Future FY profits drop, returns to organic growth in H2

(Sharecast News) - Publishing company Future said on Thursday that profits had dropped in the 12 months ended 30 September but stated that it was "well positioned" after H2 momentum had driven a return to organic growth. Futures said full-year adjusted underlying earnings were down 12% at £239.1m, while adjusted operating profits slipped 11% to £22.2m.

Statutory pre-tax profits were 25% lower at £103.2m, while statutory revenues were flat year-on-year at £788.2m and statutory operating profit margins contracted five percentage points to 17%.

However, Futures said it had returned to year-on-year organic revenue growth of 1%, with a strong H2 performance, up 5%. The FTSE 250-listed group also noted that UK revenue grew 6% on an organic basis, helping to offset a 6% drop in US revenues.

Chief executive Jon Steinberg said: "Importantly, the group has returned to organic revenue growth during the year, underpinned by a strong H2 performance.

"Looking ahead, whilst we remain mindful of the macro environment and the ongoing evolution of the media landscape, we are confident that the ongoing execution of our Growth Acceleration Strategy will drive long-term accelerating organic revenue growth."

As of 0915 GMT, Futures shares had surged 13.27% to 1,110.0p.









Reporting by Iain Gilbert at Sharecast.com