Future says full-year profits to top market expectations

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Future PLC (LON:FUTR) said full-year profits are estimated to be materially ahead of current market expectations.

The specialist media group has continued to benefit from high levels of online engagement in the period, especially during Black Friday and Christmas. 

READ: Future says content now read by a third of people in US and UK

Media division revenue grew strongly thanks to momentum in eCommerce and digital advertising, while the Magazine division performed in-line with the trends seen from last year.

Events, which represent a small portion of group revenue, were hit by restrictions to contain COVID-19.

Future said it is on track to achieve the £20m synergies related to the integration of the TI Media business.

It has also completed the acquisition of price comparison websites GoCo Group plc and Mozo.

The FTSE 250 company said GoCo strengthens its eCommerce capabilities beyond products and into services, adding financial services as a new content vertical.

It also snapped up Australian website Mozo, which focuses on personal finance products such as home loans, credit, personal loans, banking and insurance, for AUD$30mln (£16mln)

Mozo’s revenues for the year ending June 2020 were AUD$11mln (£6mln).

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