Future PLC (LSE:FUTR) said a slowdown has continued in audience numbers, hitting digital advertising, but it still expects to make underlying profits in line with expectations.
Overall revenue has been “broadly in-line with expectations” in the four months to 31 January 2023, the online and magazine publisher of Country Life, Metal Hammer, FourFourTwo and MoneyWeek as well as operator of the Go.Compare website reported in a statement ahead of its annual shareholder meeting.
Consumer technology has been the market vertical most affected by the slowdown, which has hit affiliate product revenue as well as ads, the company said, with improved “momentum” reported for newer verticals, including Homes, Fashion & Beauty and Wealth & Savings.
Future's price comparison sites, which also include GetPrice in Australia and PricePanda in South-East Asia, have performed “strongly”, gaining market share in both car and home insurance, while magazine revenue was “resilient”.
The FTSE 250-listed group purchased two more titles during the period for a total of £45mln: ActualTech, a provider of business-to-business content marketing solutions with a focus on North America; and Gardening Know How, a US homes website with an audience of 1.1mln.
Future shares fell 2% to 1,572p in early trade on Wednesday, down 45% over the past year not helped by the planned departure of chief executive Zillah Byng-Thorne at the end of last year.