17th Jun 2022 08:13
(Alliance News) - Future PLC on Friday said it is "on track" to achieve full-year targets as it completed the acquisition of digital-only women's lifestyle publisher WhoWhatWear.
Back in May, the magazine publisher announced the proposed acquisition of California, US-based WhoWhatWear. Future did not disclose the amount it would pay for the publisher but said that it would be funded from its existing debt facilities.
Turning to trading, Future said that it is "on track" to achieve full-year 2022 guidance.
The company said that audience growth has returned in the second half of the year. "The group continues to benefit from the effect of its diversified audiences and revenue streams, its operating leverage, excellent cash conversion and strong balance sheet," it explained.
Chief Executive Zillah Byng-Thorne said: "I'm delighted that we have completed the acquisition of Who What Wear, which enhances our leadership position in the Women's vertical, and delivers further scale and reach in North America, as we aim to reach 1 in 2 users online in the US.
"We continue to see positive momentum in trading with audiences back to growth. We remain confident our diversified strategy will continue to deliver and remain on track for another strong full-year of profitable growth," Byng-Thorne added.
Shares in Future were up 3.7% to 1,608.00 pence each in London on Friday morning.
By Sophie Rose; [email protected]
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