18th May 2023 10:01
(Alliance News) - Future PLC reported on Thursday that its profit fell and revenue flattened in its half-year that ended March 31.
The Bath, England-based magazine publisher's shares collapsed by 15% to 886.50 pence in London on Thursday.
Future reported an 18% fall in pretax profit to GBP66.4 million from GBP81.0 million in its half-year results, citing a difficult market environment hampering growth.
Future's revenue was flat at GBP404.7 million versus GBP404.3 million the year prior, with the company saying that acquisitions and foreign exchange translations offset organic decline.
The company declared an interim dividend of 3.4 pence per share, increasing 21% from 2.8p a year ago.
"The macroeconomic environment remains tough but we are well positioned to continue to outperform the industry. Our investment in new strategic verticals, coupled with the group's tech stack and operating model, will create long-term value for our stakeholders," said Chief Executive Jon Steinberg.
Looking forward, Future expects a full-year performance to be towards the bottom end of current market expectations, with difficult market conditions impacting audiences. In the longer-term, the company believes its diversified strategy will deliver growth for shareholders.
By Will Neill, Alliance News reporter
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