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Future PLC (FUTR)
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Future tones down guidance amid economic uncertainty, forex headwinds
(Alliance News) - Future PLC on Friday said it is taking a more conservative outlook for the rest of the financial year to reflect economic concerns and forex headwinds.
"Given ongoing macroeconomic uncertainty, the group believes it is prudent to adopt a more cautious view on the second half and expects a low single-digit decline in [full-year] 2025 organic revenue," the firm said in a statement.
In February, the company said it was on track to meet market expectations for the year to September 30, citing a company-compiled consensus of GBP776.9 million in revenue, a 1.4% decline from GBP788.2 million in the prior financial year.
Future said US direct advertising was hit in March by macroeconomic uncertainty but returned to growth in April.
In addition, foreign exchange represents a headwind, the firm said.
The group continues to expect to deliver a stable adjusted operating margin of 28% alongside continued strong cash generation.
In response, shares in the Bath, England-based online magazine publisher and owner of price comparison website Go Compare fell 4.8% to 709.00 pence each in London on Friday.
The cautious outlook came as Future said pretax profit rose 21% to GBP56.6 million in the half-year to March 31 from GBP46.6 million a year prior.
Diluted earnings per share increased 31% to 38.0 pence from 29.0p.
Adjusted operating profit fell 4.8% to GBP100.7 million from GBP105.8 million with an unchanged adjusted operating profit margin of 27%.
Revenue slipped by 3.3% to GBP378.4 million from GBP391.5 million, or by 2% at constant currency.
Business-to-consumer, the group's largest division, reported flat organic revenue in the period with Magazines organic growth of 1% offset by a decline in Media driven by digital advertising.
Go.Compare revenue declined 1%, as expected car quote volumes declined given the strong revenue comparator.
Business-to-business revenue continues to be "challenging" with a 13% organic decline, driven by tech enterprise.
No half-year dividend was declared, unchanged year-on-year.
By Jeremy Cutler, Alliance News reporter
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