Future plc (LON: FUTR), the global platform for specialist media, has this morning published a pre-close trading update for the 12 months to 30th September 2019.
Trading for the final quarter of the current year in the Group’s core operations is stronger than the Board’s previous expectations. We have seen a positive performance from Amazon Prime Day related activity and strong ongoing trading in the US, as well as some additional benefits from foreign currency translations. Full year EBITDA is now expected to be materially ahead of current Board expectations.
Audience continues to perform well across the business, and is a core underpin of the stronger revenue performance.
The integration of Purch, which has expanded our reach in the US market, is nearing completion, with Tomshardware.com, Livescience.com and TopTenReviews.com all migrated to Future’s Vanilla website over the summer.
Integration of the recently acquired cycling portfolio is also going according to plan, with Cyclingnews migrated to Vanilla at the end of August and Bikeperfect.com, our new mountain biking brand, launched in beta during July.
The Group continues to show positive momentum in revenue growth in all our core areas and our cash conversion continues to be excellent, with year-end leverage expected to be under 1x.
The Group expects to publish its full year results for the year ended 30 September 2019 on 15 November 2019.
Zillah Byng-Thorne, CEO of Future plc, said:
“Our strategy of growing our core business through expanding our audience and reach in existing verticals is bringing further momentum.
“Integration of our acquisitions is on track and we now have a substantial presence in the US. We are successfully leveraging our brands on our technology platform, driving strong growth across the business.”
