Future plc report as follows:
The Group confirms that its FY24 performance is expected to be in line with market expectations, with the Group delivering a return to organic revenue growth during H2 2024 and maintaining its strong financial characteristics.
The Group continues to make good progress executing its Growth Acceleration Strategy. One of the pillars of the strategy is portfolio optimisation, which is a continuous process to ensure the Group is best positioned to deliver sustainable organic growth. During Q4, the Group began the closure of a number of non-core or low to no growth assets, including its external video production unit, selected events and a small number of print and digital brands, representing c.£15m of annualised revenue and with margins below the Group's average.
The Group's £45m share buyback programme announced on 16 May 2024 is progressing well with just over £30mrepurchased to date.
Jon Steinberg, chief executive officer, said: "We are making good progress with our Growth Acceleration Strategy since its launch last December. The progress, combined with our return to organic growth and the stabilisation of our online audience trends, means we will deliver a FY24 performance in line with market expectations. Whilst we remain mindful of the macro backdrop and the ongoing evolution of the media landscape, including updates in the search market, the highly cash generative profile of the Group and our cost base flexibility ensures we are well positioned as we look ahead."
Future will announce its full-year results on 5 December 2024.
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