Future sees full-year earnings ahead of expectations

Future, a global platform for specialist media, said on Monday that full-year earnings will be ahead of current market expectations following stronger-than-expected trading.

In a pre-close update for the year to 30 September, the company said trading in its core operations has been stronger than the board's previous expectations. In addition, the group has seen a positive performance from World Cup related campaigns and benefited from some larger-than-expected product launches.

As a result, full year earnings before interest, taxes, depreciation and amortisation are seen ahead of current market expectations.

In the media division, "strong" contributions continue to be made in all areas and Future said it was "very excited" about adding the network and titles that are part of the recent Purch acquisition to its existing franchises.

The addition of a further four titles to the magazine division- What Hi-Fi?, FourFourTwo, Practical Caravan and Practical Motorhome - has continued to add scale and operational efficiencies, as well as broadening the company's audiences and range.

Future also said the integration of Newbay and the Haymarket titles has progressed as planned, with both businesses trading in line with expectations.

Chief executive Zillah Byng-Thorne said: "We continue to grow our audiences and diversify our revenue streams both vertically and geographically. As a result, the group has again enjoyed an active and successful year, driven by our strategy of focussing on our vibrant, passionate communities, whilst harnessing technology to deliver growth in the business both organically and through acquisition.

"The year was characterised by several acquisitions - four specialist titles from Haymarket, US based information and events business Newbay and most recently Purch, a US consumer online technology media publisher. At the same, the underlying core strength of the business has continued and has led to the stronger than expected outcome to the year."

At 1307 BST, the shares were up 6% to 450p.