Publisher Future still looks less bright

FOUR Four Two and Country Life publisher Future took another £200 million hit today as the recent slide in its stock market value continued.

The shares dived 16% or 163.5p to 882.5p, leaving the former high-flying FTSE 250 stock back where it was in the early days of the Covid pandemic.

The sell-off came as Future reported a 3% decline in profits to £130.3 million and said the full-year outturn was likely to be towards the bottom end of City hopes.

It has been dealt a blow by a fall in online visits and revenues at its Games, Entertainment & Technology arm, partly due to the impact of a Google algorithm change.

The shares had been as high as 3940p at the end of 2021 but have slumped amid a rotation from growth stocks and the recent departure of Zillah ByngThorne, whose decade in charge transformed Future from a £30 million small cap company.

New boss Jon Steinberg said today: “The macroeconomic environment remains tough, but we are well positioned to continue to outperform the industry.”

Future’s decline failed to prevent the FTSE 250 index from rising 86.46 points to 19,301.91, with housebuilder Vistry up 26.5p to 840.5p after its AGM update highlighted improving market conditions and unchanged full-year guidance.

Genuit, the former Polypipe business involved in the supply of water, climate and ventilation products, jumped 8% or 23.5p to 321.5p after its update pointed to full-year profits slightly ahead of City hopes.

Other second tier risers included pub chain Mitchells & Butlers, up 14.1p to 213.2p as analysts at Jefferies lifted their price target to 270p following yesterday’s results.

In the FTSE 100 index, risk appetite improved on optimism that the US leaders will find a way to avoid a US debt default.

The top flight ended a run of lacklustre performances by rallying 0.7% or 51.06 points to 7774.29, with JD Sports Fashion back in favour after a rise of 5.25p to 168.25p. Housebuilders also rallied to leave Persimmon 32.5p higher at 1352p.