Shares in Future PLC (LON:FUTR) zipped higher on Monday morning as the online and magazine publisher told investors it has enjoyed an “active and successful year”.
The stock rose 6% to 450p early on Monday.
The firm, which prints titles such as TechRadar and PC Gamer, has been on an acquisition spree of late. It acquired the FourFourTwo football magazine and a handful of other mags from Haymarket for £14mln back in March, followed by various trade titles from NewBay, including Music Week, for a similar fee. More recently it snapped up technology platform and publisher Purch for £101mln – its biggest deal to date – which has added consumer tech titles such as Tom’s Guide and Tom’s Hardware to its portfolio.
READ: Future sees significant growth in the first half
Future said its performance over the past year has been “stronger” than previously forecast, thanks to a boost from the World Cup and some “larger than expected” product launches.
“As a result, full-year EBITDA is expected to be ahead of current market expectations,” read Monday’s statement.
Chief executive Zillah Byng-Thorne added: “The year was characterised by several acquisitions - four specialist titles from Haymarket, US-based information and events business Newbay and most recently Purch, a US consumer online technology media publisher.
“At the same, the underlying core strength of the business has continued and has led to the stronger than expected outcome to the year.”
Full-year results for the 12 months ended September 30 are due to be published on November 23.