Future sees 'modest' rise in FY guidance as interim profits rise

Specialist media publisher Future reported a rise in first-half profits on Wednesday, driven by revenue growth and contributions from acquisitions and forecast a “modest” rise in annual guidance.

The company said pre-tax profit for the six months to March 31 rose 42% to £81m. Revenue rose 48% to £404.3m, boosted by the purchase of magazine publisher Dennis last October.

Future said cost of sales increased year-on-year driven by inflation, mostly in magazines as well as costs increases on printing due to high energy prices as well as the inclusion of acquisitions. However, despite this the operating margin remained unchanged at 33%.

Adjusted operating profit increased by £45.3m to £134.5m, while statutory operating profit increased by £28.7m to £88.4m and statutory operating margin stayed the same at 22%, driven by the performance in adjusted operating profit.

"We are pleased to be on track to deliver another strong full-year of profitable growth despite the wider macroeconomic outlook. Looking ahead, we enter the second half with positive momentum and growing audience numbers, which further underpins our confidence for the remainder of full-year 2022," said chief executive Zillah Byng-Thorne.