13 September 2022
Pre-close full-year trading update
Results expected to be at the top end of expectations
Future plc (LSE: FUTR, "Future", "the Group"), the global platform for specialist media, today provides a pre-close trading update for the 12 months to 30 September 2022.
The encouraging performance, as set out in the June trading update, has continued. We have seen a return to organic audience growth in the second half, as Covid comparators were fully lapped, combined with continued digital advertising growth and an improving trend in affiliates, underpinning the resilience of our diversified business model. Operating leverage and cash conversion have remained strong, with continued deleveraging following the acquisition of Who What Wear. As a result, the Group expects full year adjusted operating profit to be at the top end of market expectations*. Future will release FY2022 results on 30 November 2022.
Zillah Byng-Thorne, CEO, commented: "We are pleased to be reporting another period of good progress. Against the backdrop of a challenging macro environment, our continued strong performance is a testament to the diversified nature of valuable audiences, specialist content verticals and monetisation routes coupled with a relentless focus on execution."
Capital Market Event
As announced on 2 August 2022, Future will be holding a Capital Market event on 14 September 2022.
The event starts at 14.00 UK time and will be held at Future's offices in London: 121-141 Westbourne Terrace, London W2 6JR. The event will also be streamed live using this link https://stream.brrmedia.co.uk/broadcast/63187b1fed0d7b2328d84e0a and a recording will be posted on the Group's website, https://www.futureplc.com/investor-results/ after the event.
To join the event in person, please contact firstname.lastname@example.org.
*Company compiled consensus for Adjusted Operating Profit of £268.6m with a range of £266.4m to £270.7m.
This announcement does not include inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014.
Future plc +44 (0)122 544 2244
Zillah Byng-Thorne, Chief Executive Officer
Penny Ladkin-Brand, Chief Financial Officer
Marion Le Bot, Head of Investor Relations +44 (0)777 564 1509
Headland +44 (0)203 805 4822
Stephen Malthouse, Rob Walker, Charlie Twigg
Future is a global platform business for specialist media with diversified revenue streams. Its content reaches 1 in 3 adults online in the UK and US.
The Media division is high-growth with complementary revenue streams including eCommerce for products and services, events, and digital advertising (including advertising within newsletters and video). It operates in a number of sectors including technology, games & entertainment, music, home & gardens, sports, TV & film, real life, knowledge, wealth & savings, women's lifestyle and B2B. Its brands include TechRadar, PC Gamer, Tom's Guide, Android Central, Truly, The Week, Kiplinger, GoCompare, Digital Camera World, Homebuilding & Renovating Show, GamesRadar+, The Photography Show, Top Ten Reviews, Marie Claire, Live Science, Guitar World, MusicRadar, Space.com, What to Watch, Gardening Etc, Adventure, Who What Wear 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 131 magazines, and 735 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.