Future: Go Compare owner announces share buyback
Future has reported a robust set of half year results, with profits and margins holding firm despite a three per cent drop in revenue.
In the six months to 31 March, the London-headquatered media platform posted adjusted operating profit of £100.7m, down five per cent from the same period last year.
Profitability remained resilient with a 27 per cent adjusted margin, while statutory operating profit rose eight per cent to £69.1m, driven by reduced exceptional costs.
The group, whih owns Go.compare, as well as a variety of publishing brands, cited softer March reading and FX pressures for the revenue dip.
It told the market that direct digital advertisting in the US – a key market – was hit by macroeconomic uncertainty.
Yet, it reported a return to ad growth in April.
Newlt appointed chief executive Kevin Li Ying, who took the reigns on 31 March, said rhe firm was “building the business for tomorrow, whilst delivering on today”, and would continue to focus on monetising Future’s specialist audiences through data, innovation, and agile execution.
He also said: “Whilst the wider macroeconomic environment remains challenging, the quality of our content and intent-driven audience, and the uniqueness of our tech stack, underpinned by our strong financial characteristics, position us well to deliver long term growth in what is an ever-evolving media landscape.”
Future’s cash flow supports new buyback
Future’s adjusted free cash flow hit £111.5m, 111 per cent of adjusted operating profit.
The group also returned £43.2m to shareholders in the half, via buybacks and dividends.
A further £55m buyback programme has been announced.
The firm’s UK focused magazine business seemed to buck the wider trend, posting one per cent organic growth, while Go.compare held broadly steady with a one per cent decline.
However, b2b revenue dropped 13 per cent due to continued weakeness in the tech enterprise segment, though financial services and education showed promise.
Future said it remains cautious about the second hald f due to lingering macro uncerainty, but expects to maintain a stable operating profit and strong cash generation.
The group also confirmed its recent acquisitions, includng loyalty platform RNWL and engagement techcffirm Kwizely, as part of a broader portfolio reshaping.