Future’s revenue surges 89 per cent with eCommerce and media lockdown boost
Specialist media platform Future saw its revenue surge 89 per cent in the six months to 31 March, following growth in its eCommerce and media divisions amid global lockdowns.
The group, which bought Marie Claire US earlier this month and the UK edition last year, saw its revenue lift to £272.6m from 144.3m in the same period in 2020.
Meanwhile, its share price rocketed 10.36 per cent this morning, sitting at 2,642.00, up from 2,394.00, on the London Stock Exchange.
Future’s operating profits more than doubled, up from £39.9m to £89.2m which was pushed by a 30 per cent growth in its media arm. The group also saw its UK revenues grow by 5 per cent.
“Following an exceptional eCommerce and digital advertising performance during Black Friday and Christmas in Q1, we have carried this strong trading momentum through to the end of the first half,” chief executive Zillah Byng-Thorne said.
“Content and data sit at the heart of our business; the depth of our market-leading, specialist brands means that today we reach one in three people online in the US and UK,” Byng-Thorne said, noting that the group’s successful Marie Claire US deal will encourage continued positive results.
Its UK market, which has a higher mix of events and magazines revenues, was impacted more materially by the pandemic, the group said this morning.
Despite the impacts of Covid-19 on the UK market, the group saw a one-off revenue benefit for eCommerce of around £5m, online retail and banking surged amid national lockdowns.
Its eCommerce branch enjoyed organic growth of 56 per cent, the group reported, while its digital advertising on-platform saw growth of 30 per cent.
There was also a 95 per cent, year-on-year, lift in retailers achieving sales from Future’s sites.
While the group remains cautious around the wider impacts that accompany the pandemic, the group’s third quarter has started ahead of management forecasts.