%
Digital advertising organic revenue was down (3)% in the half with mixed
performance across verticals with growth in education and financial services
offset by decline in healthcare, food and travel.
The (25)% organic decline in other revenue is largely driven by the continued
challenging backdrop in enterprise tech. The team is executing on plans to
turnaround the performance in B2B.
Operating profit
Cost of sales including distribution costs were down 7% year-on-year driven by
lower revenue combined with a change in revenue mix with the reduction in
Go.Compare revenue for which pay per click costs are recorded in cost of
sales. See note 3 to the financial statements for further details.
Other costs are broadly flat period on period reflecting the annualisation of
the investment in people as part of the Growth Acceleration Strategy with the
recruitment of over 150 heads since the start of the programme combined with
annual pay rise which increased salary and wages costs, the impact of which is
expected to abate in H2. Additionally, marketing spend has been weighted in H1
in FY 2025 compared to H2 in FY 2024. These cost increases have been offset by
the benefit of an R&D tax credit and lower medical benefit rates.
Adjusted operating profit margin has remained stable at 27% (HY 2024: 27%),
despite investment combined with inflationary pressures within wages, the
largest cost. This is a testament to the strength of the Group, with a period
on period reduction in adjusted operating profit of only £(5.1)m to £100.7m
(HY 2024: £105.8m), including the negative impact of foreign exchange
translation. The diversified revenue and strong financial characteristics of
the Group, even in a challenging macroeconomic environment, have provided
clear benefits. Statutory operating profit increased by £5.4m to £69.1m (HY
2024: £63.7m) and statutory operating margin increased by +2ppt to 18% (HY
2024: 16%), primarily driven by lower share base payment due to options
lapsing as well as lower exceptional costs partially offset by lower
underlying performance.
Earnings per share
HY 2025 HY 2024
Basic earnings per share (p) 38.4 29.2
Adjusted basic earnings per share (p) 60.2 57.5
Diluted earnings per share (p) 38.0 29.0
Adjusted diluted basic earnings per share (p) 59.7 57.2
Basic earnings per share is calculated using the weighted average number of
ordinary shares in issue during the period of 109.4m (HY 2024: 115.5m), the
decrease reflecting the share buyback programmes.
The Glossary section at the end of this document provides the definition of
adjusted earnings per share and a reconciliation to reported earnings per
share.
Transaction and integration related costs
Transaction and integration related costs of £1.6m incurred in the period
reflect acquisition-related costs, including professional fees to support
portfolio optimisation across the Group's divisions of £0.8m, as well as
£0.8m of transformation projects, primarily consisting of post-integration IT
system costs and associated fees (31 March 2024: £1.4m of post-integration
project costs and fees).
Exceptional items
Exceptional items in the period comprise a £0.5m credit relating to
properties which became onerous and were treated as
exceptional in prior years, and £0.1m of restructuring costs following
the closure of certain brands, relating to the continuation of the
restructuring programme which commenced in H2 2024 (6 months to 31 March 2024:
£1.2m cost relating to onerous properties).
Other adjusting items
Other adjusting items include amortisation of acquired intangibles of £27.1m
(31 March 2024: £33.5m), the decrease is due to £5.5m accelerated
amortisation in the prior period for brand and customer list intangible assets
relating to Look After My Bills ('LAMB'), arising with the Go.Compare
acquisition, following the cessation of active management of the LAMB business
in FY 2024.
Share-based payment expenses relating to equity-settled share awards with
vesting periods longer than twelve months, together with associated social
security costs, decreased by £2.7m to £3.3m (31 March 2024: £6.0m), partly
due to the lapsing of former CEO's awards as he stepped down from the role in
the period. Share based payment expenses are excluded from the adjusted
results of the Group as the Directors believe they result in a level of charge
that would distort the user's view of the core trading performance of the
Group, and include the historical one-off all-employee Value Creation Plan
scheme where a charge is booked irrespective of the likelihood of achieving
the vesting targets.
Net finance costs and refinancing
At 31 March 2025, 53.8% (£350.0m of £650.0m) of the Group's facilities
remained undrawn (31 March 2024: 50.0% (£325.0m of £650.0m) undrawn).
Net finance costs decreased to £12.5m (31 March 2024: £17.1m) which includes
net external interest payable of £10.8m (31 March 2024: £13.6m) reflecting
the reduction in the Group's debt and £1.2m (31 March 2024: £2.5m) in
respect of the amortisation of arrangement fees relating to the Group's bank
facilities. A further £0.8m (31 March 2024: £1.0m) of net interest was
recognised in relation to lease liabilities.
To mitigate the risk of fluctuations in interest rates, the group uses
interest rate swaps to fix its variable-rate debt. As at 31 March 2025, 100%
(31 March 2024: 92%) of the Group's drawn debt was fixed at an average rate of
6.39%.
Taxation
The tax charge for the six months ended 31 March 2025 amounted to £14.6m (31
March 2024: £12.9m) and is based on the effective tax rate, estimated on a
full year basis, being applied to the statutory profit for the six months
ended 31 March 2025. The Group's statutory effective tax rate is expected to
be 25.7% (31 March 2024: 27.7%).
The Group's adjusted effective tax rate is expected to be 25.3% (31 March
2024: 25.3%). The Glossary section at the end of this document provides a
reconciliation between the Group's adjusted effective tax charge and statutory
effective tax charge.
The Group has considered the expected impact of the global minimum tax rules
on the FY 2025 tax position using FY 2023 and FY 2024 financial information
and concludes that the income inclusion rule is expected to apply. The
application of the transitional safe harbour is anticipated in all operational
jurisdictions. Certain US entities within the Group will be subject to the
full Globe rules in FY 2025, however, additional top up taxes are not expected
to arise.
Balance sheet
Property, plant and equipment decreased by £1.3m to £31.5m in the period
(30 September 2024: £32.8m) primarily reflecting depreciation of £3.4m,
offset by capital expenditure of £1.8m.
Intangible assets decreased by £6.6m to £1,507.1m (30 September 2024:
£1,513.7m) driven by amortisation (£32.8m) offset by the impact of foreign
exchange £17.4m, the capitalisation of website development costs £6.0m and
£2.8m intangible assets acquired through the acquisition of RNWL (see note
17).
Trade and other receivables decreased by £11.1m to £104.2m (30 September
2024: £115.3m) primarily due to an improvement in cash collection during the
year, together with the impact of foreign exchange.
Trade and other payables decreased by £6.0m to £115.7m (30 September 2024:
£121.7m) primarily due to a reduction in accrual balances.
Cash flow and net debt
Net debt at 31 March 2025 was £241.2m (30 September 2024: £256.5m), driven
by a £15.6m increase in cash, following strong cash generation in the period
from a sustainable decrease in overdue debtor balances.
