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Future PLC on Wednesday said it expects to deliver full-year adjusted operating profit in line with expectation, though it said a slowdown in consumer spending continued.
The Bath, England-based magazine publisher said trading in the four-month period that ended on January 31 has been broadly in-line with expectations.
Future said the market slowdown in audience numbers and consumer spending seen towards the end of its last financial year has continued, impacting the ‘growth of digital advertising and affiliate for products revenue, notably in the consumer technology vertical’.
Future added that new strategic verticals, including Homes, Fashion & Beauty and Wealth & Savings, are gaining momentum, creating further medium-term opportunities for the company.
Chief Executive Officer Zillah Byng-Thorne said: ‘The start to the year demonstrates the strength and diversity of the group, and we are pleased to reiterate our guidance for the full year. Whilst the macro environment remains uncertain, we look ahead with continued confidence in our plans to deliver on our strategy and outperform the industry.’
For financial 2022, adjusted operating profit was £271.7 million.
Future shares were down 3.0% at 1,555.00 pence each on Wednesday morning in London.
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