10th Mar 2020 08:36
(Alliance News) - Future PLC on Tuesday said it isn't expecting its annual profit to be hit by the coronavirus outbreak, despite postponing two events.
Shares in Future were up 5.3% at 1,032.22 pence in London in early morning trading.
Future has two divisions. Its Media division focuses on eCommerrce, as well as digital advertising and events. Future's Magazine division publishes more than 75 publications including Classic Rock, How It Works, and Total Film.
The company has opted to postpone two UK events, the Photography Show and Homebuilding & Renovating Show. These had been planned for later in March but the Photography Show is now expected to take place in September, while the National Homebuilding & Renovating Show is scheduled for July.
These changes still put the two events within Future's current financial year, which ends September 30.
"We do not expect any impact on profit as a result of postponing these events, while the decision to delay in a timely manner means we can avoid unrecoverable costs. We have a number of other smaller events, both in the UK and the US, over the coming months, however their impact to the wider group is not material. A decision will be made regarding each event based on the local market dynamics," Future said.
Future stated that is is not expecting the coronavirus outbreak, which had infected 319 people in the UK with five deaths in British hospitals as of Monday, to hurt its financial 2020 profit, or its profit in financial 2021 "given the continued momentum within the group".
"Overall, we are seeing limited impact of coronavirus in our day-to-day business model; our strategy is working well in terms of audience, product and end market diversification. The fundamentals of our business have not changed, our headline audience numbers continue to be strong, and our operating disciplines mean that we are well placed to meet the challenges and opportunities arising from these dynamic market conditions," said Future.
The outbreak originated in China, where it has killed over 3,000 people and infected more than 80,000.
By Anna Farley; [email protected]
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