Shares in Future, the rapidly-expanding Bath-based global platform for specialist media, have soared to another new high after the firm’s directors said annual profits would be higher than expected.
Future has put in a stellar performance over recent years, snapping a host of new titles, exploiting a shift to digital among its readers and, entering the comparison website market through its £594m acquisition of GoCo, the firm behind Co Compare insurance.
In a trading update to the London Stock Exchange, Future said it had continued to perform strongly in the second half to date.
Its Media division enjoyed robust digital advertising revenue and ongoing eCommerce product affiliate revenue growth, while its Magazines division performance was in line with expectations, benefiting from soft comparators in the prior year.
The integration of GoCo was progressing well and on track to achieve the £15m synergies Future had promised at the time of the takeover with trading at GoCo in line with expectations.
The statement said: “As a result of the continued positive momentum, and despite the macro-economic uncertainties, the board expects full year profitability to be materially ahead of current market expectations.”
Future CEO Zillah Byng-Thorne, who has totally reshaped the shape in her seven years at the helm, added: “We are delighted that the group’s strong performance has continued throughout the period, which is testament to the strength of our diversified revenue streams and global reach.”
Future, whose titles span TechRadar, PC Gamer and Country Life, racked up a 110% increase in pre-tax profits to £56.9m on sales up 89% at £272.6m in the half year to March 31.
Its share piece reached £36.60 at one stage yesterday, the highest since the much-changed firm floated in 1999, although the shares eased down slightly today. The price had been £21 in February and around £11 five years ago,
