Future proposes share buyback of up to £45m

Media group Future rallied on Monday after it announced a proposed share buyback of up to £45m.

The company said it has a strong balance sheet, with leverage of 1.41x net debt to EBITDA and "a robust pipeline of attractive inorganic investment opportunities".

"However, the board believes that the share buyback programme will provide greater flexibility to achieve an optimal use of cash to deliver value for shareholders, whilst still maintaining a strong balance sheet."

At 0915 BST, the shares were up 5.9% at 733.63p.