Future PLC has informed the market on Thursday that it is on track to meet its full-year targets following a solid third quarter, supported by signs of stabilisation in the º£½ÇÊÓƵ advertising market and robust magazine sales.
The Bath-based FTSE-250 media company, which owns titles such as TechRadar, Marie Claire, and The Week, reported that its trading for the three months ending 30 June aligned with expectations, despite ongoing macroeconomic challenges and a dip in overall web traffic.
In the º£½ÇÊÓƵ, there was an 8% year-on-year decrease in advertising revenue, yet this represented an improvement compared to previous quarters.
Meanwhile, advertising revenues in the US returned to growth, with a 5% increase during the quarter.
Despite a downturn in e-commerce affiliate revenues due to reduced consumer demand and a decline in discretionary spending, Future highlighted that print magazines have shown resilience, as reported by .
Magazine revenues are experiencing a slower rate of decline than seen in recent years, suggesting some stability within that segment of the industry.
The group noted that Go.Compare, its comparison site, experienced a fall in switching activity in Q3, particularly in the car insurance sector, after having performed exceptionally well in the same period last year.
Future's B2B division also indicated "an improvement on H1 performance", although the company acknowledged mixed conditions in the sector.
While enterprise tech remains weak, other verticals within the company have shown positive results.
New chief executive Kevin Li Ying said: "We are pleased with our overall performance in the third quarter, which keeps us on track to deliver on expectations for the full year. Our focus remains on building the business for tomorrow whilst delivering on today."
Li Ying also acknowledged the challenges posed by external factors, including algorithm changes and economic uncertainties.
In a move to bolster investor confidence, Future has announced a second £55m share buyback programme, set to follow the completion of its current one. Additionally, the firm has recently finalised a refinancing strategy, issuing a five-year £300m unsecured bond aimed at supporting its long-term expansion objectives.