During the six month to 31 March 2025, there was a cash inflow from operations
of £115.9m (31 March 2024: £130.4m) reflecting continued strong cash
generation. Adjusted operating cash inflow was £119.3m (31 March 2024:
£132.8m). A reconciliation of cash generated from operations to adjusted free
cash flow is included in the Glossary section at the end of this document.
Other significant movements in cash flows include the acquisition of own
shares of £39.5m (31 March 2024: £32.0m), lease payments of £2.9m (31 March
2024: £5.0m) and dividends paid in the period of £3.7m (31 March 2024:
£3.9m). Foreign exchange and other movements accounted for the balance of
cash flows.
Going concern
The going concern of the Group has been assessed, taking into account the
Group's strong financial position, including external funding in place over
the assessment period, of over 12 months from the date of this report, and
after modelling the impact of certain scenarios arising from the principal
risks, which have the greatest potential impact on going concern in that
period.
At 31 March 2025, the Group had net current liabilities of £53.7m (30
September 2024: £70.3m). This is primarily driven by subscriptions deferred
income. The Group has consistently delivered adjusted free cash flow
conversion of around 100% and is forecast to generate sufficient cash flows to
meet its liabilities as they fall due. The decrease in net current liabilities
since 30 September 2024 is driven by the terms of the share buyback programme,
resulting in no current liability recognised at 31 March 2025 (30 September
2024: £12.2m other financial liability), and a net reduction in current tax
liabilities of £6.5m due to payments made in the period.
The Group remains highly cash generative, a consistent feature of the Group,
with cash generated from operations being £115.9m (31 March 2024: £130.4m).
After returning £43.2m (31 March 2024: £39.8m) to shareholders in the period
through the share buyback programme and annual dividend, leverage is stable at
1.1x (30 September 2024: 1.1x) and net debt has reduced to £241.2m (30
September 2024: £256.5m).
Whilst each of the principal risks has a potential impact and has been
considered as part of the assessment, only those that represent severe but
plausible scenarios were selected for modelling. The scenarios have been
modelled using the Group's existing £350m RCF (which matures in July 2026)
and the £300m UKEF facility (which amortises over the next three years, with
a final bullet payment on expiry in November 2027). We have assumed that the
RCF remains available throughout the assessment period, as the intention is to
refinance the facility well before its maturity.
The scenarios are hypothetical and purposefully severe with the aim of
creating outcomes that have the ability to threaten the going concern of the
Group. The Group has multiple control measures in place to prevent and
mitigate the scenarios from taking place.
Although the downside scenarios result in increased leverage, the Group
maintains headroom over the existing bank facilities and covenants at all
testing points (even where none of the various options available to the Group
to maintain liquidity, such as reducing any non-essential capital and
operating expenditure as well as not paying dividends, are utilised). The
results of the above stress testing showed that the Group would be able to
withstand the impact of these scenarios occurring over the assessment period.
The exercise undertaken indicates that the Group is extremely diversified and
very resilient to a number of extreme but plausible downside scenarios.
The scenario modelling does not account for various mitigating actions the
Board could undertake to offset the impacts of such a reduction in cashflow,
such as reducing operational and capital expenditure or a disposal of part of
the portfolio. In the event of a disposal, the Group would be using a share of
the proceeds to pay down debt, giving further optionality and flexibility to
the Group.
Based on the severe but plausible scenarios, the Directors have a reasonable
expectation that the Company will continue in operation and meet its
liabilities as they fall due over the period considered. For this reason, the
Directors continue to adopt the going concern basis in preparing the
consolidated financial statements for the HY 2025 results.
Condensed consolidated interim financial statements
Condensed consolidated income statement
for the six months ended 31 March 2025 (unaudited)
Note 6 months to 6 months to
31 March 31 March
2025 2024
£m £m
Revenue 1,2 378.4 391.5
Net operating expenses 3 (309.3) (327.8)
Operating profit 69.1 63.7
Finance income 6 0.3 1.1
Finance costs 6 (12.8) (18.2)
Net finance costs (12.5) (17.1)
Profit before tax 56.6 46.6
Tax charge 7 (14.6) (12.9)
Profit for the year attributable to owners of the parent 42.0 33.7
Earnings per Ordinary share
Note 6 months to 6 months to
31 March 31 March
2025 2024
pence pence
Basic earnings per share 9 38.4 29.2
Diluted earnings per share 9 38.0 29.0
Condensed consolidated statement of comprehensive income
for the period ended 31 March 2025
6 months to 6 months to
31 March 31 March
2025 2024
£m £m
Profit for the year 42.0 33.7
Items that may be reclassified to the consolidated income statement:
Currency translation differences 16.3 (20.8)
Gain/(loss) on cash flow hedge (net of tax) 0.2 (3.0)
Other comprehensive income/(expense) for the year 16.5 (23.8)
Total comprehensive income for the year attributable to owners of the parent 58.5 9.9
Condensed consolidated statement of changes in equity
for the six months ended 31 March 2025 (unaudited)
Group Note Issued share capital £m Share premium £m Capital redemption reserve £m Merger reserve £m Treasury reserve £m Cash flow hedge reserve £m Accumulated exchange differences £m Retained earnings £m Total
equity £m
Balance at 1 October 2024 16.8 - 1.3 109.0 (10.9) - (24.9) 970.4 1,061.7
Profit for the year - - - - - - - 42.0 42.0
Currency translation differences - - - - - - 16.3 - 16.3
Gain on cash flow hedge - - - - - 0.2 - - 0.2
Other comprehensive income for the year - - - - - 0.2 16.3 - 16.5
Total comprehensive income for the year - - - - - 0.2 16.3 42.0 58.5
Acquisition of own shares 14 (0.6) - 0.6 - - - - (25.9) (25.9)
Share schemes
- Issue of treasury shares to employees - - - - 3.8 - - (3.8) -
- Share based payments - - - - - - - 3.3 3.3
Dividends paid to shareholders 8 - - - - - - - (3.7) (3.7)
Balance at 31 March 2025 16.2 - 1.9 109.0 (7.1) 0.2 (8.6) 982.3 1,093.9
Balance at 01 October 2023 17.8 197.0 0.3 581.9 (15.3) 4.4 27.8 300.8 1,114.7
Profit for the period - - - - - - - 33.7 33.7
Currency translation differences - - - - - - (20.8) - (20.8)
Loss on cash flow hedge 15 - - - - - (4.0) - - (4.0)
Deferred tax on cash flow hedge - - - - - 1.0 - - 1.0
Other comprehensive expense for the year - - - - - (3.0) (20.8) - (23.8)
Total comprehensive income for the year - - - - - (3.0) (20.8) 33.7 9.9
