Future operating profits surge in 'exceptionally strong' first half

Media outfit Future saw operating profits surge in an "exceptionally strong" first half despite the Covid-19 pandemic impacting trading at the end of the period.

Future said on Friday that adjusted operating profits were up 77% year-on-year at £39.9m, while revenues rose 33% to £144.3m and pre-tax profits shot up 204% to £27.1m.

Adjusted operating margins were up seven basis points at 28% and adjusted diluted earnings per share improved 60% to 32.9p.

The FTSE 250-listed firm stated Covid-19 had impacted the end of the period, driving an acceleration of audience growth which helped to offset the impact of "a significant slowdown" in newstrade.

Online users grew 26% to 253m in the first half of 2020 as global lockdowns resulted in increased searches for advice and recommendations related to the coronavirus pandemic.

Chief executive Zillah Byng-Thorne said: "Our performance in the first half of the current year has been extremely strong; the downturn due to Covid-19 makes market conditions uncertain for the remainder of the year.

"However, due to our operating model, strategy and diversified revenue streams, the Group is well placed to navigate the challenges ahead."

As of 0850 BST, Future shares were up 1.24% at 1,105.50p.