7th Sep 2020 09:27
(Alliance News) - Future PLC on Monday said it expects its annual results to be materially ahead of market expectations, as the magazine publisher continues to shift to digital media.
Future shares were trading 18% higher in London on Monday at 1,657.09 pence each.
Future is a FTSE 250-listed media company that publishes more than 50 magazines in fields such as video games, technology, films, music, photography, home, and knowledge.
Since its last update in July, the company said it has continued to benefit from the trend toward digital media. In August, organic unique online visitors in the UK and US were up 25% and 40%, respectively, compared to the prior year.
Combined with a better than expected performance of TI Media in the second half, full-year adjusted operating profit is now expected to be materially ahead of current market expectations, Future highlighted.
The current consensus range for adjusted operating profit for the year ending September 30 is between GBP78.2 million to GBP83.2 million. A year ago, adjusted operating profit was GBP52.2 million.
"We are delighted the strong group performance has continued, putting Future on track to deliver full-year results materially ahead of expectations," said Chief Executive Zillah Byng-Thorne.
"Whilst macro uncertainty remains in light of the pandemic, we are well positioned to benefit from the continued shift to digital media as we grow our global audiences," added Byng-Thorne.
Future expects to publish its full-year results on December 2.
By Evelina Grecenko; [email protected]
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