Future PLC (LSE:FUTR) shares fell 7% on Friday after the media group downgraded its full-year revenue outlook, citing macroeconomic uncertainty and weaker digital advertising in the second quarter.
The publisher of TechRadar, The Week and Marie Claire now expects a low single-digit decline in organic revenue for the full year to September.
While the company maintained its adjusted operating margin forecast of 28%, the update marked a more cautious tone following a subdued performance in March.
Peel Hunt responded by cutting its 2025 earnings per share forecast by around 5%, calling the update “disappointing” in light of stronger recent trading updates from US peers.
It maintained a 'buy' rating, noting the company’s flexible model had kept margins stable and pointing to the boost from a newly announced £55 million share buyback.
Group revenue fell 1% organically in the first half to £378 million, with adjusted operating profit flat at £101 million
. Earnings per share rose 4% to 60p. Net debt was reduced slightly to £241 million, with leverage steady at 1.1 times.
Business-to-consumer revenue was flat, with 1% growth in print magazines offset by a 2% decline in digital media. Affiliate e-commerce rose 9%.
Go.Compare revenues dipped 1%, while B2B fell 13% amid continued pressure in tech advertising.
The shares fell 51.21p to 693.8p.