Future PLC (LSE:FUTR), the specialist media group behind titles such as TechRadar and Marie Claire, has said it expects to return to growth next year after a difficult 2025 marked by weaker advertising demand and a slowdown in price comparison searches.
The company said it was forecasting “modest organic revenue growth” in the year to September 2026 and aimed to hold its adjusted earnings margin at about 30%.
It also expects cash conversion (the share of profits that turns into cash) to improve to about 95%. Management said performance would be weighted towards the second half as recent strategic changes begin to feed through.
The outlook comes alongside full-year results showing revenue down 6% at £739.2 million. Future cited a 3% organic decline, as well as the drag from business closures and foreign exchange movements.
Adjusted operating profit fell 8% to £205.4 million, although the margin held steady at 28%, reflecting tight cost control offsetting weaker sales.
Kevin Li Ying, chief executive, said he was “pleased to report a resilient performance in line with expectations, delivered against a challenging macroeconomic environment”.
He added: “As a data-first platform that monetises high audience engagement powered by technology and enabled by our trusted specialist brands with authority… we are focused on building the business of tomorrow.”
Future said it had launched a series of new initiatives, including efforts to broaden how it monetises social media creators, update its ecommerce offering and deepen direct engagement with readers.
The company also highlighted what it sees as early progress in earning money from its visibility inside large artificial intelligence models, noting that its “trusted, authoritative and specialist brand content is highly visible for audiences across Large Language Models”.
Across its divisions, the performance was mixed. Business-to-consumer revenue, by far the biggest part of the group, fell 2% on an organic basis.
Magazine revenue was flat despite the wider market shrinking, but media revenue dropped 4 % amid continued economic uncertainty.
Go.Compare, the price-comparison arm, saw revenue fall 5 % after a surge in car insurance activity last year, though non-car lines now make up 39% of sales, up three percentage points.
Business-to-business revenue remained weak, down 9% organically, dragged lower by technology-related clients, although other sectors such as financial services and infrastructure grew and the rate of decline eased in the final quarter.
Future remained strongly cash-generative, posting adjusted free cash flow of £177 million. Net debt rose to £276.4 million from £256.5 million, mainly because the group returned £99.5 million to shareholders through buybacks and dividends.
It also bought RNWL, which helps build more loyal audiences for Go.Compare, and Kwizly, which provides audience engagement tools, while closing several brands to streamline the portfolio.
The company lifted its dividend fivefold to 17p and announced a fresh £30 million share buyback programme. Looking ahead, it said it expects sustainable medium-term revenue growth of 2-4%.