Publisher Future lifts profit forecasts as it completes Go Compare deal
Magazine publisher Future today said it expects full-year profit to come in ahead of previous forecasts as it completed its £600m takeover of price comparison site Go Compare.
The media group, which owns titles such as Country Life, Four Four Two and Tech Radar, reported strong trading in the four months to the end January as the pandemic continued to drive up online traffic.
Future said digital advertising continued to grow, while its ecommerce offering had also benefited from increased sales around Black Friday and Christmas.
This offset the impact of Covid-19 on the firm’s events division, which represents a small proportion of revenue, while print magazine sales were stable on the previous year’s performance.
The magazine group also said it was on track to make savings of £20m following its £140m takeover of rival TI Media last year.
As a result, Future said it expected full-year profitability to be “materially ahead” of current market expectations.
Future today confirmed it has completed its £594m takeover of Go Compare, which it said will expand the company’s ecommerce offering beyond products and into financial services.
The publisher also announced it has acquired Australian price comparison site Mozo for AUS$30m (£17m).
Mozo, which focuses on personal finance products such as loans, banking and insurance, booked revenue of AUSD$11m in the year to June 2020.
“I am delighted to report yet another period of growth across the group,” said chief executive Zillah Byng-Thorne.
“Following the integration of TI Media, we continue to make good progress against our strategy to build the leading specialist global media platform that drives intent, powered by technology and insight with scalable, diversified brands.”
She added: “Price comparison for services is a natural complement in our strategy to enhance and expand our ecommerce proposition and monetisation opportunities beyond product purchase.”