Future PLC (LSE:FUTR) shares fell nearly 13% in early Thursday trading after the media company reported lower operating profit, earnings per share and free cash flow at the half year mark.
Operating profit fell 3% to £130mln on an adjusted basis, alongside earnings per share and free cash flow which were down 12% and 6% to 71.2p and £130mln respectively.
Inflationary pressures weighed into the results, FTSE 250-listed Future noted, which were mitigated by cost-saving initiatives that will likely show in the latter half of the year.
"The macroeconomic environment remains tough, but we are well positioned to continue to outperform the industry,” chief executive Jon Steinberg said.
Reassurances were not enough to sway investors, however, with Future shares slipping 12.65% to 913.7p on Thursday morning.