Future returns to organic revenue growth in second quarter

4th Apr 2024 07:22

(Sharecast News) - Future reported a return to organic revenue growth in its second quarter on Thursday, largely attributed to robust performances in Go.Compare, B2B sectors, and resilient magazine sales.

The FTSE 250 specialist publisher said challenges were persisting in affiliate products and digital advertising, however, due to ongoing macroeconomic pressures and low visibility within the industry.

While website user numbers had stabilised somewhat, they were continuing to decline year-on-year.

Future was implementing its growth acceleration strategy (GAS), outlined in December, with encouraging progress reported particularly in its 'hero' brands, which were outperforming the wider brand portfolio.

Additionally, a focus on premium advertising inventory in the US market was contributing to stronger performance in direct advertising.

In a move to further drive growth, the company announced a reorganisation in February, establishing three distinct business units - B2C, Go.Compare, and B2B.

That restructuring was designed to streamline operations, enhance audience offerings, and expedite strategy execution.

Despite market challenges, Future said it remained highly cash generative, with strong cash conversion during the reporting period.

The company said it was confident in its ability to meet expectations for the full 2024 financial year, pending any impact from foreign exchange translation.

Future said it would release its half-year financial results on 16 May.

Reporting by Josh White for Sharecast.com.