Magazine publisher Future looks ahead as earnings tipped to beat market expectations
Future said today its full-year earnings should beat market expectations, fuelled by three acquisitions as it bought up rivals and expanded into the US.
The specialist media publisher credited the World Cup and larger-than-expected product launches for its performance in the 12 months to the end of September in today’s trading update.
What Hi-Fi?, FourFourTwo, Practical Caravan and Practical Motorhome, from Future’s recent acquisition of Haymarket Media Group, have helped expand and broaden the publisher’s audience reach, it said, as well as creating operational efficiencies.
The $132.5 million (£101 million) acquisition of Purch, expected to close early this month, also gives the TechRadar publisher titles such as Tom’s Guide and Top Ten Reviews.
The previous acquisition Newbay Media, which Future bought to improve its US reach, and Haymarket, are trading in line with expectations.
Reporting “good” revenue growth in all core areas and “excellent” cash conversion, chief executive Zillah Byng-Thorne said the year was defined by the acquisitions, but that the underlying strength of the business helped it beat expectations.
"We continue to grow our audiences and diversify our revenue streams both vertically and geographically,” she added. “As a result, the group has again enjoyed an active and successful year, driven by our strategy of focussing on our vibrant, passionate communities, whilst harnessing technology to deliver growth in the business both organically and through acquisition.”
Future will publish its full-year results on 23 November.