Future PLC (LON:FUTR), the former magazine publisher that made the transition to online publishing, enjoyed significant growth in the first half of its financial year.
Group revenue in the six months to the end of March rose 25% to £51.1mln from £40.9mln the year before. Like-for-like revenue growth was 7%.
The magazine division’s revenue rose 1% to £24.9mln from £24.7mln the previous year, proving there is life in the “dead wood” format yet, although the gain reflected the acquisition of Home Interest’s print titles, which offset the expected continued decline in revenue from sales of magazines.
Adjusted underlying earnings (Ebitda) shot up 83% to £8.8mln from £4.8mln the year before while adjusted operating cash flow improved to £11.1mln from £6.2mln.
"We have delivered another period of significant growth in the first half of the financial year with increases in both revenue and profitability, driven by our strategy to develop a scalable global platform business,” said CEO Zilla Byng-Thorne.
"Underlying growth has been notably strong in Media revenues and in the US, which represents a significant opportunity for the Group. We have also maintained our relentless focus on delivering sustainable growth in EBITDA, through the generation of profitable and diversified revenue streams.
"The two acquisitions we have made this year exemplify our strategy of growing organically and through acquisition, delivering global expansion and revenue diversification. We have a proven track record of successful delivery, and the Home Interest portfolio we acquired 10 months ago has now been fully integrated. We anticipate continued growth momentum across the business in the second half of the year," she added.
Shares in Future surged 7.6% to 495p in early deals and have risen from 180p over the last 12 months.