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Future PLC on Wednesday said its pretax profit increased substantially as the company’s Magazine division drove an increase in revenue following acquisitions in the year.
The Bath, England-based magazine publisher reported a 58% rise in pretax profit to £170.8 million for the 12 months ended September 30, from £107.8 million the year before.
Revenue increased 36% to £825.4 million from £606.8 million, and the US delivered ‘strong’ revenue growth of 55% to GB325.9 million from £210.2 million.
Revenue in the Magazine division increased by 58% to £290.2 million from £184.0 million, following the acquisition of Dennis Publishing Ltd, a consumer media subscriptions business, which ‘continued to perform well’.
Events revenue grew by 62% to over £15 million, Media revenue increased by 27%, and organic digital advertising revenue grew 7% despite lower online audiences. Organic affiliate revenue was down 6%, and Future said the decline is broadly equal to one-off performance in the prior year due to Covid-19.
‘Looking ahead, whilst we are monitoring the macroeconomic climate, we remain confident in our strategy and the growth opportunities that we are uniquely placed to capitalise on, which we expect to deliver modest profit growth and market share gains,’ Chief Executive Zillah Byng-Thorne said.
Future declared a final dividend of 3.4 pence per share for financial 2022, up from 1.6p the prior year.
Future shares were down 5.4% to 1,403.53p on Wednesday morning in London.
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