MARKET REPORT: Future soars as results make for good reading
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There was some good reading for shareholders of Marie Claire publisher Future, with news of a return to growth and plans for a £55million share buyback. The firm, which also owns price comparison website GoCompare, expressed confidence in meeting market expectations for the current financial year, even though profit for the year to September slumped by 25 per cent.
That reflected a hit from investment in Future’s Growth Acceleration Strategy, launched in December 2023, which contributed to a fall in the group’s operating profit margin. Future’s full-year sales were flat, but organic basis revenue rose by 1 per cent, including second half growth of 5 per cent.
After this financial year, the company expects to deliver accelerating organic revenue growth, in line with market expectations. In response, Future was a top FTSE 250 gainer, jumping 9.7 per cent, or 95p to 1075p. The FTSE 100 index rose 0.16 per cent, or 13.57 points to 8349.38 while the FTSE 250 was flat at 21,001.06.
Shares up: Magazine publisher Future was boosted by news of a return to growth together with plans for a new £55m share buyback. Diageo was a FTSE 100 gainer as analysts at Jefferies raised their rating for the drinks giant to ‘buy’ on confidence in rising spirit sales and a renewed focus on growth, profit and cash under a new, heavyweight finance chief.