Acquisition of own shares (0.5) - 0.5 - - - - (31.6) (31.6)
Merger reserve reduction 15 - - - (472.9) - - - 472.9 -
Share premium reduction 15 - (197.0) - - - - - 197.0 -
Share schemes
- Issue of treasury shares to employees - - - - 3.9 - - (3.9) -
- Value of employees' services - - - - - - - 6.0 6.0
- Deferred tax on options - - - - - - - 0.1 0.1
Dividends paid to shareholders 8 - - - - - - - (3.9) (3.9)
Balance at 31 March 2024 17.3 - 0.8 109.0 (11.4) 1.4 7.0 971.1 1,095.2
Condensed consolidated balance sheet
as at 31 March 2025 (unaudited)
Note 31 March 2025 31 March 2024 30 September 2024
£m £m £m
Assets
Non-current assets
Property, plant and equipment 31.5 32.4 32.8
Intangible assets - goodwill 10 1,026.6 1,043.0 1,011.7
Intangible assets - other 10 487.4 542.0 502.0
Financial asset - derivative 13 1.1 2.6 1.4
Deferred tax - - 1.4
Total non-current assets 1,546.6 1,620.0 1,549.3
Current assets
Inventories 0.3 0.6 0.4
Corporation tax recoverable 6.0 9.9 1.3
Deferred tax - 10.8 -
Trade and other receivables 11 104.2 114.3 115.3
Cash and cash equivalents 56.2 23.1 39.7
Finance lease receivable 3.9 2.7 2.0
Deferred consideration - 0.1 -
Total current assets 170.6 161.5 158.7
Total assets 1,717.2 1,781.5 1,708.0
Equity and liabilities
Equity
Issued share capital 14 16.2 17.3 16.8
Capital redemption reserve 15 1.9 0.8 1.3
Merger reserve 15 109.0 109.0 109.0
Treasury reserve 15 (7.1) (11.4) (10.9)
Cash flow hedge reserve 13,15 0.2 1.4 -
Accumulated exchange differences 15 (8.6) 7.0 (24.9)
Retained earnings 982.3 971.1 970.4
Total equity 1,093.9 1,095.2 1,061.7
Non-current liabilities
Financial liabilities - interest-bearing loans and borrowings 257.4 319.8 276.2
Lease liability due in more than one year 30.3 31.3 29.8
Deferred tax 91.0 108.7 94.9
Provisions 3.5 7.0 4.7
Contract liabilities 10.6 11.5 10.3
Contingent consideration 17 5.3 - -
Financial liability - derivative 13 0.9 0.7 1.4
Total non-current liabilities 399.0 479.0 417.3
Current liabilities
Financial liabilities - interest-bearing loans and borrowings 40.0 - 20.0
Trade and other payables 12 115.7 123.2 121.7
Deferred income 61.6 63.2 60.2
Corporation tax payable - 6.1 6.5
Lease liability due within one year 7.0 9.0 8.4
Other financial liability - - 12.2
Deferred tax - 5.8 -
Total current liabilities 224.3 207.3 229.0
Total liabilities 623.3 686.3 646.3
Total equity and liabilities 1,717.2 1,781.5 1,708.0
£m£m
Condensed consolidated cash flow statement
for the for the six months ended 31 March 2025 (unaudited)
6 months to 6 months to
31 March 2025 31 March 2024
£m £m
Cash flows from operating activities
Cash generated from operations 115.9 130.4
Net interest paid on bank facilities (10.8) (13.6)
Interest paid on lease liabilities (0.8) (0.9)
Tax paid (29.7) (19.2)
Net cash generated from operating activities 74.6 96.7
Cash flows from investing activities
Purchase of property, plant and equipment (1.8) (1.3)
Purchase of computer software and website development (6.0) (5.5)
Purchase of subsidiary undertakings, net of cash acquired (2.8) (7.9)
Disposal of titles - (0.1)
Net cash used in investing activities (10.6) (14.8)
Cash flows from financing activities
Acquisition of own shares (39.5) (32.0)
Drawdown of bank loans - 140.0
Repayment of bank loans - (208.0)
Repayment of principal element of lease liabilities (2.9) (5.0)
Dividends paid (3.7) (3.9)
Net cash used in financing activities (46.1) (108.9)
Net increase/(decrease) in cash and cash equivalents 17.9 (27.0)
Cash and cash equivalents at beginning of year 39.7 60.3
Effects of exchange rate changes on cash and cash equivalents (1.4) (10.2)
Cash and cash equivalents at end of year 56.2 23.1
Notes to the condensed consolidated cash flow statement
for the six months ended 31 March 2025 (unaudited)
A. Cash generated from operations
The reconciliation of profit for the period to cash generated from operations
is set out below:
6 months to 6 months to
31 March 31 March
2025 2024
£m
£m
Profit for the year 42.0 33.7
Adjustments for:
Depreciation 3.4 3.2
Impairment charge on tangible and intangible assets - 0.1
Amortisation of intangible assets 32.8 38.4
Share-based payments 3.3 6.0
Net finance costs 12.5 17.1
Tax charge 14.6 12.9
Cash generated from operations before changes in working capital and 108.6 111.4
provisions
Decrease in provisions (1.1) (0.4)
Decrease in inventories 0.1 0.7
Decrease in trade and other receivables 10.9 9.4
(Decrease)/increase in trade and other payables (2.6) 9.3
Cash generated from operations 115.9 130.4
Basis of preparation
The condensed consolidated interim financial statements for the six-month
period ended 31 March 2025 are unaudited but have been subject to an
independent review by the auditor. They do not constitute statutory financial
statements as defined in section 434 of the Companies Act 2006. The
comparative figures are for the six month period ended 31 March 2024 for the
Condensed consolidated income statement, and the year ended 30 September 2024
for the Condensed consolidated balance sheet.
This unaudited condensed consolidated interim financial information for the
six months ended 31 March 2025 has been prepared in accordance with
International Accounting Standard 34 Interim Financial Reporting in conformity
with the requirements of the Companies Act 2006, and in accordance with the
Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.
The interim financial information contained in the Interim Report should be
read in conjunction with the Annual Report and Accounts for the year ended 30
September 2024. The accounting policies adopted in the preparation of the
interim condensed consolidated financial statements are consistent with those
followed in the preparation of the Annual Report and Accounts for the year
ended 30 September 2024, other than where the Group has adopted amendments to
existing standards as set out below.
As stated in the financial statements for the year ended 30 September 2024,
the following amendments to existing standards have been applied where
applicable:
− IAS 1 Amendments regarding the classification of liabilities, and
Amendment regarding the classification of debt with covenants;
− IAS 7 Amendments regarding supplier finance arrangements;
− IFRS 7 Amendments regarding supplier financial arrangements;
− IFRS 16 Amendments to clarify how a seller-lessee subsequently
measures sale and leaseback transactions.
There has been no material impact from the adoption of new standards,
amendments to standards or interpretations which are relevant to the Group.
The information for the year ended 31 March 2024 does not constitute statutory
accounts as defined in section 434 of the Companies Act 2006. A copy of the
statutory accounts for that year has been delivered to the Registrar of
Companies. The auditor's report on those accounts was not qualified, did not
include a reference to any matters to which the auditors drew attention by way
of emphasis without qualifying the report and did not contain statements under
section 498(2) or (3) of the Companies Act 2006.
