Future PLC (LON:FUTR) said trading for its current year is expected to be “towards the top end of market expectations” as its audience numbers were boosted by a demand for digital media during the pandemic lockdown.
In an update for its current financial year, the FTSE 250 media and publishing group also said its integration of TI Media, which it acquired in October last year, was “progressing in line with expectations” with the launch of new websites in TI’s content verticals, migrating TI websites to Future’s website platform and leveraging Future’s platform on current TI digital properties.
READ: Future sees “exceptionally strong” first half as coronavirus accelerates audience growth
Current consensus estimates for Future’s year ended September 30, 2020, are for adjusted earnings (EBITDA) of between £86.3-£91mln compared to 2019 earnings of £54.5mln.
Aside from the strong digital audience numbers, Future also said its performance had been lifted in the year by “strong cost control and the acceleration of synergies” following the TI acquisition.
The firm also said following its strong trading it has begun to repay support previously received from the UK government’s furlough scheme.
"Building on our strong track record of successfully integrating acquisitions, we are pleased that the integration of TI Media is progressing in line with our expectations”, said Future chief executive Zillah Byng-Thorne.
"We remain confident in the long-term opportunity to create value through integrating TI Media's brands into our unique portfolio and optimising their performance by leveraging our technology platform to build digital presence, introduce new revenue models and capitalise on the opportunity to expand our reach beyond the UK, particularly in the US. Furthermore, the strong Group performance we reported at our half-year results has continued and we remain confident of delivering another year of growth within our portfolio and further strategic progress", the CEO added.
Future’s shares jumped 6.6% to 1,289.2p in early trading on Monday.