Full-year performance update & directorate changeSource: RNS
4 October 2021
Update on full-year performance & directorate change
Full-year performance to be at the top end of expectations
Rachel Addison to stand down as CFO, to be succeeded by Penny Ladkin-Brand
Completion of Dennis acquisition
Ahead of full-year results, Future plc (LSE: FUTR; "Future" or "the Group"), the global platform for specialist media, confirms that it is on track to report another year of strong growth driven by continued momentum in digital advertising with sustained yield growth more than offsetting the impact of strong comparators on audience growth. As a result, the Board expects full-year adjusted operating profit to be at the top end of expectations1, following July's upgraded forecast for the year.
Rachel Addison will stand down from her position as Chief Financial Officer (CFO) with effect from 31 October 2021. Rachel was appointed CFO in June 2020, having joined the Group as part of the acquisition of TI Media, where she held the role of CFO. Since her appointment, Rachel has played an important role in Future's significant growth and development during a period that has included the key acquisitions of TI Media and GoCo Group.
Rachel will be succeeded by Penny Ladkin-Brand2,3, currently the Group's Chief Strategy Officer. Prior to this, Penny was the Group's CFO for five years.
Further to the announcement on 16 August 2021, Future announces that the acquisition of Dennis, a leading consumer media subscriptions business, has completed. The titles acquired are: The Week UK / The Week US, The Week Junior UK / The Week Junior US, MoneyWeek, Kiplinger, Science & Nature, IT Pro, Computer Active, PC Pro, Minecraft World, and Coach.
Future will report full-year results on 30 November 2021.
Zillah Byng-Thorne, CEO of Future, said: "I am pleased to report that the continued successful execution of our strategy puts us on track to report another year of strong revenue and profit growth. I am confident that the acquisition of Dennis will help to accelerate our progress, and am delighted to welcome the team to Future.
"On behalf of the board, I would like to thank Rachel for her valuable contribution to the development of the Group and we wish her well in the future."
1 The current consensus range for adjusted operating profit for the year ending 30 September 2021 (FY21) is £183.5m to £193.6m. Reported FY20 adjusted operating profit was £93.4m.
2 Penny Ladkin-Brand will join the Board on 1 November 2021, subject to regulatory approval
3 Penny Ladkin-Brand is currently Chair of Next Fifteen Communications plc and a non-executive director of Auction Technology Group PLC
There are no additional matters that would require disclosure in respect of Penny Ladkin-Brand pursuant to 9.6.13R of the Listing Rules of the UK Financial Conduct Authority.
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Zillah Byng-Thorne, Chief Executive Officer +44 (0)1225 442244
Rachel Addison, Chief Financial Officer
Marion Le Bot, Head of Investor Relations +44(0)7775 641509
Headland +44 (0) 20 3805 4822
Stephen Malthouse, Rob Walker, Charlie Twigg
Legal Entity Identifier (LEI): 213800K2581YRLEXV353
Future is a global platform business for specialist media with diversified revenue streams. Its content reaches over 1 in 3 adults online in both the UK and the 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 and savings, women's lifestyle and B2B. Its brands include TechRadar, PC Gamer, Tom's Guide, Android Central, Truly, The Week, Kiplinger, Digital Camera World, Homebuilding & Renovating Show, GamesRadar+, The Photography Show, Top Ten Reviews, Marie Claire, Live Science, Guitar World, MusicRadar, Space.com, 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 3 million delivered through more than 115 magazines, and 410 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.