Shares in Future hit record high after rise in online traffic boosts profit
Shares in Future hit a record high this morning after the publisher said it was on track to post full-year profit ahead of market expectations.
The media group, which owns titles including Four Four Two, Country Life and Tech Radar, said adjusted operating profit would beat current forecasts of between £78.2m and £83.2m, marking a sharp rise on the £52.2m reported last year.
The profit boost comes amid steady growth in Future’s digital offering as more and more consumers ditch print products in favour of online content.
In a trading update today the firm said unique visitors in the UK and US rose 25 per cent and 40 per cent respectively in August.
Shares in Future surged more than 14 per cent in early trading.
Future also reported better-than-expected trading for TI Media — the magazine group it acquired for £140m last year.
The publisher said it had made good progress integrating TI Media with £10m of cost savings already achieved.
The firm said it now anticipated savings of £20m per year by the end of the 2021 financial year, ahead of earlier forecasts of £15m per year.
“We are delighted the strong group performance has continued, putting Future on track to deliver full-year results materially ahead of expectations,” said chief executive Zillah Byng-Thorne.
“Whilst macro uncertainty remains in light of the pandemic, we are well positioned to benefit from the continued shift to digital media as we grow our global audiences.”