Future shares jump on return to organic revenue growth

Go.Compare owner Future has announced a return to organic revenue growth in Q2 for the six months ended 31st March.

The expected revenue improvement from Q4 2023 has continued, driven by a strong performance from Go.Compare, B2B, and resilience in Magazines.

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Future shares were 11% higher at the time of writing.

Future said growth in Go.Compare and B2B has been partially offset by a more challenging performance in affiliate products and digital advertising, where macroeconomic pressures and low visibility continue to impact the wider sector. The key website user numbers metric stabilised in Q2 but remained in a year-over-year decline. This is evident in its peers.

The group owns and operates websites and magazines including The Week, Marie Curie, PC Gamer, Tech Radar and Country Life.

Investors will be encouraged to see progress in the implementation of Future’s Growth Acceleration Strategy (GAS). In February, Future announced a reorganisation to accelerate the Growth Acceleration Strategy, creating three business units – B2C, Go.Compare, and B2B – to enhance the company’s offering to audiences and partners. This reorganisation aims to make the company more agile and less complex, enabling faster execution of the strategy to deliver improved growth.

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The company’s “Hero” brands continue to outperform the wider portfolio, showing encouraging progress. Additionally, a stronger performance in US direct advertising, a key strategic initiative, has been driven by the continued focus on premiumisation of advertising inventory.

Future said they remain highly cash-generative, with strong cash conversion in the first half. As a result, Future is on track to deliver on expectations for FY 2024.

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