Publisher Future plc reported it is trading in line with market expectations for the first four months of its financial year, despite ongoing challenges in the UK advertising market.
The media group, which owns specialist titles across tech, gaming and lifestyle, told markets this morning that its consumer business continued positive momentum from 2024, with stable audience engagement and growth in digital ad revenue.
UK advertising remained weak, reflecting broader market struggles that have recently hit the industry, leading to job cuts and the closing-down of some publications.
The company, which owns titles like Marie Claire and Country Life, cited these ad challenges to growth in US digital advertising and e-commerce.
Chief executive Jon Steinberg said: “We are pleased with the start to the new financial year. While we remain mindful of the macroeconomic backdrop, we are confident about delivering a performance in line with market expectations”.
Future reported it remained on track to hit market expectations despite an adjusted operating profit of £217.8 for the full year.
Go.compare, Future’s price comparison business, saw a slowdown after a strong 2024, with fewer consumers switching car insurance providers.
The firm expanded into home insurance, which has shown growth also.
This trading update follows the recently announced appointment of Kevin Li Ying as chief executive officer, who will come into position in March 2025.
A 20-year veteran to the company, he has played a key role in the firm’s transformation from a print publisher to a digital platform.
Chair Richard Huntingford described him as a “strong visionary leader with unmatched knowledge of the group”.