We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Future Plc | LSE:FUTR | London | Ordinary Share | GB00BYZN9041 | ORD 15P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
55.00 | 7.10% | 830.00 | 825.50 | 829.50 | 835.00 | 775.50 | 780.50 | 548,466 | 16:35:25 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Miscellaneous Publishing | 788.9M | 113.4M | 0.9782 | 8.46 | 959.32M |
TIDMFUTR
RNS Number : 8619W
Future PLC
13 December 2019
Future plc
PUBLICATION OF ANNUAL REPORT AND FINANCIAL STATEMENTS 2019 AND NOTICE OF ANNUAL GENERAL MEETING 2020
Future plc (LSE: FUTR; the "Group"), the global platform for specialist media, has today, in accordance with LR 9.6.1 R of the Listing Rules, submitted to the Financial Conduct Authority's National Storage Mechanism copies of the following:
-- Annual Report and Financial Statements 2019 -- Form of Proxy for the 2020 Annual General Meeting
The Notice of Annual General Meeting 2020 is set out on pages 149 to 153 of the Annual Report and Financial Statements 2019. The Annual General Meeting will be held at Future's London office 1-10 Praed Mews, London W2 1QY on 5 February 2020 at 10.30 a.m.
The documents will shortly be available for inspection at www.morningstar.co.uk/uk/NSM
The Annual Report and Financial Statements and Notice of Annual General Meeting are also available on the Future plc website at www.futureplc.com/resources/#results
A condensed set of the Group's financial statements and information on important events that have occurred during the financial year and their impact on the financial statements were included in Future plc's Full Year Results Announcement on 15 November 2019. That information together with the information set out below which is extracted from the Annual Report and Financial Statements 2019 constitute the material required by DTR 6.3.5 of the Disclosure Guidance and Transparency Rules which is required to be communicated to the media in full unedited text through a Regulatory Information Service. This announcement is not a substitute for reading the full Annual Report and Financial Statements 2019. Page and note references in the text below refer to page numbers and note references in the Annual Report and Financial Statements 2019. To view the results announcement, slides of the results presentation and the results webcast please visit www.futureplc.com/resources/#results
Enquiries
Future plc 01225 442244
Zillah Byng-Thorne, Chief Executive Officer
Penny Ladkin-Brand, Chief Financial Officer
Instinctif Partners 020 7457 2020
Kay Larsen, Chantal Woolcock, Hannah Campbell
About Future
Future is a global platform business for specialist media with diversified revenue streams.
The Media division is high-growth with three complementary revenue streams: eCommerce, events and digital advertising including advertising within newsletters. It operates in a number of sectors including technology, games, music, home interest, hobbies and B2B and its brands include TechRadar, PC Gamer, Tom's Guide, Android Central, Homebuilding & Renovating Show, GamesRadar+, The Photography Show, Top Ten Reviews, Live Science, Guitar World, MusicRadar, Space.com and Tom's Hardware.
The Magazine division focuses on publishing specialist content, with over 75 publications and over 568 bookazines published per year, totalling global circulation of 1.5 million. The Magazine portfolio spans technology, games and entertainment, music, creative and photography, hobbies, home interest and B2B. Its titles include Classic Rock, Guitar Player, FourFourTwo, Homebuilding & Renovating, Digital Camera, Guitarist, How It Works, Total Film, What Hi-Fi? and Music Week.
Appendices
Appendix A: Directors' responsibility statement
The following directors' responsibility statement is extracted from the Annual Report and Accounts (page 57):
Directors' responsibility statement required by DTR 4.1.12R
The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the Group financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union, and Company financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Company, and of the profit or loss of the Group and Company for that period. In preparing the financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- state whether applicable IFRSs as adopted by the European Union have been followed for the Group financial statements, and IFRSs as adopted by the European Union have been followed for the Company financial statements, subject to any material departures disclosed and explained in the financial statements;
-- make judgements and accounting estimates that are reasonable and prudent; and
-- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and Company will continue in business.
The Directors are also responsible for safeguarding the assets of the Group and Company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and Company, and enable them to ensure that the financial statements and the Directors' Remuneration Report comply with the Companies Act 2006 and, as regards the Group financial statements, Article 4 of the IAS Regulation.
