Friday 17 May 2019 8:38 am

Shares in media group Future jump as acquisitions fuel record half-year results


Reporter covering media, telecoms and marketing. Get in touch at james.warrington@cityam.com

Reporter covering media, telecoms and marketing. Get in touch at james.warrington@cityam.com

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Shares in media company Future jumped as much as seven per cent in early trading after it posted a record rise in revenue and profit for the half year.

Future, which owns magazine titles including Four Four Two and Tech Radar, reported a 103 per cent rise in revenue to £108.7m in the six months to the end of March.

Read more: Future goes up a gear with cycling brand purchases

The company also posted a 163 per cent increase in operating profit to £10m.

The bumper half-year growth was driven by a string of major acquisitions as the Bath-headquartered firm looks to boost its reach.

The media group last year snapped up digital publishing platform Purch for £105.7m in a bid to expand its market share in the US.

It has also acquired US tech publication Mobile Nations, as well as cashing in on the UK’s cycling craze with the joint purchase of Procycling and Cyclingnews.com.

Future, which was founded by TED owner Chris Anderson in 1985, said the figures were supported by strong organic growth, with overall online audience up 188 per cent year-on-year.

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“We have delivered a record breaking first half of the financial year and the continued execution of our strategy to deliver growth through audience engagement and technology innovation is generating clear value across the business.,” said chief executive Zillah Byng-Thorne.


Future warned of an uncertain economic outlook, but said it forecasts the company’s full-year performance to be ahead of previous expectations.

 

 

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