Future issues trading update
Performance in line with expectations despite continued macro uncertainties and inflationary pressures
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 2022 (“the period”).
The Group continues to perform well, benefitting from ongoing momentum in digital advertising which is more than offsetting the exceptional year-on-year comparators in audience and eCommerce. As a result, Group performance in the period is in line with expectations with good conversion to profit and cash.
This performance underpins the Group’s upgraded full year outlook as announced at the FY 2021 results, despite continued macro uncertainties and inflationary pressures. Full year results are expected to be in line with the Board’s expectations with the focus on execution and ongoing platform effect expected to drive further margin progression in FY 2022.
Following completion of the acquisition of Dennis on 1 October 2021, the integration of the business is on track to be completed by the end of March 2022.
Future will be holding its AGM today at 11:30am at 121-141 Westbourne Terrace, Paddington, W2 6JR. There will also be a live webcast of the AGM with the ability for shareholders to ask questions via the platform after the presentation. Full details on how to access the AGM can be found at the end of the Notice of Meeting previously circulated to shareholders.
Zillah Byng-Thorne, Chief Executive, said:
“We are pleased to report the continued growth in the Group, with trading in line with the expectations we set at the full year results, delivering material year-on-year growth despite the inflationary backdrop. Good momentum in digital advertising is being driven by the strength of our trusted content which continues to attract a high value audience making us a partner of choice for advertisers.
“Our diversified strategy positions us well to continue our strong growth momentum and we are pleased to reiterate our recently upgraded guidance for the full year.”