After due consideration, the Directors have concluded that there is a
reasonable expectation that the Group has adequate resources to continue in
operational existence for at least twelve months from the date of this report.
For this reason, the Directors continue to adopt the going concern basis in
preparing the consolidated financial statements for the HY 2025 results. The
going concern section in the financial summary provides for more details.
The Group's principal risks and uncertainties remain the same as those set
out in the Group's Consolidated Financial Statements for the year ended 30
September 2024. Reference should be made to pages 49 to 51 of the 2024 Annual
Report and Accounts for more detail on the potential impact of risks and
examples of mitigation.
The principal risks relevant to the Group's activities at the half year are:
Personal data; Media market disruption; Economic & geo-political; Key
suppliers & supply chain; People; Cyber & IT; Third-party distribution
platforms; Climate change; and Regulatory.
Presentation of non-statutory measures
The Directors believe that adjusted results and adjusted earnings per share
provide additional useful information on the core operational performance of
the Group to shareholders, and review the results of the Group on an adjusted
basis internally. The term 'adjusted' is not a defined term under IFRS and may
not therefore be comparable with similarly titled profit measurements reported
by other companies. It is not intended to be a substitute for, or superior to,
IFRS measurements of profit.
The Glossary section at the end of this document provides definitions of and
reconciliations to non-statutory measures.
Critical judgements in applying the Group's accounting policies - Determining
the basis on which goodwill is allocated and monitored for goodwill impairment
testing
Judgement is applied in the identification of cash-generating units ("CGUs")
as well as the basis on which goodwill is monitored. For the six months to 31
March 2025, the Executive Directors have considered the performance of the
business from a divisional perspective, namely B2C, B2B and Go.Compare.
Goodwill cannot be monitored at a lower level than the operating segment
level.
The CGUs used in impairment testing are therefore B2C, B2B and Go.Compare,
based on how goodwill is monitored.
Notes to the financial information
1. Segmental reporting
Our operating segments are reported based on financial information provided to
the Executive Directors and represents the "Chief Operating Decision Maker".
The Group is organised and arranged primarily by reportable segments. For the
six months to 31 March 2025, the Executive Directors have considered the
performance of the business from a divisional perspective, namely B2C, B2B and
Go.Compare. The Group considers that the assets within each divisional segment
are exposed to the same risks.
(a) Reportable segment:
(i) Segment revenue
6 months to 6 months to
31 March 31 March
2025 2024
(restated*)
£m £m
B2C 256.0 263.4
Go.Compare 95.3 96.1
B2B 27.1 32.0
Total 378.4 391.5
(ii) Segment adjusted EBITDA
6 months to 6 months to
31 March 31 March
2025 2024
(restated*)
£m £m
B2C 67.4 66.7
Go.Compare 35.7 39.2
B2B 6.7 8.0
Total 109.8 113.9
(iii) Segment adjusted operating profit
6 months to 6 months to
31 March 31 March
2025 2024
(restated*)
£m £m
B2C 59.8 59.7
Go.Compare 34.2 38.1
B2B 6.7 8.0
Total 100.7 105.8
*Comparators have been restated in line with the Group's updated reportable
segments
A reconciliation of total segment adjusted EBITDA and adjusted operating
profit to profit before tax is provided in the Glossary section at the end of
this document.
2. Revenue
The table below disaggregates revenue according to the timing of satisfaction
of performance obligations:
6 months to 31 March 2025 6 months to 31 March 2024
£m £m
Over Point in Total Over Point in Total
time time revenue time time revenue
Total revenue 4.4 374.0 378.4 7.2 384.3 391.5
See note 1 for disaggregation of revenue by division.
Geographical revenue
6 months to 6 months to
31 March 31 March
2025 2024
£m £m
UK 240.5 248.4
US 137.9 143.1
Total 378.4 391.5
3. Net operating expenses
Operating profit is stated after charging:
6 months to 6 months to
31 March 31 March
2025 2024
£m £m
Cost of sales (212.0) (215.9)
Distribution expenses (18.2) (19.1)
Share-based payments (including social security costs) (3.3) (6.0)
Transaction and integration related costs (glossary) (1.6) (1.4)
Exceptional items (note 4) 0.4 (1.2)
Depreciation (3.4) (3.2)
Amortisation (32.8) (38.4)
Impairment charge on intangible assets - (0.1)
Other administration expenses (39.4) (42.5)
Operating expenses (310.3) (327.8)
Other income 1.0 -
Net operating expenses (309.3) (327.8)
4. Exceptional items
6 months to 6 months to
31 March 31 March
2025 2024
£m £m
Onerous properties (0.5) 1.2
Restructuring 0.1 -
Total (0.4) 1.2
Exceptional items in the period comprise a £0.5m credit relating to
properties which became onerous and were treated as
exceptional in prior years, and £0.1m of restructuring costs following
the closure of certain brands, relating to the continuation of the
restructuring programme which commenced in H2 2024 (6 months to 31 March 2024:
£1.2m cost relating to onerous properties).
5. Employee costs
6 months to 6 months to
31 March 31 March
2025 2024
£m £m
Wages and salaries 92.8 90.8
Social security costs 9.0 8.4
Other pension costs 2.8 2.7
Share schemes:
Value of employees' services 3.3 6.0
Employer's social security costs on share options 0.0 0.5
Total employee costs 107.9 108.4
Wages and salaries in the table above include the all-employee profit pool
bonus.
IFRS 2 Share-based Payment requires an expense for equity instruments granted
to be recognised over the appropriate vesting period, measured at their fair
value at the date of grant.
The fair value has been calculated using Black-Scholes and Monte Carlo models,
using the most appropriate model for each scheme. Assumptions have been made
in these models for expected volatility, risk-free rates and dividend yields.
6. Finance income and costs
6 months to 6 months to
31 March 31 March
2025 2024
£m £m
Interest payable on interest-bearing loans and borrowings (10.8) (14.6)
Amortisation of bank loan arrangement fees (1.2) (2.5)
Interest payable on lease liabilities (0.8) (1.0)
Increase in fair value of contingent consideration - (0.2)
Total finance costs (12.8) (18.3)
Interest receivable from cash held on deposit 0.3 -
Interest receivable on interest-bearing loans and borrowings - 1.0
Interest receivable on lease receivables - 0.1
Increase in fair value of deferred consideration - 0.1
Total finance income 0.3 1.2
Net finance costs (12.5) (17.1)
At 31 March 2025, 53.8% (£350.0m) of the Group's facilities remained undrawn
(31 March 2024: 50.0% (£325.0m) undrawn).
7. Tax on profit
The tax charge for the six months ended 31 March 2025 is based on the
effective tax rate, estimated on a full year basis, being applied to the
statutory profit for the six months ended 31 March 2025. The Group's adjusted
effective tax rate is expected to be 25.3% (31 March 2024: 25.3%).
