Interim Management Statement

RNS Number : 0616Z

Future PLC

03 February 2014

 



Future plc

Interim Management Statement

Future plc (LSE: FUTR), the international media group and leading digital publisher, today announces its Interim Management Statement for the period from 1 October 2013 to the date of this announcement, incorporating the Group's first quarter for the three months ended 31 December 2013.

Trading Performance (Normalised*)

·   Digital & Diversified revenues** up 9%; up 11% in Technology Category

·   Total Group revenues up 1%

Total Group normalised revenues saw modest growth in the quarter, driven by the performance of the UK business. After a strong start to advertising revenues in the quarter, we experienced a slowing in trading in the latter weeks. This was due in part to rescheduling of planned advertising campaigns around major video games and a lengthening of lead times for some content marketing activity. All other verticals have performed at, or close to, target.  

Financial Position

Net debt at 31 December 2013 was £10.4m, a reduction of 38% year-on-year, as expected.

Outlook

Given the order pipeline in the remaining eight months, and the impact of continuing cost efficiencies across the business, we remain on track to achieve full-year results in line with our expectations, albeit at the lower end of the current range.

Mark Wood, Future's Chief Executive, said: "We are pleased to see digital revenues up 9% in the quarter and Technology growing even faster. We are focussed on achieving our targets for the full year and remain confident that Future will deliver double-digit normalised EBITDAE*** growth compared to last year."

Annual General Meeting

Future will hold its Annual General Meeting at 12 noon today at Future plc, 2 Balcombe Street, London NW1 6NW.

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Annual Report

An electronic version of the Annual Report is available to download from www.futureplc.com.

Enquiries

Future plc
Mark Wood, Chief Executive                                           Tel: [phone]
Zillah Byng-Maddick, Chief Financial Officer                     Tel: [phone]
Chris Taylor, Director of Communications                         Tel: [phone]

Brunswick Group
Jon Coles / Andy Rivett-Carnac                                       Tel: [phone]

Notes
* Normalised results are presented to better reflect the current size and structure of the business and give a better indication of the performance of the ongoing business. The normalised results exclude revenues and costs relating to activities closed or divested between 1 October 2012 and 31 December 2013, but include any new activities launched in that period. Closed or divested activities are not such that they fell to be classified as discontinued under IFRS. The analysis in this announcement is, except where it refers to statutory results, based on normalised results.

** Digital & Diversified revenues include revenues from digital circulation, digital advertising, digital commerce, software business FutureFolio, custom publishing business Future Plus and events.

*** EBITDAE represents earnings before interest, tax, depreciation, amortisation and exceptional items.

About Future:

·      Future plc is an international media group and leading digital business, listed on the London Stock Exchange (symbol: FUTR).

·      Future has been named Consumer Digital Publisher of the Year for three years in a row by the Association of Online Publishers (2011, 2012, 2013) and has been named the Professional Publishers Association Digital Publisher of the Year for two consecutive years (2012, 2013). Future is also the British Media Awards Media Company of the Year.

·      We have operations in the UK, US and Australia creating more than 200 publications, apps, websites and events.

·      We hold market-leading positions in Technology, Games, Guitar, Creative and Sport & Auto sectors.

·      We attract 58 million monthly global unique users to our websites, which include techradar.com, gamesradar.com, bikeradar.com and musicradar.com.

·      Future sold more than 19 million magazines last year, that's 37 magazines sold every minute. Our most well-known brands include T3, Cycling Plus, Total Film, Mollie Makes and Xbox: The Official Magazine.

·      Future has developed its own app-creation software, FutureFolio. We produce over 100 digital editions, and have sold over 5 million digital issues in the last year.

·      Future exports or syndicates 225 publications to over 89 countries, making us the UK's number one exporter and licensor of magazine content.

·      Follow Future plc on Twitter at www.twitter.com/futureplc and on LinkedIn at www.linkedin.com/company/future-publishing 

 

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