Future reaffirms outlook despite 'challenging' first half

(Sharecast News) - Future reiterated its full-year guidance on Thursday, despite posting a sharp slide in first-half earnings amid "challenging" conditions.

The British publisher saw revenues decline 8% in the six months to 31 March to �349.1m, or by 6% on a constant currency basis, while adjusted earnings before interest, tax, depreciation and amortisation tumbled 24% to �83.3m.

In business-to-consumer publishing - Future's largest division with titles ranging from Country Life and Cycling News to What Hifi? and Wallpaper, among many others - organic revenues fell 6%. Comparison website Go.Compare saw revenues slide 6%, hit by tough comparatives and a "challenging" home market.

In the business-to-business division, the 7% decline in organic revenues was driven by education, retail and financial services.

However, Kevin Li Ying, chief executive, said: "I am encouraged by the strategic progress we have made in the half year, despite the challenging backdrop which impacted trading in programmatic advertising and ecommerce.

"In the age of AI, our trusted human-originated and specialist content is more important than ever.

"We are focused on continuing to progress our brand and content strategy. We remain financially disciplined. Where brands don't deliver the platform effect, the board will look to unlock value from them. There is much more to come and we are confident that our strategy will return Future to sustainable growth."

Full-year guidance was maintained for a mid-to-low single-digit organic decline in revenue, to around �710m, and EBITDA of around �183m.

As at 1130 BST the stock had put on 3% at 297.4p.

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