Future PLC (LON:FUTR) surged on Monday after raising full-year profit forecasts as it continues to benefit from the trend in a shift to digital media.
Adjusted operating profit for the year to September 30 is estimated to be “materially ahead” of current market expectations, which are between £78.2mln and £83.2mln.
READ: Future expects full-year earnings to be at top end of expectations as pandemic boosts digital media audience
In August, organic unique visitors in the UK and US were up 25% and 40% respectively compared to the prior year.
The specialist media organisation added the strong cash conversion is helping to cut debt quickly.
The integration of TI Media, acquired in October last year, is making “good progress” with two new websites, Advnture.com and Petsradar.com, launched in the summer.
Around £10mln of synergies have already been secured while £3mln of these to benefit the current financial year.
As a result, the FTSE 250 group now anticipates cost synergies of £20mln per annum by the end of financial year 2021, better than earlier forecasts of £15mln per annum.
Shares surged 15% to 1,675.7p on Monday at the opening bell.
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