4th Apr 2024 08:52
(Alliance News) - Future PLC on Thursday said it was on course to deliver on expectations after returning to organic revenue growth in the second quarter.
Shares in Future, an online magazine publisher and owner of the Go Compare price comparison site, leapt 11% to 663.50 pence each in London on Thursday morning.
In a trading statement for the six months ended March 31, Future said the return to growth has been driven by a strong performance in Go.Compare, alongside good growth in business to business, and a resilient performance in magazines.
However, this has been offset by a more challenging performance in affiliate products and digital advertising as macroeconomic pressures and low visibility continue to impact the wider sector.
Future reported encouraging progress in the implementation of the Growth Acceleration Strategy, outlined in December. The company said the Hero brands continue to outperform the wider brand portfolio.
This has been combined with a stronger performance in US direct advertising, Future said.
In February, the group announced a reorganisation to accelerate the Growth Acceleration Strategy, with the creation of three business units: business-to-consumer, Go.Compare and business-to-business.
As a result, Future said it was on-track to deliver on expectations for the financial year, subject to impact of foreign exchange translation.
Cash conversion in the half has been strong, and it is highly cash generative, Future said.
Future said it will announce its half-year results on May 16.
By Jeremy Cutler, Alliance News reporter
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