Future Plc, the global specialist media platform, expects full year profitability to be materially ahead of current market expectations based on performance outlined in its latest trading statement.
The Group has continued to benefit from high levels of online engagement in the period, notably during Black Friday and Christmas. The Media division revenue grew strongly driven by continued momentum in eCommerce and digital advertising.
As anticipated, Events, which represent a small portion of the Group’s revenue, continued to be impacted by COVID-19, while the Magazine division performed in-line with the trends seen from last year. Following the successful integration of t he TI Media business, the Group is on track to achieve the previously announced £20m synergies.
The Group delivered a strong cash performance in the period, enabling the continued deleveraging of the balance sheet.
As a result of the overall positive start to the year, and despite continued macro-economic uncertainties, the Board expects full year profitability to be materially ahead of current market expectations.
The group completed two acquisitions in February, buying GoCo Group and Mozo to cement a move into price comparison.
Zillah Byng-Thorne, Future’s Chief Executive said: “I am delighted to report yet another period of growth across the Group. Following the integration of TI Media, we continue to make good progress against our strategy to build the leading specialist global media platform that drives intent, powered by technology and insight with scalable, diversified brands.
“Following a robust start to the year, we expect full year profitability to be materially ahead of current market expectations. We remain well positioned to continue executing our strategy and delivering on the ongoing growth momentum we have sustained over recent years.”
“Price comparison for services is a natural complement in our strategy to enhance and expand our eCommerce proposition and monetisation opportunities beyond product purchase. I am therefore delighted we have now completed the acquisition of GoCo, which we are confident will create substantial value for shareholders.
“Our recent acquisition of Mozo in Australia broadens our price comparison brands to a global reach.
“This will enhance our proposition, bringing together its leading financial services insight with our expertise in customer acquisition and content creation, and is aligned with our strategy to operate globally.
“We have already started on the integration of both businesses. On behalf of the entire team at Future, I would like to extend a warm welcome to our new colleagues from GoCo and Mozo.
An update on the integration of GoCo will be provided at the Group’s interim results, which are scheduled for 19 May 2021.