The statement from Future plc:
Trading Performance (Normalised)
* Digital & Diversified revenues up 9%; up 11% in Technology Category
* Total Group revenues up 1%
Total Group normalised revenues saw modest growth in the quarter, driven by the performance of the UK business. After a strong start to advertising revenues in the quarter, we experienced a slowing in trading in the latter weeks. This was due in part to rescheduling of planned advertising campaigns around major video games and a lengthening of lead times for some content marketing activity. All other verticals have performed at, or close to, target.
Financial Position
Net debt at 31 December 2013 was £10.4m, a reduction of 38% year-on-year, as expected.
Outlook
Given the order pipeline in the remaining eight months, and the impact of continuing cost efficiencies across the business, we remain on track to achieve full-year results in line with our expectations, albeit at the lower end of the current range.
Mark Wood, Future's Chief Executive, said: "We are pleased to see digital revenues up 9% in the quarter and Technology growing even faster. We are focused on achieving our targets for the full year and remain confident that Future will deliver double-digit normalised EBITDAE growth compared to last year."
