17th May 2019 09:27
LONDON (Alliance News) - Future PLC on Friday reported a "record breaking" first half, which saw the publishing company's revenue double.
In the six months to March 31, Future's pretax profit almost tripled year-on-year to GBP8.9 million from GBP3.3 million the year before.
The company's revenue in the period more than doubled to GBP108.7 million versus GBP53.6 million in the corresponding period a year prior.
Future said it saw "significant" growth in online audience across the company, with its overall online audience more than tripling, reaching 192 million, due to recent acquisitions. Future said organic audience growth was 25% in the period.
"We have delivered a record breaking first half of the financial year and the continued execution of our strategy to deliver growth through audience engagement and technology innovation is generating clear value across the business," said Chief Executive Zillah Byng-Thorne.
The company achieved a "step change" in scale in the period, particularly in the US, after acquiring the consumer technology and science business of US publisher Purch Inc last year and MoNa Mobile Nations - which includes the Android Central and iMore electronics publications and shopping deals site Thrifter amongst others - in March this year.
In April 2018, Future also picked up US-based audio-visual focused media and events business Newbay Media LLC.
In the US, Future reported a significant rise in revenue to GBP56.2 million from GBP10.6 million the year before. In the UK, Future's revenue jumped 22% to GBP52.5 million from GBP43.0 million the year before.
By division, Future's Media unit generated revenue of GBP75.7 million, more than triple the GBP27.0 recorded the year before. Future's Magazine unit saw a 24% increase in revenue to GBP33.0 million from GBP26.6 million.
"We continue our ambition to expand the scale and diversification of the group. This was accelerated in the first half through two acquisitions: Mobile Nations increases our presence and positioning in the technology sector in the US, whilst ProCycling and Cyclingnews.com give us a credible foothold in a new specialist community," added Byng-Thorne.
She continued: "We have seen the strong momentum continue as we enter the second half of this financial year, with acquisitions performing well and continued positive organic growth in the Media division. Going forward we will continue to drive scale and value through the successful execution of our strategy as a global platform business, driven by technology with diversified revenue streams."
Future said its performance for the full year will be ahead of previous expectations, despite the backdrop of an "uncertain economic outlook".
In the financial year ended September 2018, Future generated USD20.7 million in adjusted Ebitda on revenue of GBP124.6 million. Pretax profit stood at GBP4.4 million.
Future did not propose an interim dividend.
Shares in Future were up 10% Friday at 932.00 pence each.
Related Shares:
Future