Future ‘resilient’ despite facing volatile sector

Publishing group Future has provided an update on its performance for the year ending September 30.

The Bath-based company admitted that it had faced challenging trading conditions, but said adjusted operating profit is expected to be in line with the board’s expectations, delivering a resilient performance despite continued macroeconomic volatility impacting the sector.

The media organisation, which has a portfolio of online and magazine titles such as Fourfourtwo, The Week and Total Film said its audience numbers had stabilised in the second-half of the year and the group had “had positive” month-on-month momentum in the final quarter.

Earlier this year (May 18) the group released its half year results 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 publisher said: “Overall trading conditions remained mixed with challenges in consumer spending and the digital advertising market.

“As a result, Advertising and Affiliates product trends are broadly in-line with the first-half, as expected, despite a robust Prime Day in July. Go.compare (price comparison) revenue has accelerated in the second half, reflecting favourable market volumes with consumers looking for value. Magazine revenue has stayed resilient.”

Future added foreign exchange has been a “headwind in the second half, given currency movements in the period”.

Future will announce full-year results on December 7.