The slowdown in consumer spending triggered by the cost of living crisis is continuing to hit Bath-based global media group Future, with growth at the firm slowing markedly over the past year.
Future, which had been a star performer of the UK and US media sectors overs recent years, said it had put in a “resilient performance” in the 12 months to 30 September, despite what it called the continued macroeconomic volatility impacting on the industry.
In a trading update to shareholders, the group – whose diverse range of products spans magazines, websites and digital marketing platforms in areas as varied as fashion, finance and tech – said its audience numbers had stabilised in the second half after challenges earlier in the year.
It also reported “positive month-on-month momentum” in the final quarter.
However, the group, with titles such as Country Life, Classic Rock and Decanter, added that overall trading conditions remained mixed, with challenges in consumer spending and the digital advertising market.
The only real bright spot appeared to be Go.Compare, the price comparison website it acquired nearly three years ago for £594m, where revenue accelerated in the second half, “reflecting favourable market volumes with consumers looking for value”.
In February Future said its diverse range of products was protecting it from the consumer spending slowdown only to see its shares slump by 17% in a day in May when it warned of the impact of challenging market conditions.
Earlier this year the group replaced CEO Zillah Byng-Thorne, who during her nine years in the role transformed Future from a loss-making mainly UK-based business into an international group worth around £2bn and with 250 titles.
Future will announce its full-year results on 7 December.
