Future PLC Pre-close FY trading & Imagine acquisition updates (9726L)
07 October 2016 - 7:23AM
UK Regulatory
TIDMFUTR
RNS Number : 9726L
Future PLC
07 October 2016
7 October 2016
Future plc
Pre-close full year trading and Imagine Publishing acquisition
updates
Future plc (LSE: FUTR, "the Group"), the international media
group and leading digital business, has published a pre-close
trading update for the 12 months to 30 September 2016. It has also
published an update on its proposed acquisition of Miura (Holdings)
Ltd, the holding company and ultimate parent company of Imagine
Publishing Limited ('Imagine Publishing').
Year-end trading update
Overall trading for the year has been positive and is expected
to be in line with the Board's expectations. Cash conversion has
improved with year-end cash ahead of expectations, ending the year
with a small net cash position.
The Group's strategy to diversify its revenue streams and
further build its global brands, a process that started in the
previous financial year, along with the introduction of the new
divisional structure during the current year, has increased
efficiency and delivery.
The Media division has seen strong growth year on year, driven
by e-commerce revenues, while the Magazine division has delivered
on key profit operational efficiency initiatives.
Imagine Publishing acquisition
The Group announced the proposed acquisition of Imagine
Publishing on 23 June 2016, with the completion of the deal
conditional upon CMA clearance.
The CMA has stated today that it has found competition issues
only in relation to the acquisition of one sci-fi title (Sci-Fi
Now). Future will continue its discussions with the CMA to agree a
basis on which it can close the transaction as soon as
practicable.
The Group expects to publish its full year results for the year
ended 30 September 2016 during the week commencing 21 November
2016.
Zillah Byng-Thorne, Chief Executive said:
"We have made significant progress on the execution of our
strategy, in line with expectations. We have seen strong growth in
operating profitability and importantly, achieved strong cash
conversion.
"A key part of our strategy for the Media division is to
diversify revenues. We have successfully grown e-commerce and have
launched new events, including the international Generate
events.
"The Magazine division has delivered on several key optimisation
programmes. It has been strengthened by a number of small
complementary acquisitions which have bolstered its portfolio and
will provide synergistic benefits."
Enquiries:
01225
Future plc 442244
Zillah Byng-Thorne, Chief Executive Officer
Penny Ladkin-Brand, Chief Financial Officer
020 7457
Instinctif Partners 2020
Adrian Duffield/Lauren Foster
This information is provided by RNS
The company news service from the London Stock Exchange
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October 07, 2016 02:23 ET (06:23 GMT)