On Thursday 7 April Future released a trading update for the six months to 31 March 2016 that confirms a positive start to the year.
The Media division has seen particularly strong growth in new revenue streams with e-commerce growth of +250% particularly impressive. TechRadar has been the key driver of this strong performance. Elsewhere in the division the Group has successfully launched its new gaming event, The PC Gamer Weekender, and hosted another highly successful Photography Show.
The magazine division report an increase in market share. The magazine portfolio continues to be managed tightly with key titles showing year on year ABC growth.
Future also used the Half Year update to confirm the acquisition of Noble House Media, a multi-platform publisher specialising in the tech sector. Noble House publish consumer mobile magazine, Mobile Choice, as well as trade magazines Wireless and Mobile, and complementing websites. They also run the prestigious Mobile Choice Awards and Mobile Industry Awards. With areas in common – particularly a track record in the tech sector – Future’s acquisition of Noble House presents mutually beneficial opportunities in print, online and events for both businesses. There should be opportunities for further similar bolt-ons to take advantage of a market that remains fragmented.
Ultimately Future confirmed that management expectations for both the half year and full year remain unchanged.
The 3-page detailed market update can be viewed here.