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Future profits double in record half-year results

The publishing group highlighted that its first half had come in ahead of market expectations, driven by strong growth in digital advertising and its ecommerce affiliates

Future PLC - Future profits double in record half-year results

Future PLC (LON:FUTR) reported a record set of half-year results amid what it said was an “exceptional performance” in its ecommerce and digital advertising segments.

In its results for the six months to March 31, the media and publishing platform reported a record pre-tax profit of £56.9mln, up from £27.1mln a year ago, while revenue also rose to a record £272.6mln from £144.3mln.

READ: Future acquires Marie Claire US

The company highlighted that its first-half performance had come in ahead of market expectations, driven by strong growth in its media division, particularly through digital advertising and its ecommerce affiliates.

Future also reported record engagement during the period, with its monthly audience reaching 419mln with online user growth of 31% year-on-year to 311mln in the six month period.

Looking ahead, the group said it expected its full-year results to be “materially ahead” of expectations as a result of its strong performance in the first half, adding that its third quarter had already begun ahead of management forecasts despite the ongoing effects of the pandemic.

"I am delighted to report the ongoing successful execution of our strategy with record revenue and profit in this half, materially ahead of market expectations. Following an exceptional eCommerce and digital advertising performance during Black Friday and Christmas in Q1, we have carried this strong trading momentum through to the end of the first half. The progress we continue to make is testament to the diversity of our revenue streams, the agility of our people, and the scalable operating model we have built over time, which generates long-term sustainable growth,” Future’s chief executive Zillah Byng-Thorne said in a statement.

"Looking ahead, we are well positioned to sustain the growth momentum we have built over recent years. Whilst we remain cautious about the wider macroeconomic uncertainties associated with COVID-19, we are confident in the outlook for the group”, she added.

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Price: 3696 GBX

Market Cap: £4.48 billion

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