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Future PLC on Tuesday said it expects profit to be at the top-end of expectations, as it has returned to organic audience growth.
Shares in the magazine publisher were up 4.9% to 1,806.30 pence each in London early Tuesday.
Future said the ‘encouraging’ performance set out in its June trading update has continued, with a return to organic audience growth in the second half of its financial year ending September 30.
Future explained that this was because Covid comparators were fully lapped, combined with continued digital advertising growth and an improving trend in affiliates.
It added that operating leverage and cash conversion has remained ‘strong’, with continued deleveraging following the acquisition of WhoWhatWear.
Back in May, Future announced the acquisition of California, US-based digital-only women's lifestyle publisher WhoWhatWear, for an undisclosed amount.
Looking ahead, Future expects adjusted operating profit to be at the top end of market expectations for its financial year 2022. It noted that the company compiled consensus for adjusted operating profit is between £266.4 million and £270.7 million. In financial 2021, Future reported adjusted operating profit of £195.8 million, so profit is guided up at least 36%.
Chief Executive Zillah Byng-Thorne said: ‘We are pleased to be reporting another period of good progress. Against the backdrop of a challenging macro environment, our continued strong performance is a testament to the diversified nature of valuable audiences, specialist content verticals and monetisation routes coupled with a relentless focus on execution.’
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