Future PLC (LON:FUTR) shares were among the top three risers on Friday after another typically upbeat trading statement from the media group.
The shares rose 36% to 817p after the company said the coronavirus pandemic has so far had little impact on its digital revenues.
The FTSE 250-listed owner of music and gaming magazines has seen some decline in revenues from the travel outlets within the magazine portfolio but this has partly been offset by increased sales in grocers.
Based on this and a study of its key metrics, it continues to expect trading to remain in line with expectations, although the group has implemented what it called “some profit protection measures”.
“The business continues to be highly cash generative and we expect half-year cash to be in line with guidance,” Future said.
At the end of March, it expects to have a cash balance of between £47mln and £53mln.
The group is hoping to complete the acquisition of TI Media in the coming few weeks, which would leave it with borrowing headroom of around £30mln - £40mln, with a combined net debt to the latest 12 months pro-forma underlying earnings (EBITDA) ratio of around 1.0 pro-forma versus the group’s banking covenant ratio of 3.0.