 Future Pre-close Trading Update for year end 30 September 24.
FY24 performance in line with expectations
The Group confirms that FY24 performance is expected to be in line with market expectations, with the Group delivering a return to organic revenue growth during H2 2024 and maintaining its strong financial characteristics.
The Group continues to make good progress executing its Growth Acceleration Strategy. One of the pillars of the strategy is portfolio optimisation, which is a continuous process to ensure the Group is best positioned to deliver sustainable organic growth. During Q4, the Group began the closure of a number of non-core or low to no growth assets, including its external video production unit, selected events and a small number of print and digital brands, representing c.£15m of annualised revenue and with margins below the Group's average.
The Group's £45m share buyback programme announced on 16 May 2024 is progressing well with just over £30m repurchased to date.
Jon Steinberg, Chief Executive Officer, said: "We are making good progress with our Growth Acceleration Strategy since its launch last December. The progress, combined with our return to organic growth and the stabilisation of our online audience trends, means we will deliver a FY24 performance in line with market expectations. Whilst we remain mindful of the macro backdrop and the ongoing evolution of the media landscape, including updates in the search market, the highly cash generative profile of the Group and our cost base flexibility ensures we are well positioned as we look ahead."
Future will announce full-year results on 5 December 24.
++ Company-compiled consensus for FY 2024: Revenue of £786m and Adjusted Operating Profit of £220m ++ |
He was right |
Artemis Fund Manager, William Tamworth, talks about Future during interview with Paul Hill at 35:15. Says trading update is imminent. |
Big late reported sell 13:26:09 ~120k @ 1,041.50 |
started a position here yesterday and added this AM. good timing for a change. |
Thanks eigthhwonder . |
year end September. Last year they did an update on the 29th. H1 up date this year in the first week of April. So at a guess last week September/first week October should see something issued |
Anyone here watching? Do Future report soon?
Tia. |
US Retail sales beat forecast by quite a bit so given the whole market a kick up the bum, but for how long!? |
"With the macro environment increasingly uncertain, GoCompare at peak growth/margins, US advertising peer updates showingba some softness..."
hxxps://www.msn.com/en-us/money/markets/ttd-earnings-trade-desk-surges-after-beating-across-the-board/ar-AA1oufRf
Shares of Trade Desk (TTD) gained in after-hours trading after the ad tech company reported earnings for its second quarter of Fiscal Year 2024. Earnings per share came in at $0.39, which beat analysts’ consensus estimate of $0.36 per share. Sales increased by 26.1% year-over-year, with revenue hitting $585 million. This beat analysts’ expectations by almost $7 million.
Things look dark or rosy depending on which advertising peers you choose - the better ones like Trade Desk are certainly in full steam recovery mode :)
nai/dyor etc |
In May Deutsche Bank gave it a £21.20 target price |
Yep Canaccord perma bears on Future |
Berenberg have a target of 1310 and JP Morgan 1464. |
It doesn't matter how low it was in the past. What matters is how much valuable it will be based on future earnings.
Of course there is a degree of risk, deriving from encouraging results, however profit expectation may be over promised.
I'll stay on the sidelines until more obvious weakness or I'll add on the back of positive trading updates. |
Cannacord downgrade but up price to 733p from 660pCanaccord Genuity downgraded Future on Friday to 'sell' from 'hold' following a strong share price increase of around 100% from the lows.Canaccord Genuity downgrades Future, says risk/reward 'mismatched' https://www.voxmarkets.co.uk/articles/canaccord-genuity-downgrades-future-says-risk-reward-mismatched--dddd583 |
Had a mention in Smag this week , Buy.DbD |
A possible US recession could land harshly for Future. |
80,000 bought yesterday a bit lame given the weakness |
NEXXEN and Future continuing to buy up their own shares at a rate of knots . No doubt they’ll be in today if theres market weakness which looks possible |
Let’s celebrate the first interest rate fall in 4 years 👏 |
Maybe an interest rate cut is that spark?12pm Decision on a knife edge |
Mgmt have declared themselves open to meaningful disposals and i think something like that is the next major leg up, although rating remains low enough that steady progress in trading will be enough to keep it ticking up. |
It's really trying to push up against 1130 |
I’m wondering when PE Will come in for this can’t be long now |
Small Company Sharewatch
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#FUTR scsw NAP, buyback yesterday. Only managed 3k in a tight mkt. Co has now bt £45m+£15m of its shares and has £30m left to buy. All get cancelled to boost EPS. Keeps filling pot with £250m free cashflow. Deutsche has 2025p target. |
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