Future delivers return to organic growth in H2, reiterates FY guidance

26th Sep 2024 09:23

(Sharecast News) - Publishing business Future said on Thursday that it had delivered a return to organic revenue growth during H2 and reiterated full-year guidance for revenues of £786.0m and adjusted operating profits of £220.0m.

Future said it had continued to make "good progress" in executing its growth acceleration strategy and had began the closure of a number of non-core or low to no growth assets, including its external video production unit, selected events and a small number of print and digital brands, representing roughly £15.0m of annualised revenue and with margins below the group's average.

The FTSE 250-listed group added that its £45.0m share buyback programme announced on 16 May was progressing well, with just over £30.0m repurchased to date.

Chief executive Jon Steinberg said: "We are making good progress with our growth acceleration strategy since its launch last December. The progress, combined with our return to organic growth and the stabilisation of our online audience trends, means we will deliver a FY24 performance in line with market expectations.

"Whilst we remain mindful of the macro backdrop and the ongoing evolution of the media landscape, including updates in the search market, the highly cash-generative profile of the group and our cost base flexibility ensures we are well positioned as we look ahead."

As of 0920 BST, Future shares were up 0.35% at 1,029.57p.

Reporting by Iain Gilbert at Sharecast.com