Future PLC (LSE:FUTR) results met expectations, but Deutsche Bank analysts cut their target price slightly.
Revenue for the first quarter of the year declined 1% organically, with growth offset by macroeconomic uncertainty in the US, which impacted advertising revenue in March. Total revenue reached £378.4 million, slightly above the bank’s forecast of £373 million.
The company achieved an adjusted operating margin of 27%, leading to an adjusted operating profit of £100.7 million, in line with Deutsche's estimate of £100.8 million. Adjusted diluted earnings per share were 59.7p, ahead of the forecast of 57.2p.
Net debt at the end of the period was £241.2 million, marginally below the anticipated £243 million.
Future also announced a new £55 million share buyback, with £30 million remaining on an existing programme.
Deutsche Bank maintained a 'buy' rating for the stock but reduced its target price to 1,875p from 1,915p.