The Group's statutory effective tax rate is expected to be 25.7% (31 March
2024: 27.7%).
The Group has considered the expected impact of the global minimum tax rules
on the FY 2025 tax position using FY 2023 and FY 2024 financial information
and concludes that the income inclusion rule is expected to apply. The
application of the transitional safe harbour is anticipated in all operational
jurisdictions. Certain US entities within the Group will be subject to the
full Globe rules in FY 2025, however, additional top up taxes are not expected
to arise.
8. Dividends
Equity dividends 6 months to 6 months to
31 March 31 March
2025 2024
Number of shares in issue at end of period (million) 108.0 115.2
Dividends paid in year (pence per share) 3.4 3.4
Dividends paid in year (£m) 3.7 3.9
Interim dividends are recognised in the period in which they are paid and
final dividends are recognised in the period in which they are approved. The
dividend in respect of the year ended 30 September 2024 was paid on 11
February 2025. The Board did not propose a dividend for the 6 months ended 31
March 2025 (6 months to 31 March 2024: no dividend).
9. Earnings per share
6 months to 6 months to
31 March 31 March
2025 2024
Profit attributable to owners of the parent (£m) 42.0 33.7
Weighted average number of shares in issue during the year 109,412,450 115,471,229
Dilution (number of shares) 978,040 661,660
Diluted weighted average number of shares in issue during the year 110,390,490 116,132,889
Basic earnings per share (p) 38.4 29.2
Diluted earnings per share (p) 38.0 29.0
Basic earnings per share are calculated using the weighted average number of
Ordinary shares in issue during the period. Diluted earnings per share have
been calculated by taking into account the dilutive effect of shares that
would be issued on conversion into Ordinary shares of awards held under
employee share schemes.
A reconciliation between earnings per share and adjusted earnings per shares
is shown in the Glossary at the end of this document.
10. Intangible assets
Goodwill Publishing rights Brands Customer relationships Subscribers Advertiser relationships Other acquired intangibles Other Total
£m £m £m £m £m £m £m £m £m
Cost
At 1 October 2023 1,320.3 90.6 497.2 63.5 81.6 21.1 44.0 67.2 2,185.5
Other additions - - - - - - - 11.1 11.1
Exchange adjustments (45.7) (0.2) (13.0) (1.5) (4.2) (1.6) (1.2) (1.1) (68.5)
At 30 September 2024 1,274.6 90.4 484.2 62.0 77.4 19.5 42.8 77.2 2,128.1
Additions through business combinations 3.2 - - - - - 6.5 - 9.7
Other additions - - - - - - - 6.0 6.0
Exchange adjustments 13.4 0.1 5.0 0.5 1.4 0.5 0.3 0.6 21.8
At 31 March 2025 1,291.2 90.5 489.2 62.5 78.8 20.0 49.6 83.8 2,165.6
Accumulated amortisation and impairment
At 1 October 2023 (266.7) (36.1) (88.8) (30.6) (25.6) (4.5) (36.2) (57.6) (546.1)
Charge for the year - (5.9) (32.3) (13.4) (9.3) (1.6) (4.2) (10.4) (77.1)
Impairment - (0.5) (4.0) - - - - - (4.5)
Exchange adjustments 3.8 0.3 3.9 1.0 1.8 0.3 1.0 1.2 13.3
At 30 September 2024 (262.9) (42.2) (121.2) (43.0) (33.1) (5.8) (39.4) (66.8) (614.4)
Charge for the year - (2.9) (13.5) (4.1) (4.0) (0.8) (1.8) (5.7) (32.8)
Exchange adjustments (1.7) (0.1) (1.1) (0.4) (0.7) (0.1) (0.3) 0.0 (4.4)
At 31 March 2025 (264.6) (45.2) (135.8) (47.5) (37.8) (6.7) (41.5) (72.5) (651.6)
Net book value at 31 March 2025 1,026.6 45.3 353.4 15.0 41.0 13.3 8.1 11.3 1,514.0
Net book value at 30 September 2024 1,011.7 48.2 363.0 19.0 44.3 13.7 3.4 10.4 1,513.7
Net book value at 1 October 2023 1,053.6 54.5 408.4 32.9 56.0 16.6 7.8 9.6 1,639.4
Useful economic lives 5-15 3-20 8-10 7-11 9-15 3-10 2
years years years years years years years
The other acquired intangibles category in the table above includes assets
relating to customer lists, content, technology and websites.
Additions in the period of £6.5m other acquired intangibles relates to
developed technology acquired on the acquisition of RNWL Ltd. See note 17
below for detail.
Any residual amount arising as a result of the purchase consideration being in
excess of the value of acquired assets is recorded as goodwill.
Other intangible assets relate to capitalised software costs and website
development costs which are internally generated. Amortisation is included
within net operating expenses in the consolidated income statement.
11. Trade and other receivables
31 March 30 September
2025 2024
£m £m
Trade receivables 63.6 74.6
Allowance for impairment of trade receivables (4.7) (8.6)
Trade receivables net 58.9 66.0
Other receivables 5.2 5.6
Prepayments 17.5 19.7
Contract assets 22.6 24.0
Total 104.2 115.3
The Directors consider that the carrying amount of trade and other receivables
approximates their fair value.
12. Trade and other payables
31 March 30 September
2025 2024
£m £m
Trade payables 19.6 20.6
Other taxation and social security 3.0 4.4
Global sales tax 16.2 11.3
Other payables 12.0 14.8
Accruals 64.9 70.6
Total 115.7 121.7
Trade payables and accruals principally comprise amounts outstanding for trade
purchases and ongoing costs. The Group has financial risk management policies
in place to ensure all payables are paid within the agreed credit terms.
The Directors consider that the carrying amount of trade payables approximates
their fair value.
13. Financial instruments
The following table presents the Group's financial assets and liabilities that
are measured at fair value at 31 March 2025:
31 March 2025 30 September 2024
Financial asset Level 2 Level 3 Level 2 Level 3
Fair value Fair value Fair value Fair value
£m £m £m £m
Asset
Financial asset - derivatives 1.1 - 1.4 -
Liabilities
Financial liability - derivatives (0.9) - (1.4) -
Contingent consideration - (5.3) - -
The Group has entered into interest rate swap agreements which swap the
interest profile on a notional £300.0m (31 March 2024: £300.0m) of the
Group's EDG term facility to mitigate the risk of fluctuations in interest
rates, whereby it receives a variable interest rate based on SONIA and pays
fixed rates of between 3.720% and 4.987%. The swaps have been valued based on
the present value of the estimated future cash flows based on observable yield
curves. A net asset of £0.2m has been recognised on the balance sheet at 31
March 2025 (31 March 2024: £1.9m, 30 September 2024: net nil) with a
corresponding increase of £0.2m in the cash flow hedge reserve (see note 15
for further details).
