Publishing group Future has said that it expects its full year performance to be towards the bottom end of current market expectations.
The Bath-based company released its half year results today (May 18) in which it reported revenue was flat year-on-year at £404.7m with contributions from acquisitions and favourable foreign exchange rates offsetting expected organic decline.
The media organisation, which has a portfolio of online and magazine titles such as FourFourTwo , The Week and Total Film said organic revenue was down 10%, reflecting the challenging macroeconomic backdrop, including audience decline in a number of markets. Its operating profit declined 3% to £130.2m with the top line organic decline partly mitigated by cost saving initiatives.
Statutory operating profit was also down, by 5% to £83.9m. However, Future said it remains cash generative with with adjusted free cash flow of £130m representing 100% of adjusted operating profit.
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The publisher has completed three acquisitions since October 2022, adding capability in B2C and B2B markets. Future added that the "flexibility and diversification" of its business model continues to allow it to navigate the tougher macroeconomic backdrop and expects the first half trends to continue; with "challenging market conditions, impacting audience".
As a result, the group expects full year performance to be towards the bottom end of current market expectations.
Jon Steinberg, Future's chief executive, said: ”I am excited to have joined Future and by the significant opportunity to build on the unique position it has in the digital media landscape.
“In my first six weeks I have been extremely impressed with the depth of talent and energy throughout the organisation and, looking ahead, my priorities will be to further enhance our brand leadership positions, continue to diversify and grow our monetisation opportunities, and maximise value for all our stakeholders.
“The macroeconomic environment remains tough, but we are well positioned to continue to outperform the industry. Our investment in new strategic verticals, coupled with the group’s tech stack and operating model, will create long-term value for our stakeholders.”
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