The Week owner Future says full-year results to top expectations despite challenging backdrop
The Week owner Future has said full-year results are expected to top expectations despite increasing pressure being put on the media firm from inflation and supply chain woes.
The firm said it had seen return to organic audience growth in the second half of the year, “as Covid comparators were fully lapped, combined with continued digital advertising growth and an improving trend in affiliates”.
Half year revenue was up 48 per cent to £404.3m, compared to 2021’s £272.6m, reflecting a combination of continued organic growth and contribution from acquisitions.
The firm said that operating leverage and cash conversion remained strong, with continued deleveraging following the acquisition of Who What Wear.
“We are pleased to be reporting another period of good progress. Against the backdrop of a challenging macro environment, our continued strong performance is a testament to the diversified nature of valuable audiences, specialist content verticals and monetisation routes coupled with a relentless focus on execution,” CEO Zillah Byng-Thorne said.
The group, which also owns brands like Marie Claire and Homes, expects full year adjusted operating profit to be at the top end of market expectations.
Future will release results on 30 November.