The contingent consideration of £5.3m relates to the acquisition of RNWL
Limited ("RNWL") (see note 17 for further details).
The RNWL contingent consideration has been valued using a Monte Carlo
Simulation model using key inputs from internal projections and forecasts. The
outcome is then discounted to reflect the market risk related to contingent
consideration and underlying achievement of the gross profit target.
The main level 3 inputs used in valuing the contingent consideration are
discount rate of 11% and incremental profit.
The table below sets out the sensitivity of level 3 inputs to a 10% change to
incremental profit and 1ppt change to discount rate, which is considered to be
a reasonably possible alternative assumption:
Assumption Increase/ Increase/ (decrease) in liability
(decrease) £m
Discount rate 1ppt 0.2
Discount rate (1ppt) (0.2)
Incremental profit 10% 0.6
Incremental profit (10%) (0.6)
14. Issued share capital
During the period, no shares were issued by the Company pursuant to share
scheme exercises throughout the period (31 March 2024: nil). Nil (31 March
2024: 3,144) Ordinary shares were issued under the Share Incentive Plan for a
combined total cash commitment of £nil.
During the period, the Group completed its second share buyback programme and
commenced a third buyback, resulting in a reduction in share capital of 4.1m
shares in the period, at a nominal value of £0.6m and a total cash outflow of
£39.5m. For the six months ended 31 March 2025, the charge to equity was
£25.9m due to the unwinding of a £13.6m liability recognised at 30 September
2024 in respect of committed share buybacks.
As at 31 March 2025, there were 107,997,278 Ordinary shares in issue with a
nominal value of £16.2m (31 March 2024: 115,203,420 with a nominal value of
£17.3m; 30 September 2024: 112,088,028 with a nominal value of £16.8m).
15. Reserves
Share premium account
Share premium represents the excess of proceeds received over the nominal
value of new shares issued.
In order to create additional distributable reserves to provide flexibility
for shareholder returns, during the six months to 31 March 2024 the total
share premium reserve of Future plc of £197.0m was cancelled and credited to
the reserves of Future plc, increasing distributable reserves by the same
amount. The balance at 31 March 2025 is £nil.
See 'Merger reserve' section below for further detail.
Capital redemption reserve
The capital redemption reserve increased by £0.6m during the period to
£1.9m, being the nominal value of shares purchased and cancelled as part of
the share buyback programme (see note 14 for further details).
Merger reserve
In order to create additional distributable reserves to provide flexibility
for
shareholder returns, during the six months to 31 March 2024 the total value of
the Future plc merger reserve of £472.9m was capitalised, with B ordinary
shares issued at a total nominal value equal to £472.9m, then cancelled and
extinguished, with £472.9m credited to retained earnings, increasing
distributable reserves by the same amount.
An amount of £109.0m in the merger reserve arose in previous years following
the 1999 Group reorganisation and is non-distributable.
Treasury reserve
The treasury reserve represents the cost of shares in Future plc purchased in
the market and held by the Employee Benefit Trust ('EBT') to satisfy awards
made by the trustees.
During the six months to 31 March 2025, 316,541 (31 March 2024: 246,138) of
the shares held by the EBT were used to satisfy the vesting of share options
and no shares were purchased to fund the future vesting of share options (31
March 2024: nil).
Cash flow hedge reserve
During FY 2023, the Group entered into interest rate swaps, in order to hedge
against fluctuations in interest rates. The cash flow hedge reserve represents
the cumulative amount of gains and losses on the interest rate swap deemed
effective.
Accumulated exchange differences
The reserve for accumulated exchange differences comprises the revaluation of
the Group's foreign currency entities, principally the US and Australia, on
consolidation.
16. Contingent liabilities
There were no material contingent assets or liabilities as at 31 March 2025
(31 March 2024: £nil).
17. Acquisitions
Acquisition of RNWL Ltd
On 4 March 2025, Future acquired 100% of the issued share capital and voting
rights of RNWL Ltd ("RNWL") for initial consideration of £2.8m and further
contingent consideration estimated at £5.3m, representing its fair value at
the date of acquisition. RNWL is an FCA-regulated digital wallet that
organises customers' details across insurance policies and provides reminders
of road tax, MOT and breakdown support.
On acquisition, £6.5m of developed technology and £3.2m of goodwill were
identified as intangible assets, along with a £1.6m deferred tax liability
relating to the acquired intangible asset. Due to the timing of the
acquisition the valuation of the technology asset and contingent consideration
are provisional at the date of this report and will be finalised during the
second half of the financial year. Goodwill is attributed to the strategic
value associated with potential further development and exploitation of
RNWL's technology which had not commenced or could not be separately
recognised at acquisition.
18. Post balance sheet events
On 15th May 2025, the Group acquired 100% of the issued share capital and
voting rights of Kwizly, which provides audience engagement tools, including
quizzes, games and polls embedded into websites, for consideration of £0.7m.
During May the Group has approved a new share buyback for up to £55m to
commence as soon as the current programme is completed which is expected in
the Summer.
Statement of Directors' responsibilities
We confirm that to the best of our knowledge:
• the condensed set of consolidated financial statements has been prepared
in accordance with IAS 34 Interim Financial Reporting in conformity with the
requirements of the Companies Act 2006;
• the interim management report includes a fair review of the information
required by:
a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the condensed set of financial
statements; and a description of the principal risks and uncertainties for the
remaining six months of the year; and
b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related
party transactions that have taken place in the first six months of the
current financial year and that have materially affected the financial
position or performance of the entity during that period; and any changes in
the related party transactions described in the last annual report that could
do so.
A list of current Directors is maintained on the Future plc website,
www.futureplc.com
By order of the Board
Directors
Richard Huntingford
Independent Non-Executive Chair
Kevin Li Ying
Chief Executive Officer
Sharjeel Suleman
Chief Financial Officer
Alan Newman
Independent Non-Executive
Rob Hattrell
Independent Non-Executive
Meredith Amdur
Independent Non-Executive
Mark Brooker
Senior Independent Non-Executive
Angela Seymour-Jackson
Independent Non-Executive
Ivana Kirkbride
Independent Non-Executive
15 May 2025
The maintenance and integrity of the Future plc website is the responsibility
of the Directors; the work carried out by the auditors does not involve
consideration of these matters and, accordingly, the auditors accept no
responsibility for any changes that may have occurred to the financial
statements since they were initially presented on the website.
Legislation in the United Kingdom governing the preparation and dissemination
of financial statements may differ from legislation in other jurisdictions.
GLOSSARY
Presentation of non-statutory measures
The Directors believe that adjusted results and adjusted earnings per share
provide additional useful information on the core operational performance of
the Group to shareholders, and review the results of the Group on an adjusted
basis internally. The term 'adjusted' is not a defined term under IFRS and may
not therefore be comparable with similarly titled profit measurements reported
by other companies. It is not intended to be a substitute for, or superior to,
IFRS measurements of profit.
