Horse & Hound and Country Life magazine owner Future sees share price surge over 15% as profits more than double
- Shares in London-listed Future group have surged by over 15% today
- The Horse & Hound owner has seen its profit and revenue rocket over past year
Shares in Country Life magazine owner Future have surged over 15 per cent today after the group revealed its profits nearly doubled over the past year.
Buoyed by improved digital advertising and e-commerce sales, the group’s revenue for the year to September swelled by 79 per cent to £607million, while its pre-tax profit more than doubled to £107.8million over the period.
The company, which is also behind Horse & Hound magazine, said it now expected results for the year ending September 2022 to come in ‘materially above’ existing forecasts.
On the up: Shares in Country Life magazine owner Future have surged over 15% today after the group revealed its profits nearly doubled over the past year
The London-listed group has seen its share price rise sharply today, with shares currently up 15.79 per cent or 504.00p to 3,696.00p. A year ago the group’s share price was 1,688.00p, meaning it has risen by over 118 per cent in the past year.
On the back of the group’s strong bottom line, the firm’s top brass hiked the dividend for the year by 75 per cent to 2.8p a share.
Future has made a number of acquisitions in recent months in a bid to bolster its portfolio. The group snapped up MoneyWeek and Kiplinger in August, and acquired The Week as part of the £300milion deal.
Zillah Byng-Thorne, Future’s chief executive, said: ‘I am pleased to announce another set of exceptional results, which builds on our long-term track record of growth. Our performance reflects the diversity of our revenue streams and our global reach and the operating leverage of our business model.
Portfolio: Future is behind a string of magazines including Horse & Hound and TechRadar
‘We generated 23 per cent organic growth in the period, driven by the strength of our trusted content which continues to attract a high value audience.
‘The growth was accelerated in the US and we are confident about our ability to capitalise on the opportunity in North America, to further strengthen and diversify our revenue streams.
‘Our strategy is accelerated through acquisition and in the year we continued to strengthen our proposition through the completed integration of GoCo Group, as well as the acquisition of Mozo, Marie Claire US, CinemaBlend and, post-year end, Dennis.
‘Looking ahead, we expect our diversified strategy to continue to deliver and are well-positioned to continue to grow strongly.
‘As we transition from the Covid-19 boosted comparators, we expect the growth to accelerate in H2 next year. We expect our operating model to drive enhanced scalability and operating leverage, leading to further margin expansion, and we are therefore upgrading our outlook for the full year and now expect adjusted results in FY 2022 to be materially above current expectations.’