Future upgrades outlook as media segment bolsters first-half profits
Source - SMW
Specialist media platform Future upgraded its outlook on full-year performance as first-half profits jumped and revenues more than doubled following continued growth in its media division.
'While the backdrop of an uncertain economic outlook remains, the Board anticipates the Group's performance for the full year to be ahead of its previous expectations,' the company said.
For the six months ended 31 March 2019, profit before tax rose to £8.9m from £3.3m a year earlier. Total revenues were up 103% to £108.7m, with media revenue up 180%, which now accounted for 70% of group revenues.
Both Future's UK and US operations had performed well in the half, with UK revenue up 22% to £52.5m and U.S. revenue up 430% to £56.2m, with 52% of group revenue now derived from the US.
US growth had been 'significantly boosted by acquisitions of NewBay and Purch's consumer division in 2018,' the company said.
The company said momentum had continued into the second half of year, following a record breaking first-half performance.
'We have delivered a record breaking first half of the financial year and the continued execution of our strategy to deliver growth through audience engagement and technology innovation is generating clear value across the business,' said Zillah Byng-Thorne, Future's Chief Executive.
'In addition, we continue our ambition to expand the scale and diversification of the Group. This was accelerated in the first half through two acquisitions: Mobile Nations increases our presence and positioning in the technology sector in the US, whilst ProCycling and Cyclingnews.com give us a credible foothold in a new specialist community.'
'We have seen the strong momentum continue as we enter the second half of this financial year, with acquisitions performing well and continued positive organic6 growth in the Media division.'
At 8:27am: (LON:FUTR) Future PLC share price was +55.5p at 900.5p