British publisher Future has said it expects full year performance to be in line with market expectations as it returned to organic revenue growth during the second half of the year.
In a pre-close trading update for the year to 30 September, the company said it is making “good progress” with its growth acceleration strategy, which it introduced at the end of 2023 in a bid to revive a then-flagging share price.
Future, which owns specialist media brands such as Marie Claire, Tom’s Guide and Country Life, has forecast revenue of £786m and adjusted operating profit of £220m for the year ending 30 September 2024.
Its creation of three business units – B2C, Go Compare and B2B – along with the announcement of a £45m share buyback programme in May, has helped revive the stock, which is up 44 per cent over the past year. The company said it has repurchased just over £30m of its own shares under the programme to date.
Chief executive Jon Steinberg said: “We are making good progress with our Growth Acceleration Strategy since its launch last December.
“The progress, combined with our return to organic growth and the stabilisation of our online audience trends, means we will deliver a FY24 performance in line with market expectations.”
During the fourth quarter, Future started to shutter a number of weaker assets, including its external video production unit, some events and a “small number” of its print and digital brands. The company said this represents around £15m of annualised revenue.
Steinberg added: “Whilst we remain mindful of the macro backdrop and the ongoing evolution of the media landscape, including updates in the search market, the highly cash generative profile of the Group and our cost base flexibility ensures we are well positioned as we look ahead.”
Future will announce its full year results on 5 December.