Trading Statement

Future PLC
29 April 2005



29 April 2005

                                   FUTURE PLC


                                 Trading Update


This trading update provides an overview of Future's revenues and general
trading for the six months ended 31 March 2005 ('the first half').  All revenue
growth figures are given year-on-year and in constant currency.


Trading for the first half (October to March) has been satisfactory.


Total Group revenue was up 6%, reflecting strong growth in the Group's
entertainment titles (up 25%) and reasonable growth in games titles (up 3%), and
a decline in computing magazine revenues of 3%.


Like-for-like Group revenue (excluding acquisitions made during the six months
to 31 March 2005) increased by 4%.


Both circulation and advertising revenue grew by 6%.  The two largest businesses
in the UK and US each achieved revenue growth of 8%.


Revenue performance for the first half (October to March) can be analysed as
follows:

Territory                         Growth           Growth
                            (sterling)
                                                  (constant        Proportion of
                                                currency)                Group
UK                                + 8%               + 8%                   53%
US                                + 2%               + 8%                   26%
Mainland Europe                   + 1%               + 1%                   21%
Total Group                       + 5%               + 6%                  100%



Sector                          Growth            Growth
                          (sterling)
                                                 (constant         Proportion of
                                               currency)                 Group
Games                           + 1%                + 3%                    44%
Computing                      - 4 %                - 3%                    28%
Entertainment                  + 23%               + 25%                    28%
Total Group                     + 5%                + 6%                   100%





The average value of the Dollar against Sterling declined by 6% compared with
the first half last year, so that our revenue growth in Dollar terms was
stronger than that reported in sterling.  The average value of the Euro against
Sterling in the half-year strengthened by less than 1%.


UK business


UK turnover for the half-year rose by 8%, reflecting organic growth and
increased activity levels in terms of both acquisition and launches during the
half-year.  We continued to diversify our UK portfolio, including the
acquisition of 11 motoring titles, two parenting titles, a wedding title and one
computing title.  This portfolio expansion is also reflected in our launch
programme, which includes Simply Knitting, Computer Upgrade and Papercraft
Inspirations.


US business


US turnover also rose by 8%.  We continued to diversify our US portfolio, which
now serves four special-interest areas: games, computing, music and action
sports.  We established our action sports division, based in San Diego, in the
first half, acquired Snowboard Journal and will launch Future Snowboarding in
the late summer.  Future Music was launched in March and during the second half
we will launch Scrapbook Answers.  We are increasing our internet presence and
this will result in increased spending in the second half.  While these steps
may hold back profitability in the short term, they represent a continuing
broadening of the US business.


Mainland Europe


Turnover in Mainland Europe grew by 1%.  In March, we launched a new computing
title, Micro Actuel, in France.  This is our largest magazine launch this year
in the Group.



Agreement to buy 38 Highbury titles for £30.5 million


In a separate announcement today, Future has announced that it has entered into
an agreement with the Board of Highbury House Communications plc ('Highbury') to
acquire 38 magazine titles, and associated assets, for a cash consideration of
£30.5 million, which will be funded from Future's committed bank facilities.


The titles being acquired include Fast Car, Fast Bikes, DJ, DVD Review, the What
Video group of magazines and Highbury's puzzle magazines.  Additionally, the
deal includes Highbury's US business which publishes five magazines.  Highbury
management accounts for the year ended 31 December 2004 show that: (a) the
assets being acquired generated unaudited aggregated turnover of approximately
£34.1 million; and (b) the unaudited aggregated profit (before interest,
taxation and amortisation) attributable to these assets was approximately £5.3
million.


Future anticipates that a number of the benefits identified in relation to its
previous offer for the whole of Highbury, in particular further diversification
of Future's portfolio and the benefits from increased financial and operational
scale, are applicable to the acquisition of these Highbury assets.


None of the titles being acquired is a games title.  As a result of this deal,
the estimated split of the Group's revenues is likely to become Games 38%;
Entertainment 34%; and Computing 28%.


Outlook


Trading for the half-year to March has been satisfactory and, as previously
announced, the Board will consider the introduction of an interim dividend, when
the interim results are announced on 14 June 2005.


The Board anticipates a satisfactory out-turn for the Group as a whole for the
financial year to 30 September 2005.



Enquiries:


Future plc

Greg Ingham, Chief Executive                              Tel: [phone]

John Bowman, Finance Director                             Tel: [phone]


Hogarth Partnership

James Longfield/Georgina Briscoe                          Tel: [phone]



About Future

Future plc was founded in the UK in 1985. Today, it publishes over 100
special-interest consumer magazines worldwide with strong portfolios in the
computing, games, music, sports, motoring, crafts and leisure sectors. Future
employs 1,200 people in offices in the UK, US, France and Italy. Over 100
international editions of Future's magazines are also published under licence in
30 other countries across the world. The company is listed on the London Stock
Exchange (symbol FUTR).


Financial performance of Future


Future's financial year now ends on 30 September.  For the twelve months ended
30 September 2004, the Future group generated profit before taxation and
amortisation of £23.6m on turnover of £190.4m.  At 30 September 2004 Future had
net cash balances of £9.8m.


Aborted bid for Highbury House Communications plc ('Highbury')


On 14 February 2005, Future announced a recommended share offer (with a partial
cash alternative) to acquire the whole of Highbury.  This was a Class One
transaction for Future and shareholders in Future voted in favour of it at an
EGM held on 31 March 2005, when more than 80% of all shares in Future were voted
and of these, more than 99.9% were in favour.


On 14 April 2005, the Office of Fair Trading announced that it had referred the
recommended share offer to the Competition Commission.  On 15 April 2005, Future
announced that it no longer intended to pursue this transaction.  On 28 April
2005 the Competition Commission announced that it had formally cancelled the
reference.  Future will treat the costs incurred in connection with this aborted
bid as an exceptional item in its interim results.








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