Future shares slump on online audience fears
Magazine publisher FUTURE suffered its worst day since September after it warned of a decline in online audience numbers.
The group behind titles such as Country Life, Marie Claire and Four Four Two said tough trading conditions were likely to continue, meaning results for the year to the end of September should be ‘towards the bottom end of current market expectations’.
That would suggest a profit of around £ 256m, short of the £271.7m it made last year. Shares tumbled 15.9pc, or 166p, to 880p.
in September it plunged nearly 18pc when then-boss zillah Byng-Thorne ‘informally indicated’ she wanted to step down by the end of 2023. Byng-Thorne left in March and was replaced by Jon Steinberg, ex-president of altice USA’S news and advertising division.
But there has been a slump in digital advertising revenue due to lower online audiences in the UK and US. group revenue remained flat at £404.7m in the six months to the end of March, while profit slid 3pc to £130.3m.
The FTSE 100 was up 0.3pc, or 19.07 points, to 7742.30 while the FTSE 250 rose 0.4pc, or 82.80 points, to 19298.25.
Markets around the world were given a lift amid growing hopes that the US could seal a deal on extending its debt ceiling.
Joe Biden’s administration has until June 1 to find agreement or face defaulting on its bills.
Back in London, the feel-good factor at JD Sports showed no signs of slowing after JP Morgan reiterated its ‘overweight’ rating on the stock and increased the target price to 215p from 210p.
it came a day after JD said it was on course to become just the fourth British retailer to make £1bn in annual profits. Shares gained 5.9pc, or 9.65p, to 172.65p.
Housebuilder Vistry forecast higher profits following an improvement in sales since the start of the year. it expects profit ‘in excess of £450m’ in 2023, compared to £418m last year. Shares rose 4.6pc, or 37p, to 851p.
National Grid reported higher profits after a strong performance from its UK electricity distribution business. Profits rose 4pc to £3.6bn in the year to the end of March. it has invested a record £7.7bn during the last 12 months, with the majority funding its netzero commitments. Shares fell 2.9pc or 32.5p to 1108p.
There was better news for Genuit after the UK’s largest producer of plastic piping systems said its profits for 2023 should be ‘ slightly ahead’ of the £ 84m expected by analysts. Shares surged 13.8pc, or 41p, to 339p.
Likewise, Convatec lifted its annual forecasts after sales rose 3.1pc in the first four months of 2023. The medical equipment company, which makes high-tech bandages and wound dressings, expects revenue to grow between 5pc and 6.5pc this year. Shares added 5pc, or 10.8p, to 226p.
energy group Energean sank 7.9pc, or 98p, to 1138p after it lowered its production guidance for this year.
Informa has agreed to buy Winsight, an events, data and media group focused on the food and beverage industry, for £ 306m. Shares in the exhibitions organiser rose 2.2pc, or 15.8p, to 722.6p.
it was a good day for Petrofac after the joint business led by the oil rig builder was chosen for a £1.2bn petrochemical engineering, procurement and construction project in algeria. it soared 13.8pc, or 9.15p, to 75.4p.
Myhealthchecked landed a deal with Boots, the UK’s biggest chemist, to launch its new range of self-testing kits for areas such as bowel health, stomach ulcers and sperm concentration, both online and in stores. Shares surged 18.2pc, or 4p, to 26p.