The return to growth was driven by a strong performance from price comparison site Go Compare / Image source: Adobe
  • Revenue improvement continues
  • Strong performance from Go.Compare
  • Macroeconomic pressures continue to impact sector

Shares in Future (FUTR) rallied 10% in early dealings after the publishing firm hailed a ‘return to organic revenue growth’ in the second quarter.

The share price gains this morning were in stark contrast to the near-40% fall witnessed over the past year.

In a trading statement for the half ended 31 March 2024, Future said the return to growth was driven by a strong performance from price comparison site Go.Compare, good growth in B2B and a ‘resilient’ performance in magazines.

The company also called out a stronger performance in US direct advertising, although the FTSE 250 publisher remains cautious in terms of the outlook.

Future warned that macroeconomic pressures and a ‘more challenging performance in affiliate products and digital advertising’ are likely to impact the group and the wider sector going forward.

The company will announce its half-year results on 16 May 2024.


Roddy Davidson, analyst at Shore Capital, commented: ‘This release indicates that as, anticipated, revenue trends have continued to improve - resulting in a return to organic growth in the second quarter. Cash generation during the first half is described as “strong”. On a less positive note, macro challenges continue to weigh on affiliate and digital advertising revenues.

‘From an outlook perspective, the company is described as ‘on track’ to deliver against full year expectations (subject to Forex movements) and, importantly, there is confirmation that its growth acceleration strategy is being implemented - with progress noted in driving hero brands and US direct advertising (both core imperatives) and a reorganisation aimed at better facilitating this initiative underway.’

Davidson continued: ‘That said, we believe that Future has the qualities required to succeed in its focus on creating / leveraging high quality, authoritative content and leading positions across specialist categories, consistent investment in technology, international reach, and ability to deliver highly engaged audiences to digital advertisers and ecommerce partners.’


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Issue Date: 04 Apr 2024