The Directors are responsible for the maintenance and integrity of the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Directors' confirmations
Each of the Directors, whose names and functions are listed in the Board of Directors section on pages 51 and 52, confirm that, to the best of their knowledge:
-- the Company financial statements, which have been prepared in accordance with IFRS as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit of the Company;
-- the Group financial statements, which have been prepared in accordance with IFRS as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit of the Group;
-- they consider the Annual Report and financial statements, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group's position and performance, business model and strategy; and
-- the Directors' report includes a fair review of the development and performance of the business and the position of the Group and Company, together with a description of the Principal Risks and uncertainties that it faces.
In the case of each Director in office at the date the Directors' report is approved:
-- so far as the Director is aware, there is no relevant audit information of which the Group and Company's auditors are unaware; and
-- they have taken all the steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Group and Company's auditors are aware of that information.
Appendix B: Risks and uncertainties
The following description of the principal risks and uncertainties that the Company faces is extracted from the Annual Report and Accounts (pages 35 to 38):
RISKS AND UNCERTAINTIES
Effective risk management is essential to support the achievement of our strategic and operational objectives as we address the challenges and uncertainties facing businesses today.
The Board has overall responsibility for the risk management framework and for ensuring that we manage risks appropriately. Future takes its approach to the identification, evaluation and mitigation of risk and uncertainty extremely seriously, and applies a robust framework that embeds risk management throughout its organisation and across its operations. Whilst it is accepted that risk forms a part of operating in business, delivering its strategic objectives whilst mitigating those risks is a fundamental objective for Future's Board and its executive management teams.
Approach to risk
The Board
-- Sets the Group's risk appetite taking into account its strategic objectives -- Identifies principal Group risks -- Conducts 'deep dives' into specific Principal Risks -- Carries out a robust assessment of any emerging risks
-- Assesses the impact of Principal Risks when analysing the Group's long-term viability and sustainability
-- Considers views from management and the Audit Committee as part of its review of the effectiveness of the system of internal controls
The Audit Committee
-- Monitors the adequacy and effectiveness of internal control and risk management systems -- Ensures that a robust assessment of the Principal Risks facing the Group has been undertaken -- Includes an update on risk as a standing agenda item for every meeting
Executive Leadership Team
-- Prioritises Principal Risks through a formal bi-annual review process -- Allocates resources to manage risks according to potential impact -- Communicates priorities to the business -- Reviews detailed risk registers to agree Principal Risks -- Identifies any emerging actions where Group-wide action is required -- Reviews effectiveness of risk management procedures -- Reports to the Audit Committee and Board on a regular basis
The Executive Leadership Team (ELT) is responsible for identifying risks and working with the Group Financial Controller to capture them in the Group's risk register. All risks identified by the ELT are scored out of 5 (with 5 being the highest) in respect of three areas: the likelihood of the risk crystallising, the impact if the risk does crystallise, and the strength of any mitigation in place (in respect of mitigation, a score of 1 represents strong mitigation). A combined score is then calculated by multiplying each of these scores together (with 125 being the highest possible score).
Whilst Future operates in an evolving environment with several clear risks, it takes a pro-active and robust approach to identifying any new risks, and evaluating and mitigating all known risks through a regular review process.
Our internal controls seek to minimise the impact of risks, either by reducing their likelihood or mitigating their impact, as explained further in the Corporate Governance report on pages 63 to 64, and during the year we have continued to develop those controls. The more granular approach to risk that was introduced in the prior year has ensured that effective risk management remains at the core of the Group's strategy, which includes a formal, six-monthly review by the ELT and the addition of risk management to the Audit Committee as a standard agenda item for every meeting. There have been no significant control failings or weaknesses identified during the year in respect of risk management.
Our Principal Risks
The output from the above process is a summary of Principal Risks that is set out in the table on pages 37 to 38 and summarised in the heat map opposite. The heat map sets out the relative likelihood of the risk crystallising and the impact on the Group if the risk did crystallise - effectively the 'gross' risk score before considering the strength of any mitigation. The relative strength of the mitigation available to the Group to combat each risk is depicted in the colour of the risk on the heat map (green being strong, amber being average and red being low mitigation) with arrows detailing the movement of the gross risk from the prior year. The symbol E has been included in the Summary of Principal Risks table overleaf to indicate risks emerging in FY19.
Each Principal Risk has been analysed according to its impact on both the Group's existing business model, as set out in the 'Future Strategy Wheel', and the core elements of the Group's strategy as set out in the 'Future Playbook'. More information on the Future Strategy Wheel and the Future Playbook can be found on pages 13 and 14. Considering both the existing business model together with the strategic direction of the Group, the Board carried out a robust assessment of long term viability, which included performing sensitivity analysis and reverse stress-testing.
