TIDMFUTR
RNS Number : 6540P
Future PLC
19 February 2021
19 February 2021
Future plc
Trading Update
Future plc (LSE: FUTR; "Future" or "the Group"), the global
platform for specialist media, today announces a trading update
covering the four-month period ended 31 January 2021 ("the
period").
The Group has continued to benefit from high levels of online
engagement in the period, notably during Black Friday and
Christmas. The Media division revenue grew strongly driven by
continued momentum in eCommerce and digital advertising. As
anticipated, Events, which represent a small portion of the Group's
revenue, continued to be impacted by COVID-19, while the Magazine
division performed in-line with the trends seen from last year.
Following the successful integration of the TI Media business, the
Group is on track to achieve the previously announced GBP20m
synergies.
The Group delivered a strong cash performance in the period,
enabling the continued deleveraging of the balance sheet.
As a result of the overall positive start to the year, and
despite continued macro-economic uncertainties, the Board expects
full year profitability to be materially ahead of current market
expectations.
Completion of acquisition of GoCo Group plc
The Group is pleased to confirm it has completed the acquisition
of GoCo Group plc ("GoCo"). The acquisition will further strengthen
Future's position as a leading global specialist media and intent
platform by extending the Group's price comparison eCommerce
capabilities beyond products and into services, and adding
financial services as a new content vertical. As part of the
acquisition we are delighted to welcome the GoCo team to Future,
including Alan Burns (former CFO of GoCo) and Lee Griffin (CEO of
GoCompare) who will further strengthen the management team.
An update on the integration of GoCo will be provided at the
Group's interim results, which are scheduled for 19 May 2021.
Acquisition of Mozo
On 2 February 2021, the Group completed the acquisition of Mozo
for a consideration of AUD$30m. Mozo is a fast-growing Australian
price comparison website focused on personal finance products such
as home loans, credit, personal loans, banking and insurance.
Mozo's revenues for the year ending 30 June 2020 were AUD$11m.
The acquisition will combine Mozo's leading financial services
insight with Future's expertise in customer acquisition and content
creation, creating an enhanced brand proposition and monetisation
opportunities through Future's revenue diversification strategy
.
Zillah Byng-Thorne, Future's Chief Executive said: "I am
delighted to report yet another period of growth across the Group.
Following the integration of TI Media, we continue to make good
progress against our strategy to build the leading specialist
global media platform that drives intent, powered by technology and
insight with scalable, diversified brands.
"Price comparison for services is a natural complement in our
strategy to enhance and expand our eCommerce proposition and
monetisation opportunities beyond product purchase. I am therefore
delighted we have now completed the acquisition of GoCo, which we
are confident will create substantial value for shareholders.
"Our recent acquisition of Mozo in Australia broadens our price
comparison brands to a global reach. This will enhance our
proposition, bringing together its leading financial services
insight with our expertise in customer acquisition and content
creation, and is aligned with our strategy to operate globally. We
have already started on the integration of both businesses. On
behalf of the entire team at Future, I would like to extend a warm
welcome to our new colleagues from GoCo and Mozo.
"Following a robust start to the year, we expect full year
profitability to be materially ahead of current market
expectations. We remain well positioned to continue executing our
strategy and delivering on the ongoing growth momentum we have
sustained over recent years."
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014.
END
Investor enquiries
Zillah Byng-Thorne, Chief Executive Officer +44 (0)122 544 2244
Rachel Addison, Chief Financial Officer
Marion Le Bot, Head of Investor Relations +44 (0)777 564 1509
Media enquiries +44 (0)203 805 4822
Stephen Malthouse / Rob Walker
future@headlandconsultancy.com
Legal Entity Identifier (LEI) : 213800K2581YRLEXV353
About Future plc
Future is a global platform business for specialist media with
diversified revenue streams. Its content reaches over 1 in 3 adults
online in both the UK and the US.
The Media division is high-growth with three complementary
revenue streams: eCommerce, events and digital advertising
including advertising within newsletters. It operates in a number
of sectors including technology, games & entertainment, music,
home & gardens, sports, TV & film, real life, women's
lifestyle and B2B. Its brands include TechRadar, PC Gamer, Tom's
Guide, Android Central, Truly, Digital Camera World, Homebuilding
& Renovating Show, GamesRadar+, The Photography Show, Top Ten
Reviews, Marie Claire, Live Science, Guitar World, MusicRadar,
Space.com, What to Watch, Gardening Etc, Adventure and Tom's
Hardware.
The Magazine division focuses on publishing specialist content,
with a combined global circulation of over 3 million delivered
through more than 115 magazines, and 410 bookazines published a
year. The portfolio spans technology, games & entertainment,
sports, music, photography & design, homes & garden,
country lifestyle, TV & film and B2B. Its titles include
Country Life, Wallpaper, Woman & Home, Classic Rock, Decanter,
Guitar Player, FourFourTwo, Homebuilding & Renovating, Digital
Camera, Guitarist, How It Works, Total Film, What Hi-Fi? and Music
Week.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTFLFSAFLITLIL
(END) Dow Jones Newswires
February 19, 2021 02:00 ET (07:00 GMT)
Future (LSE:FUTR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Future (LSE:FUTR)
Historical Stock Chart
From Apr 2023 to Apr 2024