TIDMFUTR
RNS Number : 1470Y
Future PLC
07 September 2020
7 September 2020
Future plc
Pre-close full year trading update
FY20 results expected to be materially ahead of market
expectations
Future plc (LSE: FUTR, "Future", "the Group"), the global
platform for specialist media, today provides a pre-close trading
update for the 12 months to 30 September 2020.
As outlined in the Business Update provided in July, the Group
continues to benefit from the trend in a shift to digital media. In
August, organic unique visitors in the UK and US were up 25% and
40% respectively compared to the prior year*. Combined with a
better than expected performance of TI Media in the second half,
full-year adjusted operating profit is now expected to be
materially ahead of current market expectations**. In addition, as
a result of continued strong cash conversion the business is
de-levering quickly.
The integration of TI Media remains on track and the Group
continues to make good progress. Following on from the three
websites launched earlier in the summer, Advnture.com and
Petsradar.com, both new websites in TI Media's content verticals,
have now gone live. The Group has also successfully migrated both
the Finance and the magazine subscription systems onto common
platforms. Delivery on synergies continues to progress well with
GBP10m already secured, of which at least GBP3m will benefit FY20.
As a result, Future now anticipates cost synergies of GBP20m per
annum by the end of FY21, ahead of earlier forecasts of GBP15m per
annum. The Group continues to expect that synergies will be
delivered in line with the original cost-to-achieve ratio.
The Group expects to publish its full-year results for the year
ending 30 September 2020 on 2 December 2020.
Zillah Byng-Thorne, CEO of Future, said:
"We are delighted the strong Group performance has continued,
putting Future on track to deliver full-year results materially
ahead of expectations. Whilst macro uncertainty remains in light of
the pandemic, we are well positioned to benefit from the continued
shift to digital media as we grow our global audiences."
Enquiries
Future plc 01225 442244
Zillah Byng-Thorne, Chief Executive Officer
Rachel Addison, Chief Financial Officer
Media:
Headland 020 3805 4822
Stephen Malthouse, Rob Walker
future@headlandconsultancy.com
Notes:
*Source: Google Analytics
**The current consensus range for adjusted operating profit for
the year ending 30 September 2020 (FY20) is GBP78.2m to GBP83.2m.
Reported FY19 adjusted operating profit was GBP52.2m.
Current consensus range for adjusted Ebitda for the year ending
30 September 2020 (FY20) is GBP85.7 to GBP91.0. Reported FY19
adjusted Ebitda was GBP54.5m.
Adjusted EBITDA and adjusted operating profit represent earnings
before share-based payments (relating to equity settled awards with
vesting periods longer than 12 months) and related social security
costs, interest, tax, amortisation of acquired intangible assets,
fair value movements on contingent consideration (and unwinding of
associated discount) and on currency option, non-trading foreign
exchange gains and exceptional items. The amounts stated for 2020
reflect the adoption of IFRS16 however the comparative amounts for
2019 have not been restated.
About Future
Future is a global platform business for specialist media with
diversified revenue streams. Its content reaches 1 in 3 adults in
both the UK and the US.
The Media division is high-growth with three complementary
revenue streams: eCommerce, events and digital advertising
including advertising within newsletters. It operates in a number
of sectors including technology, games, music, home interest,
hobbies and B2B and its brands include Truly, TechRadar, PC Gamer,
Tom's Guide, Android Central, Homebuilding & Renovating Show,
GamesRadar+, The Photography Show, Top Ten Reviews, Live Science,
Guitar World, MusicRadar, Space.com and Tom's Hardware.
The Magazine division focuses on publishing specialist content,
with a combined global circulation of over 3 million delivered
through more than 220 publications. The portfolio spans technology,
games and entertainment, sports, music, creative and photography,
hobbies, homes and garden, real life, country lifestyle, TV and
film and B2B. Its titles include Country Life, Wallpaper*, Classic
Rock, Guitar Player, FourFourTwo, Homebuilding & Renovating,
Digital Camera, Guitarist, How It Works, woman&home, Total
Film, What Hi-Fi? and Music Week.
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