Future PLC (LSE:FUTR) shares rocketed 22% higher to 1,064p after reporting a return to growth in the past quarter and a stabilisation of its online audience numbers.
The internet and magazine publisher reported revenue of £391.5 million for the six months ended 31 March, a decline of 3% on a reported basis or 2% organically.
But this reflected a return to 3% organic growth in the second quarter.
UK revenue grew 3% on an organic basis with very strong growth from the Go.Compare price comparison website, up 30%, and good growth in B2B while digital advertising, affiliate products and events were hit by "market conditions", down 9%.
US organic revenue shrank 11%, though with an improving trend through the second quarter as digital advertising returned to organic year-on-year growth.
Overall online users stabilised at 232 million, helped by growth in Technology and Gaming verticals and "four top 3 leadership positions in key strategic verticals in the US and/or UK" up from three, "which we believe will enable higher yields through improved revenue per user and greater resilience".
Adjusted operating profit for the half year came in at £106 million, with margins decreasing from 32% to 27% due to the expected investment in the 'growth acceleration strategy'. Earnings per share fell 20% to 57.2p.
Net debt was £297 million, down from £327 million, with leverage unchanged at 1.25x.
Chief executive Jon Steinberg said the early stages of the two-year growth plans set out in December "have made good progress, which will enable us to drive accelerating revenue growth".
"Overall trading in the first half was in line with our expectations. Whilst the market environment remains challenging, we are encouraged by a return to organic revenue growth in Q2, progress which has continued into Q3."
In addition, the board announced another £45 million share buyback.