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Media group Future surges as it lifts expectation for fourth time in 2019

Lots of people logged on to Future’s product review sites during Amazon Prime Day which helped boost trading, while the US is also doing well following last year’s big-money acquisition of Purch

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Shares in Future PLC (LON:FUTR) zipped higher on Thursday after the media group revealed once again that full-year underlying profits would be “materially ahead” of forecasts.

The FTSE 250 group, which is behind sites such as TechRadar and publishes the popular FourFourTwo magazine, had already lifted guidance on two occasions this year - the last of which was only in July.

READ: Future clocks solid gains after upgrading full year expectations

But trading in the final couple of months of Future’s financial year has been even more impressive still, helped by customers flocking to its various product review sites around Amazon Prime Day.

Future has also been boosted by last year’s £101mln acquisition of Purch, which has expanded its presence in the US where trading has remained “strong”.

As well as better-than-forecast underlying earnings (EBITDA), bosses said the full-year results, due to be published in November, will also show “excellent” cash conversion and leverage of under 1x.

“Our strategy of growing our core business through expanding our audience and reach in existing verticals is bringing further momentum,” said chief executive Zillah Byng-Thorne.

“Integration of our acquisitions is on track and we now have a substantial presence in the US. We are successfully leveraging our brands on our technology platform, driving strong growth across the business.”

Shares were up 10.3% to 1,315p on Thursday morning, taking Future to the top of the FTSE 250.

Quick facts: Future PLC

Price: 1532 GBX

LSE:FUTR
Market: LSE
Market Cap: £14.95 m
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