No material exposure to Silicon Valley Bank

13 March 2023

Future plc

No material exposure to Silicon Valley Bank

Future plc (LSE: FUTR, “Future”, “the Group”), the global platform for specialist media, confirms that its exposure to Silicon Valley Bank (“SVB”) is immaterial to the Group’s liquidity position. 

As at 10 March 2023, cash deposits with SVB accounted for less than 3% of the Group’s cash on hand, equivalent to less than £1 million. SVB also provided £50 million of the Group’s £900 million total debt facilities. Of this £50 million, approximately 48% is currently drawn.

The Group, backed by a strong banking syndicate, has access to significant levels of liquidity. As at 10 March 2023, the Group had access to £26 million cash on hand and £438 million of undrawn committed facilities excluding SVB’s undrawn hold.