Adjustments are made in respect of:
Adjusting item Explanation
Share-based payments Share-based payment expenses (relating to equity-settled share awards with
vesting periods longer than 12 months), together with associated social
security costs, are excluded from the adjusted results of the Group as the
Directors believe they result in a level of charge that would distort the
user's view of the core trading performance of the Group.
Transaction and integration related costs Although transactions are a key part of the Group's strategy, the Group
adjusts for costs relating to the completion and subsequent integration of
acquisitions and other corporate transactions, initiated within 12 months of
the completion date, as these costs are not related to the core trading of the
Group and not doing so would distort the Group's results, so as to assist the
user of the financial statements to understand the results of the core
underlying operations of the Group.
Exceptional items The Group considers items of income and expense as exceptional and excludes
them from the adjusted results where the nature of the item, or its size, is
material and/or is not related to the core trading of the Group so as to
assist the user of the financial statements to understand the results of the
core underlying operations of the Group. Details of exceptional items are
shown in note 4.
Amortisation of acquired intangible assets The amortisation charge for those intangible assets recognised on business
combinations is excluded from the adjusted results of the Group since they are
non-cash charges arising from non-trading investment activities. As such, they
are not considered to be reflective of the core trading performance of the
Group. This is consistent with industry peers and how certain external
stakeholders monitor the performance of the business.
Amortisation of non acquired intangible assets, depreciation and interest Adjusted EBITDA excludes the amortisation charge for computer software and
website development, as well as amortisation of acquired intangible assets,
depreciation and interest.
Unwinding of discount on deferred and contingent consideration The Group excludes the unwinding of the discount on deferred and contingent
consideration from the Group's adjusted results on the basis that it is
non-cash and the balance is driven by the Group's assessment of the relevant
discount rate to apply. Excluding this item ensures comparability with prior
periods.
Changes in the fair value of contingent consideration The Group excludes the remeasurement of these acquisition-related liabilities
from its adjusted results as the impact of remeasurement can vary
significantly.
The tax related to adjusting items is the tax effect of the items above,
calculated using the standard rate of corporation tax in the relevant
jurisdiction.
Reference to 'core or underlying' reflects the trading results of the Group
without the impact of amortisation of acquired intangible assets, transaction
and integration related costs, exceptional items, share-based payment expenses
(relating to equity-settled share awards with vesting periods longer than 12
months), together with associated social security costs and any tax related
effects, and unwinding of discount on deferred and contingent consideration,
that provide users with further useful information to aid understanding of the
Group's performance.
A summary table of all measures is included below:
Closest equivalent statutory measure Definition
APM (Adjusted Performance Measure)
Adjusted EBITDA Operating profit Adjusted EBITDA represents operating profit before share-based payments
(relating to equity-settled awards with vesting periods longer than 12 months)
and related social security costs, amortisation, depreciation, transaction and
integration related costs and exceptional items.
Adjusted EBITDA margin is adjusted EBITDA as a percentage of revenue.
Adjusting items are shown in the table below.
Adjusted operating profit Operating profit Adjusted operating profit represents operating profit before share-based
payments (relating to equity-settled awards with vesting periods longer than
12 months) and related social security costs, amortisation of acquired
intangible assets, transaction and integration related costs and exceptional
items.
This is a key management incentive metric, used within the Group's Deferred
Annual Bonus Plan.
Adjusted operating profit margin is adjusted operating profit as a
percentage of revenue.
Adjusting items are shown in the table below.
Adjusted diluted earnings per share Diluted earnings per share Adjusted diluted earnings per share (EPS) represents adjusted profit after tax
divided by the weighted average dilutive number of shares at the year end
date.
This is a key management incentive metric, used within the Group's Performance
Share Plan.
A reconciliation is provided below.
Adjusted effective tax rate Effective tax rate Adjusted effective tax rate is defined as the effective tax rate adjusted for
the tax impact of adjusting items and any other one-off impacts, including
adjustments in respect of previous years.
Adjusted operating cash flow Operating cash flow Adjusted operating cash flow represents cash generated from operations
adjusted to exclude cash flows relating to transaction and integration costs,
exceptional items and for payment of employer's taxes on share-based payments
relating to equity settled share awards with vesting periods longer than 12
months, and to include lease repayments following the adoption of IFRS 16
Leases.
Adjusted free cash flow Operating cash flow Adjusted free cash flow is defined as adjusted operating cash flow less
capital expenditure. Capital expenditure is defined as cash flows relating to
the purchase of property, plant and equipment and purchase of computer
software and website development.
Net debt The aggregation of cash and debt Net debt is defined as the aggregate of the Group's cash and cash equivalents
and its external bank borrowings net of capitalised bank arrangement fees. It
does not include lease liabilities recognised following the adoption of IFRS
16 Leases.
Organic growth Organic growth is defined as the like for like portfolio in the period,
excluding the impact of acquisitions (which have not been acquired for a full
financial year), disposals and closures, at constant foreign exchange rates.
Constant foreign exchange rates is defined as the average rate for HY 2025.
Constant currency Constant currency translates the financial statements at fixed exchange rates
to eliminate the effect of foreign exchange on the financial performance.
Constant foreign exchange rates is defined as the average rate for HY 2025.
Reconciliation between revenue and organic revenue at constant currency:
6 months to 6 months to YoY Var
31 March 31 March
2025 2024
£m £m
Total revenue 378.4 391.5 (3)%
Revenue from acquisitions and disposals which have not been acquired/disposed (1.4) (6.9)
of for a full financial year
Organic revenue at actual currency 377.0 384.6
Impact of FX at constant rates - (2.4)
Organic revenue 377.0 382.2 (1)%
A reconciliation of adjusted EBITDA and adjusted operating profit to profit
before tax is shown below:
6 months to 6 months to
31 March 31 March
2025 2024
£m £m
Adjusted EBITDA 109.8 113.9
Depreciation (3.4) (3.2)
Amortisation of non-acquired intangibles (note 10) (5.7) (4.9)
Adjusted operating profit 100.7 105.8
Share-based payments (including social security costs) (3.3) (6.0)
Transaction and integration related costs (1.6) (1.4)
Exceptional items (note 4) 0.4 (1.2)
Amortisation of acquired intangibles (note 10) (27.1) (33.5)
Operating profit 69.1 63.7
Net finance costs (12.5) (17.1)
Profit before tax 56.6 46.6
Transaction and integration related costs in the period totalled £1.6m (6
months to 31 March 2024: £1.4m), of which £0.8m are acquisition-related
costs, including professional fees to support portfolio optimisation across
the Group's divisions, as well as £0.8m of transformation projects, primarily
consisting of post-integration IT system costs and associated fees (6 months
to 31 March 2024: £1.4m of post-integration project costs and fees).
