Future shares surge as annual guidance held despite 'mixed' markets

Shares in specialist media firm Future surged by more than 20% on Friday as it held annual earnings guidance despite volatile markets, and a warning that trading conditions remain mixed.

Audience numbers stabilised in the second-half and the group had positive month-on-month momentum in the final quarter, Future said in a trading update for the year to September 30, 2023.

As a result, adjusted operating profit is expected to be in line with the company's own compiled forecasts of £254.1m, "delivering a resilient performance despite continued macroeconomic volatility impacting our sector".

However, overall trading conditions remained mixed, with challenges in consumer spending and the digital advertising market, Future added .

"As a result, advertising and affiliates product trends are broadly in-line with the first-half, as expected, despite a robust Prime Day in July. Go.Compare revenue has accelerated in the second half, reflecting favourable market volumes with consumers looking for value. Magazine revenue has remained resilient."

It said foreign exchange has been a headwind in the second half, given currency movements in the period.

Reporting by Frank Prenesti for Sharecast.com