Future’s shares on the up after it points to better-than-expected annual results

July 1, 2019

Shares in Bath-based media group Future climbed by more than 10% earlier this week after it said its full-year results were likely to be higher than expected.

The group, whose UK titles include TechRadar, PC Gamer and Guitar World, made the announcement in a trading update to shareholders. 

It said the strong performance had been underpinned by good audience growth in its Media division and the continued strong underlying performance of its recent acquisitions. 

In May Future announced adjusted half-year headline earnings up by 169% to £23.7m on record revenues, up 103% at £108.7m.

The figures followed an active six months on the acquisition front including the £100m takeover of the business-to-consumer arm of leading US publisher Purch last September. which added popular US tech and science platforms such as Tom’s Guide, Tom’s Hardware, Space.com and Live Science to Future’s burgeoning portfolio. 

In March it snapped up global digital publisher MoNa Mobile Nations for $55m having the previous month taken over Cycling News and Procycling Magazine from Bristol and London-based Radio Times publisher Immediate.

That deal came five years after Future had sold them along with most of its sports, craft and hobby magazines and websites to Immediate for £24m to stave off a looming financial crisis. 

Future also today said its chief financial officer Penny Ladkin-Brand would step down from its board to take on the new role of chief strategy officer from next January 2020.

The search for a replacement CFO has started and Future said it anticipated having someone in place by the end of the calendar year.

CEO Zillah Byng-Thorne said: “I am delighted that Penny will remain a part of Future’s leadership team as we continue to deliver our strategy to build a global specialist media platform driven by technology.

“Penny has made a significant contribution to the development of Future over the past four years and has steered the business through a period of substantial growth and progress.”

Penny Ladkin-Brand joined Future after spells at Auto Trader Group, where she was commercial director, and also at Altium Capital and Jamieson Corporate Finance.

Future’s shares rose to £10.36 on Monday following the trading update but have since eased back and this morning were trading at 926p.


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