Future expects FY21 to be materially ahead of expectations

Future plc, the global platform for specialist media, today announces a trading update. The Group has continued to perform strongly in the second half to date. The Media division performance is led by robust digital advertising revenue and ongoing eCommerce product affiliate revenue growth, including Prime Day in June. The Magazines division performance is in line with expectations, benefiting from soft comparators in the prior year. The integration of GoCo is progressing well and on track to achieve the announced £15m synergies, with trading at GoCo in line with expectations. Reflecting the cash generative nature of the Group, cash generation was strong, enabling the continued deleveraging of the balance sheet. As a result of the continued positive momentum, and despite the macro-economic uncertainties, the Board expects full year profitability to be materially ahead of current market expectations. Zillah Byng-Thorne, CEO of Future, said: “We are delighted that the Group’s strong performance has continued throughout the period, which is testament to the strength of our diversified revenue streams and global reach.”