Future FY adjusted operating profits seen at top end of expectations

Media company Future said on Tuesday that the "encouraging performance" detailed by the group in its June trading update had continued despite operating within a "challenging macro" environment.

Future stated that full-year adjusted operating profits were projected to be at the "top end" of market expectations of £266.4m to £270.7m after it witnessed a return to organic audience growth in the second half, with Covid comparators fully lapped.

The FTSE 250-listed group also said it had delivered continued digital advertising growth and witnessed an improved trend in affiliates.

Operating leverage and cash conversion remained strong, with Future pointing to continued deleveraging following its acquisition of Who What Wear.

Chief executive Zillah Byng-Thorne said: "We are pleased to be reporting another period of good progress. Against the backdrop of a challenging macro environment, our continued strong performance is a testament to the diversified nature of valuable audiences, specialist content verticals, and monetisation routes coupled with a relentless focus on execution."

Reporting by Iain Gilbert at Sharecast.com