The symbol V has been included in the Summary of Principal Risks table overleaf to indicate those that have been taken into account when performing the viability testing.
Changes to the Group's risk assessment in the year
As a result of the risk review undertaken during the year, several risks identified as Principal Risks in prior years are no longer considered to be as significant and are therefore not included in the Summary of Principal Risks table overleaf, with the reasons for the reduction in the perceived level of risk set out below:
FY18 principal risks not included Reason for reduction in risk in FY19 assessment rating Operating environment - the The acquisitions of Purch, Mobile structural change in our operating Nations and SmartBrief, together environment and the pace of with underlying organic growth transition from print. in digital revenues, mean that the Magazine division is a much smaller proportion of the Group's revenues which has reduced the impact of this risk. -------------------------------------- Changes in advertising models Ad blocking has not had a significant - the increasing trends towards impact on the Group's ability ad blocking and privacy could to monetise its websites as result in Future being unable we have to date effectively to monetise online advertising mitigated this through the use inventory to the same extent of technology and working with it does currently. the Coalition for Better Ads to ensure that we are at the forefront of market best-practice. -------------------------------------- Intellectual property - as a Intellectual property infringement publisher, Future is responsible and management continues to for any intellectual property be a vitally important area, infringement or legal issue. however, with the growth experienced by the Group in the year the materiality of this risk in the context of the overall Group has reduced. -------------------------------------- Risks Description Mitigation Personal data The collection, storage and The Data Protection V use of personal data by the Officer oversees all Business Model Group presents a risk of data protection matters link: i, ii, misuse, loss of personal and works with stakeholders vi data, or cyber-attack which within the Group to Strategy link: could result in high penalties review, develop and 3 from the Information Commissioner's improve its data practices Office (ICO) or claims from and procedures. data subjects. Future may The Group has implemented suffer reputational risk, a process to respond as well as a significant to subject access financial penalty, if it requests in a proper is responsible for the breach. and timely fashion Future (and the third parties and uses a Consent it relies on) is required Management Platform to comply with strict data on its websites within protection and privacy legislation, the IAB's Consent including the General Data and Transparency Framework. Protection Regulation (GDPR). Controls and contract Such laws restrict Future's provisions are in ability to collect and use place to ensure compliance personal information and with data protection place significant transparency legislation and confirmation and accountability obligations is sought from all on Future. The need to comply 3rd parties who might with data protection legislation be involved in providing is a significant control, or processing data operational and reputational to ensure they are risk which can affect the also in compliance Group. with such legislation. ------------------------------------- ------------------------------ Staff - Key The Group is heavily dependent The Board has undertaken person risk on its CEO and her absence a detailed succession Business Model would have a significant planning and talent link: i-vii impact on the Group. There review exercise in Strategy link: is not currently an obvious the year to ensure 1-5 candidate within the organisation (wherever possible) who could step up to replace that the Group is her as CEO, and the Board not overly exposed would therefore most likely to any one employee. have to undertake an external This exercise highlights search for a successor. how each of the executive team could be covered in an emergency and who were the obvious successors within the organisation. The Group has also recruited several new senior roles within the year to provide additional strength in experience and expertise to the senior
management team. In order to attract and retain top talent and ensure that Future remains an attractive place to work, appropriate reward packages (including long term incentive schemes) are in place for key individuals. ------------------------------------- ------------------------------ Cyber security With the further transition Future seeks to ensure and IT away from print and growth all of its systems E in digital revenues the Group and public owned and Business Model is increasingly reliant on operated infrastructure link: i, ii, technology. complies with best iii, vi Strategy Hacking of the Group's websites practice as regards link: 1 or any hacking or infiltration to security, by continually of the Group's public owned investing in and upgrading and operated infrastructure IT systems and processes. resulting in loss of data, The Group's core network could result in significant is protected by Two-Factor interruption to trading, authentication security disruption to the Group's and firewall restrictions, operations and damage to with a plan in place its reputation along with to mitigate the effects further heavy investment of any hack. being required. To protect against The data protection elements system/network outages of this risk have been considered (caused by fraud or in the Personal Data risk other issues), Future's set out above. network has multiple back-up facilities held in different locations that minimises any single point of failure. Servers are distributed across two main data centre locations and several