Shares in Future (FUTR) accelerated as the media group received a double upgrade from ‘underperform’ to ‘buy’ at investment bank Jefferies.

Analyst Oliver Conroy says he expects a return to strong growth in revenue, positive audience trends and further upside from high yielding US direct ad sales.

He observes: ‘We expect Future to outperform peers, due to its highly cyclical tech & gaming portfolio, monetised largely via digital ads and affiliate product.’

Over the past year Future shares have advanced 56% to sit at the £10.67 mark although this is still short of highs close to £40 attained in 2021.

Back in May the company, whose growth has been driven by acquiring specialist media assets and exploiting avenues like e-commerce, licensing and digital advertising, said it had made a ‘return to organic growth’ in the second quarter of the year helped by a robust performance from price comparison site GoCompare.

At the time, the company announced plans to invest between £25 million and £35 million over the next two years to make the business ‘more agile’ and ‘less complex’. 

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