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.
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.