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Future shares jump as profit expected in line with expectations

29th Sep 2023 09:53

(Alliance News) - Future PLC on Friday predicted yearly profit in line with expectations, despite battling some tricky trading conditions.

Future shares jumped 17% to 837.50 pence each on Friday morning in London.

The Bath, England-based magazine publisher said it anticipates that adjusted operating profit for its financial year ending September 30 to be in line with the board's expectations of GBP254.1 million. In financial 2022, the firm posted adjusted operating profit of GBP271.7 million.

The firm said the second half of the year has seen audience numbers stabilise, with positive month-on-month momentum in the fourth quarter of the year.

However, challenges in consumer spending and the digital advertising market have led to mixed trading conditions, Future noted.

It said advertising and affiliate product trends are in line with its first half, while its Go.Compare business has seen a boost from "favourable market conditions".

It said magazine revenue has remained stable.

The firm said foreign exchange has been a headwind during the second half of the year, as a result of currency movements.

Future publishes its full-year results on December 7.

By Harvey Dorset, Alliance News reporter

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