Future, the media publisher responsible for outlets like Country Life, Marie Claire and T3, suffered from a fall in revenue, operating profit and earnings per share in its latest earnings statement.
Reported revenue in the results, which encompass the six months to 31 March, was down by 3 per cent from £404.7m to £391.5m, while adjusted earnings before interest, tax, deprecation and amortisation (EBITDA) dropped by a fifth to £113.9m.
The firm attributed the fall in revenue to adverse foreign exchange conditions.
Adjusted operating profit was also down significantly from £130.3m to £105.8m, a fall of 19 per cent.
However, despite the drop in profit, the company said it would look to commence another £45m share buyback after the current £45m scheme had run its course.
John Steinberg, Future’s Chief Executive Officer, said: “In December we set out plans to ensure that Future is best positioned to capitalise on opportunities in our markets. These plans are centred on growing a highly engaged audience, diversifying and increasing Revenue Per User, and optimising our portfolio.
“I am pleased to report that in the early stages of this two-year plan we have made good progress, which will enable us to drive accelerating revenue growth.”
The publisher’s results were given an uplift by Go.Compare, its price comparison website, which saw year-on-year revenue growth of 30 per cent thanks in part to rising premiums in motor insurance.
The firm expects the falling profit and revenue, which fell in line with its expectations, will not prevent it from generating organic revenue growth in the second half of the year, and it expects an adjusted operating margin of 28 per cent.
Future also confirmed the starting date of its new CFO, Sharjeel Suleman, who is replacing Penny Ladkin-Brand, after the latter announced her decision to leave the group and step down from the board in December 2023. Suleman will start before the end of September.