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Future PLC on Friday said it is taking a more conservative outlook for the rest of the financial year to reflect economic concerns and forex headwinds.
‘Given ongoing macroeconomic uncertainty, the group believes it is prudent to adopt a more cautious view on the second half and expects a low single-digit decline in [full-year] 2025 organic revenue,’ the firm said in a statement.
In February, the company said it was on track to meet market expectations for the year to September 30, citing a company-compiled consensus of £776.9 million in revenue, a 1.4% decline from £788.2 million in the prior financial year.
Future said US direct advertising was hit in March by macroeconomic uncertainty but returned to growth in April.
In addition, foreign exchange represents a headwind, the firm said.
The group continues to expect to deliver a stable adjusted operating margin of 28% alongside continued strong cash generation.
In response, shares in the Bath, England-based online magazine publisher and owner of price comparison website Go Compare fell 4.8% to 709.00 pence each in London on Friday.
The cautious outlook came as Future said pretax profit rose 21% to £56.6 million in the half-year to March 31 from £46.6 million a year prior.
Diluted earnings per share increased 31% to 38.0 pence from 29.0p.
Adjusted operating profit fell 4.8% to £100.7 million from £105.8 million with an unchanged adjusted operating profit margin of 27%.
Revenue slipped by 3.3% to £378.4 million from £391.5 million, or by 2% at constant currency.
Business-to-consumer, the group’s largest division, reported flat organic revenue in the period with Magazines organic growth of 1% offset by a decline in Media driven by digital advertising.
Go.Compare revenue declined 1%, as expected car quote volumes declined given the strong revenue comparator.
Business-to-business revenue continues to be ‘challenging’ with a 13% organic decline, driven by tech enterprise.
No half-year dividend was declared, unchanged year-on-year.
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