7 October 2016
Future plc
Pre-close full year trading and Imagine Publishing acquisition updates
Future plc (LSE: FUTR, "the Group"), the international media group and leading digital business, has published a pre-close trading update for the 12 months to 30 September 2016. It has also published an update on its proposed acquisition of Miura (Holdings) Ltd, the holding company and ultimate parent company of Imagine Publishing Limited ('Imagine Publishing').
Year-end trading update
Overall trading for the year has been positive and is expected to be in line with the Board's expectations. Cash conversion has improved with year-end cash ahead of expectations, ending the year with a small net cash position.
The Group's strategy to diversify its revenue streams and further build its global brands, a process that started in the previous financial year, along with the introduction of the new divisional structure during the current year, has increased efficiency and delivery.
The Media division has seen strong growth year on year, driven by e-commerce revenues, while the Magazine division has delivered on key profit operational efficiency initiatives.
Imagine Publishing acquisition
The Group announced the proposed acquisition of Imagine Publishing on 23 June 2016, with the completion of the deal conditional upon CMA clearance.
The CMA has stated today that it has found competition issues only in relation to the acquisition of one sci-fi title (Sci-Fi Now). Future will continue its discussions with the CMA to agree a basis on which it can close the transaction as soon as practicable.
The Group expects to publish its full year results for the year ended 30 September 2016 during the week commencing 21 November 2016.
Zillah Byng-Thorne, Chief Executive said:
"We have made significant progress on the execution of our strategy, in line with expectations. We have seen strong growth in operating profitability and importantly, achieved strong cash conversion.
"A key part of our strategy for the Media division is to diversify revenues. We have successfully grown e-commerce and have launched new events, including the international Generate events.
"The Magazine division has delivered on several key optimisation programmes. It has been strengthened by a number of small complementary acquisitions which have bolstered its portfolio and will provide synergistic benefits."
Enquiries:
Future plc |
01225 442244 |
Zillah Byng-Thorne, Chief Executive Officer |
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Penny Ladkin-Brand, Chief Financial Officer |
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Instinctif Partners |
020 7457 2020 |
Adrian Duffield/Lauren Foster |
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