Included below is a reconciliation between the statutory and adjusted tax
charge:
6 months to 6 months to
31 March 31 March
2025 2024
£m £m
Total statutory tax charge 14.6 12.9
Tax effect of adjusting items:
Exceptional items - 0.3
Transaction and integration related costs 0.1 0.1
Share based payments 0.8 0.1
Amortisation of acquired intangibles 6.8 8.7
Adjustments in respect of previous years - 0.3
Total adjusted tax charge 22.3 22.4
A reconciliation of cash generated from operations to adjusted free cash flow
is shown below:
6 months to 6 months to
31 March 31 March
2025 2024
£m £m
Cash generated from operations 115.9 130.4
Cash flows related to transaction and integration related costs 3.1 4.0
Cash flows related to exceptional items 2.8 3.1
Settlement of social security costs on share based payments¹ 0.4 0.3
Lease payments (2.9) (5.0)
Adjusted operating cash inflow 119.3 132.8
Cash flows related to capital expenditure (7.8) (6.8)
Adjusted free cash flow 111.5 126.0
¹ Relating to equity-settled share awards with vesting periods longer than 12
months.
A reconciliation between earnings per share and adjusted earnings per share is
shown in the table below:
Total Group 6 months to 6 months to
31 March 31 March
2025 2024
Adjustments to profit after tax:
Profit after tax (£m) 42.0 33.7
Share-based payments (including social security costs) (£m) 3.3 6.0
Transaction and integration related costs (£m) 1.6 1.4
Exceptional items (£m) (0.4) 1.2
Amortisation of intangible assets arising on acquisitions (£m) 27.1 33.5
(Decrease)/increase in fair value of contingent consideration (£m) - (0.1)
Unwinding of discount on contingent consideration (£m) - -
Unwinding of discount on deferred consideration (£m) - 0.2
Tax effect of the above adjustments and the impact of tax items relating to (7.7) (9.5)
prior years (£m)
Adjusted profit after tax (£m) 65.9 66.4
Weighted average number of shares in issue during the year:
- Basic 109,412,450 115,471,229
- Dilutive effect of share options 978,040 661,660
- Diluted 110,390,490 116,132,889
Basic earnings per share (in pence) 38.4 29.2
Adjusted basic earnings per share (in pence) 60.2 57.5
Diluted earnings per share (in pence) 38.0 29.0
Adjusted diluted earnings per share (in pence) 59.7 57.2
The adjustments to profit after tax have the following effect:
Basic earnings per share (pence) 38.4 29.2
Share-based payments (including social security costs) (pence) 3.0 5.2
Transaction and integration related costs 1.5 1.2
Exceptional items (pence) (0.4) 1.0
Amortisation of intangible assets arising on acquisitions (pence) 24.8 29.0
(Decrease)/increase in fair value of contingent consideration (pence) - (0.1)
Unwinding of discount on contingent consideration (pence) - -
Unwinding of discount on deferred consideration (pence) - 0.2
Tax effect of the above adjustments and the impact of tax items relating to (7.1) (8.2)
prior years (pence)
Adjusted basic earnings per share (pence) 60.2 57.5
Diluted earnings per share (pence) 38.0 29.0
Share-based payments (including social security costs) (pence) 3.0 5.2
Transaction and integration related costs 1.4 1.2
Exceptional items (pence) (0.4) 1.0
Amortisation of intangible assets arising on acquisitions (pence) 24.5 28.8
(Decrease)/increase in fair value of contingent consideration (pence) - (0.1)
Unwinding of discount on contingent consideration (pence) - -
Unwinding of discount on deferred consideration (pence) - 0.2
Tax effect of the above adjustments and the impact of tax items relating to (6.8) (8.1)
prior years (pence)
Adjusted diluted earnings per share (pence) 59.7 57.2
Analysis of net debt
30 September Net cash flows On acquisition Other non-cash changes Exchange 31 March
2024 £m £m £m movements 2025
£m £m £m
Cash and cash equivalents 39.7 17.8 0.1 - (1.4) 56.2
Debt due within one year (20.0) - - (20.0) - (40.0)
Debt due after more than one year (276.2) - - 18.8 - (257.4)
Net debt (256.5) 17.8 0.1 (1.2) (1.4) (241.2)
30 September Net cash flows Other non-cash changes Exchange 31 March
2023 £m £m movements 2024
£m £m £m
Cash and cash equivalents 60.3 (27.0) - (10.2) 23.1
Debt due after more than one year (387.5) 68.0 (2.5) 2.2 (319.8)
Net debt (327.2) 41.0 (2.5) (8.0) (296.7)
Reconciliation of movement in net debt
6 months to 31 March 2025 6 months to
31 March 2024
£m £m
Net debt at start of year (256.5) (327.2)
Increase/(decrease) in cash and cash equivalents 17.9 (27.0)
Net movement in borrowings - 68.0
Amortisation of loan issue costs (1.2) (2.5)
Exchange movements (1.4) (8.0)
Net debt at end of year (241.2) (296.7)
INDEPENDENT REVIEW REPORT TO FUTURE PLC
Conclusion
We have been engaged by the company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 31
March 2025 which comprises the condensed consolidated income statement,
condensed consolidated balance sheet, the condensed consolidated statement of
changes in equity, the condensed consolidated cash flow statement and related
notes 1 to 18.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 31 March 2025 is not prepared, in
all material respects, in accordance with United Kingdom adopted International
Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of
the United Kingdom's Financial Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410 "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" issued by the Financial
Reporting Council for use in the United Kingdom (ISRE (UK) 2410). A review of
interim financial information consists of making inquiries, primarily of
persons responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially less in
scope than an audit conducted in accordance with International Standards on
Auditing (UK) and consequently does not enable us to obtain assurance that we
would become aware of all significant matters that might be identified in an
audit. Accordingly, we do not express an audit opinion.
As disclosed in note 1, the annual financial statements of the Group will be
prepared in accordance with United Kingdom adopted international accounting
standards. The condensed set of financial statements included in this
half-yearly financial report has been prepared in accordance with United
Kingdom adopted International Accounting Standard 34, "Interim Financial
Reporting".
Conclusion Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for Conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This Conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410; however future events or conditions may cause the entity to
cease to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the Disclosure Guidance and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
In preparing the half-yearly financial report, the directors are responsible
for assessing the group's ability to continue as a going concern, disclosing
as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the
company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the half-yearly financial report, we are responsible for
expressing to the company a conclusion on the condensed set of financial
statements in the half-yearly financial report. Our Conclusions, including our
Conclusion Relating to Going Concern, are based on procedures that are less
extensive than audit procedures, as described in the Basis for Conclusion
paragraph of this report.
Use of our report
This report is made solely to the company in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim
Financial Information Performed by the Independent Auditor of the Entity"
issued by the Financial Reporting Council. Our work has been undertaken so
that we might state to the company those matters we are required to state to
it in an independent review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone
other than the company, for our review work, for this report, or for the
conclusions we have formed.
Deloitte LLP
Statutory Auditor
Reading, United Kingdom
15 May 2025
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