5th Sep 2019 08:59
(Alliance News) - Shares in Future PLC surged on Thursday after the British media firm said adjusted annual earnings will be "materially" ahead of current board expectations following stronger-than-expected trading in the final quarter.
London-listed shares in the company were 10% higher at 1,314.42 pence each in morning trade.
"Our strategy of growing our core business through expanding our audience and reach in existing verticals is bringing further momentum. Integration of our acquisitions is on track and we now have a substantial presence in the US. We are successfully leveraging our brands on our technology platform, driving strong growth across the business," said Chief Executive Officer Zillah Byng-Thorne.
Future publishes magazines in fields such as video games, technology, films, music, photography, home and knowledge. It said it has seen a positive performance from Amazon Prime Day-related activity and strong ongoing trading in the US, as well as some additional benefits from foreign currency translations. Amazon Prime Day is an annual promotional event for Amazon Prime members which this year was held in mid-July.
Audience continues to perform well across the business and is supporting the stronger revenue performance across all core business areas, Future added.
It said expects earnings before interest, taxes, depreciation and amortisation for the year ending September 30 to be ahead of current board expectations. In financial 2018, the company recorded adjusted Ebitda of GBP20.7 million, up 88% year-on-year.
Future expects to publish its annual results on November 15.
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