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Future upgrades outlook on annual profit amid 'positive' start to year
StockMarketWire.com
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Media platform Future upgraded its outlook on annual profit following a 'positive' start to the year.
'As a result of the overall positive start to the year, and despite continued macro-economic uncertainties, the board expects full year profitability to be materially ahead of current market expectations,' the company said.
The company continued to benefit from 'high levels of online engagement in the period, notably during Black Friday and Christmas,' it added.
The media division revenue grew strongly driven by continued momentum in eCommerce and digital advertising, while its events business, which represent a small portion of the group's revenue, continued to be impacted by COVID-19.
The magazine division performed in-line with the trends seen from last year.
The company also said it had successfully integrated the TI Media business, and was on track to achieve the previously announced £20 million synergies.
The company also confirmed it had completed the acquisition of GoCo, which would further strengthen the company's specialist media and intent platform by extending the group's price comparison eCommerce capabilities beyond products and into services, and adding financial services as a new content vertical.
Story provided by StockMarketWire.com
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