StockMarketWire.com - Specialist media platform Future lifted its outlook for the current financial year as its annual profit more than doubled, led by growth in its media division.
The current year had started 'very positively with continuing strong growth and we expect the full year to be ahead of the board's previous expectations,' the company said.
For the year ended 30 September 2019, pre-tax profit rose 189% to £12.7m on-year and revenue increased 70% to £221.5m.
Its media division, which accounted for 70% of total revenue, sales grew 32%, offsetting a decline in magazine revenues thanks to a 44% jump in online audience growth, up 31% on a like-for-like basis. Acquisitions during the financial year - two specialist cycling brands, Mobile Nations and SmartBrief – had 'significantly broadened and strengthened our B2C and B2B portfolios and materially increased our US presence,' Future said. The company proposed a final dividend of 1p a share.
Story provided by StockMarketWire.com
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