Update on full-year performance & directorate change
Ahead of full-year results, Future plc (LSE: FUTR; “Future” or “the Group”), the global platform for specialist media, confirms that it is on track to report another year of strong growth driven by continued momentum in digital advertising with sustained yield growth more than offsetting the impact of strong comparators on audience growth. As a result, the Board expects full-year adjusted operating profit to be at the top end of expectations1, following July’s upgraded forecast for the year.
Rachel Addison will stand down from her position as Chief Financial Officer (CFO) with effect from 31 October 2021. Rachel was appointed CFO in June 2020, having joined the Group as part of the acquisition of TI Media, where she held the role of CFO. Since her appointment, Rachel has played an important role in Future’s significant growth and development during a period that has included the key acquisitions of TI Media and GoCo Group.
Rachel will be succeeded by Penny Ladkin-Brand2,3, currently the Group’s Chief Strategy Officer. Prior to this, Penny was the Group’s CFO for five years.
Further to the announcement on 16 August 2021, Future announces that the acquisition of Dennis, a leading consumer media subscriptions business, has completed. The titles acquired are: The Week UK / The Week US, The Week Junior UK / The Week Junior US, MoneyWeek, Kiplinger, Science & Nature, IT Pro, Computer Active, PC Pro, Minecraft World, and Coach.
Future will report full-year results on 30 November 2021.
Zillah Byng-Thorne, CEO of Future, said: “I am pleased to report that the continued successful execution of our strategy puts us on track to report another year of strong revenue and profit growth. I am confident that the acquisition of Dennis will help to accelerate our progress, and am delighted to welcome the team to Future.
“On behalf of the board, I would like to thank Rachel for her valuable contribution to the development of the Group and we wish her well in the future.”
Notes:
1 The current consensus range for adjusted operating profit for the year ending 30 September 2021 (FY21) is £183.5m to £193.6m. Reported FY20 adjusted operating profit was £93.4m.
2. Penny Ladkin-Brand will join the Board on 1 November 2021, subject to regulatory approval
3 Penny Ladkin-Brand is currently Chair of Next Fifteen Communications plc and a non-executive director of Auction Technology Group PLC
There are no additional matters that would require disclosure in respect of Penny Ladkin-Brand pursuant to 9.6.13R of the Listing Rules of the UK Financial Conduct Authority.
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