Sale of Auto titles and Triathlon Plus for ?2.1m

RNS Number : 2931N

Future PLC

25 July 2014

 



25 July 2014

Future plc

Sale of Auto titles and Triathlon Plus for £2.1m

Future plc (LSE:FUTR, "Future", the "Group"), the international media group and leading digital business, has exchanged contracts to sell a portfolio comprising its Auto titles and Triathlon Plus (the "Portfolio") to Kelsey Publishing Limited for a total initial consideration of £2.1m, comprising £1.8m in cash and £0.3m of magazine subscriptions deferred revenue to be retained by Future. In addition, deferred consideration of up to £0.8m is payable by 30 September 2015 based on revenue performance. Completion is scheduled to occur by the end of August 2014. The net proceeds of sale will be used to reduce the Group's external borrowings.

The Portfolio includes the following: Fast Car, Fast Ford, Classic Ford, Classics Monthly, Total Vauxhall, Mini Magazine, Triathlon Plus, Classic Ford Show, Ford Fair, Japfest, Japfest 2: The Evolution, Performance Vauxhall Show, TRAX: The Ultimate Performance Car Event and associated websites.

The sale of these activities is consistent with Future's strategy to focus on core verticals with an emphasis on the consumer technology market.

In the year ended 30 September 2013 the Portfolio generated revenue of £5.0m and pre-tax profit (post allocation of central Group and corporate costs) of £0.3m. The gross assets of the Portfolio as at 31 March 2014 were approximately £0.3m.

Zillah Byng-Maddick, Future's Chief Executive, commented:

"The sale of this portfolio to Kelsey Publishing is another step in our strategy to focus the business on our core vertical markets."

Enquiries:

Future plc       

Zillah Byng-Maddick, Chief Executive                              [phone]

Gemma Combellack, Communications Executive             [phone]/ + 44 7788 576505

About Future:

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

•           Future has operations in the UK, US and Australia creating publications, apps, websites and events.

•           Future holds market-leading positions in Technology, Games, Music, and the Creative sector.

•           Future attracts more than 49 million monthly global unique users to our websites, which include             techradar.com, gamesradar.com and musicradar.com.

•           Future sold more than 14 million magazines last year. Our most well-known brands include T3, Total Film             and Xbox: The Official Magazine.

•           Videos created by Future had over 143 million views last year

•           Future, and its portfolio, reaches over 15 million people on social media.

•           Future has over 200 licensing & syndication agreements in 89 countries worldwide, and exports over 55             titles.

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

*Please note all figures exclude Sport and Craft which was sold to Immediate Media in July 2014.

 

END

 

 

DISPGUQPMUPCGBC