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Future PLC on Thursday said revenue and profit decreased in its latest year despite a ‘resilient’ performance, and that its chief financial & strategy officer will resign next year. Shares in Future were trading 27% lower at 552.00 pence each on Thursday morning in London. The Bath, England-based magazine publisher also announced that CFSO Penny Ladkin-Brand has decided to step down later next year. Ladkin-Brand, who joined Future as chief financial officer in 2015 before becoming CFSO in November 2021, is subject to a 12-month notice period. Future has initiated an external search for her replacement. Also on Thursday, Future said pretax profit fell 19% to £138.1 million in the year that ended on September 30, from £170.0 million the previous year. Future said its profitability defied inflationary pressures, with the adjusted operating profit margin declining only slightly to 32% from 33%. Revenue decreased 4.4% to £788.9 million from £825.4 million, which Future attributed to a 10% organic decline. Notably, total US revenue fell 19% on an organic basis to £312.3 million from £325.9 million. UK revenue decreased 4.6% to £476.6 million, showing a ‘resilient performance...driven by a more diversified revenue mix combined with more established positions in the market.’ ‘Looking back at the prior year, we have delivered a resilient performance amid a challenging market, with a resilient full-year profit performance and strong cash generation, reflecting the diversified nature of our business and the leadership positions we retain across verticals,’ commented Chief Executive Jon Steinberg. Future meanwhile declared a final dividend of 3.4 pence per share, up from 2.8p. Going forward, Future said the ‘stabilisation of trends’ gives it ‘the confidence to return to organic revenue growth’ in the second half of the current financial year. It expects this to translate to low single-digit revenue growth for the full 12 months. ‘Our Growth Acceleration Strategy leverages Future’s inherent strengths...making active investments in targeted areas where we have clear growth opportunities,’ said Steinberg. ‘We are excited about executing on this strategy which is focused on growing a highly engaged and valuable audience, diversifying and increasing revenue per user, and optimising our portfolio. ‘We are excited about executing on this strategy which is focused on growing a highly engaged and valuable audience, diversifying and increasing revenue per user, and optimising our portfolio.’ Copyright 2023 Alliance News Ltd. All Rights Reserved.
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