Future: Marie Claire owner stays on track as US ad market steadies
Future PLC told the market on Thursday that it remains on course to meet full-year expectations after a steady third quarter, buoyed by signs of stabilisation in the UK advertising market and solid magazine performance.
The FTSE 250 media group behind titles like TechRadar, Marie Claire and The Week said trading for the three months to 30 June was in line with expectations, despite continued macroeconomic pressure and weaker overall web traffic.
In the UK, advertising revenue saw an eight per cent year on year decline, marking an improvement on previous quarters.
Meanwhile, US advertising returned to growth, rising five per cent during the quarter.
Domestic outlook improves, e-commerce softens
While e-commerce affiliate revenues fell as expected – hit by lower consumer demand and a slowdown in discretionary spending – Future reported that print magazines remained resilient.
Magazine revenue, often seen as under pressure across the industry, showed a slower rate of decline than in previous years.
The group said comparison site Go.Compare, which delivered an especially strong performance this time last year, saw a drop-off in switching activity in Q3 as the car insurance market cooled.
Future’s B2B arm also showed “an improvement on H1 performance”, with the company noting mixed conditions in the sector.
Weakness in enterprise tech continued to drag, though other verticals performed well.
New chief executive Kevin Li Ying said: “We are pleased with our overall performance in the third quarter, which keeps us on track to deliver on expectations for the full year. Our focus remains on building the business for tomorrow whilst delivering on today.”
He added that Future remained mindful of external headwinds, including changes to search algorithms and broader economic uncertainty.
The company recently announced the launch of a second £55m share buyback programme, following the conclusion of the current one, and earlier this month competed a refinancing deal, issuing a five-year £300m unsecured bond to support its long-term growth plans.