controlled server rooms in different buildings in Bath, Bournemouth and New York. Following the completion of acquisitions, assets are quickly moved onto the Group's existing infrastructure (data centres and Cloud based providers) except where not possible or practicable. Websites acquired by the Group are usually transitioned to the Group's platform to ensure they meet the required security and best-practice standards. ------------------------------------- ------------------------------ Economic Political and economic instability This risk is mitigated downturn / and uncertainty in the UK by keeping abreast Brexit or US could have an adverse of macro-economic V impact on the Group's operations. developments and ensuring Business Model We do not expect Brexit to that the Group responds link: ii-vi have a significant impact swiftly to any as Strategy link: on the business however a they materialise. 2 high degree of economic uncertainty The Group is diverse, still remains which could both geographically reduce consumer spending, and through its large resulting in loss of revenue number of revenue and impact on advertisers. streams. This insulates it from political or economic instability in any particular country or region. In addition, the Group has focused on being the market leader wherever possible, which should make it more durable in a recession as historically advertisers are more likely to continue to spend with the market leader in any particular sector. ------------------------------------- ------------------------------ Advertising The continued industry shift The Group seeks to V E in the advertising model mitigate this risk Business Model from 1st Party advertising by ensuring that its Link: i, iii-vi to Premium Programmatic advertising sales teams are trained Strategy link: exposes the Group to commercial to sell the benefits 2 risk as this is likely to associated with working result in a reduction in with Future (rather yield. than acquiring advertising programmatically) and by ensuring that we continue to maintain and develop deep direct client relationships. This risk is further mitigated by the Group's expansion of its video offering which further diversifies its revenue streams, and through the use of its Hybrid technology which ensures that Future drives the best yields available in the market. ------------------------------------- ------------------------------ Reliance on Future is very exposed to Future has a dedicated 'search' Google to the extent that audience development V its websites are reliant team who work to ensure Business Model on 'search' (i.e. a user Future embeds best Link: ii-iv, navigating to one of Future's practice within its vi, vii websites via a search engine editorial and technical
Strategy link: such as Google). teams. 3 Any unforeseen change to In addition, Future the Google algorithm, its continues to invest nature or business model in the creation of could significantly impact top quality content, the that follows best Group's revenues. practice to meet the needs of audiences and therefore mitigate as much as possible its reliance on 'search'. The Group's recent diversification into B2B drives a direct relationship with the end customer and the Group continues to invest in other direct sources to drive direct traffic and reduce its reliance on Google. ------------------------------------- ------------------------------ Acquisitions The Group continues to search The Group has successfully V for opportunities to grow completed and integrated Business Model through acquisition. There eight acquisitions link: i-vii is a risk that any such acquisition over the last 36 months. Strategy link: or its subsequent integration The management team 5 fails to create value for is highly experienced shareholders. and adept at identifying suitable acquisition opportunities, executing the deal and integrating the acquired business into the wider Group. The risk is further mitigated through the performance of due diligence appropriate to the size and scale of the acquisition, and the preparation of a clear and detailed integration plan which is carefully managed. ------------------------------------- ------------------------------
The Directors do not see the impact of climate change as one of the Group's Principal Risks. For more information on Group initiatives to minimise and mitigate its environmental impact, please refer to the Corporate Responsibility Report on pages 41 and 42.
Key:
Link to Future's Business Model:
i. Email newsletters ii. Membership and subscriptions iii. Advertising iv. Events & experiential v. Newstrade vi. eCommerce and lead gen
vii. Content publishing & licensing
Link to our vision and strategy:
1. A global specialist media platform 2. We create fans of brands 3. Our loyal communities 4. Diversifying monetisation 5. Expanding global reach
Long-term viability:
V: Risk taken into account as part of the Company's long term viability assessment (see page 39)
E: Emerging risk for FY19
Appendix C: Related Party transactions
The following related party transactions are extracted from the Annual Report and Accounts (page 143):
The Group had no material transactions with related parties in 2019 or 2018 which might reasonably be expected to influence decisions made by users of these financial statements.
During the year, the Company had management charges payable of GBP1.4m (2018: GBP0.9m) to subsidiary undertakings. The outstanding balance owed at 30 September 2019 was GBP1.4m (2018: GBP0.9m). See note 21 for details.
No individuals other than the Directors meet the definition of key management personnel. Details of key management personnel compensation are set out in the Directors' Remuneration Report on page 88.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
ACSFFDFEDFUSEDE
(END) Dow Jones Newswires
December 13, 2019 07:45 ET (12:45 GMT)
1 Year Future Chart |
1 Month Future Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions