Future shares surge as it lifts full-year forecast

Magazine publishing and media company Future updated the market on the four-month period ended 31 January on Monday, reporting that it had continued to see “strong” momentum in the year-to-date.

The FTSE 250 company said that in particular, it had continued to grow its audience numbers within the media division.

That, the board said, underpinned “strong” organic revenue growth, which - together with improved conversion of higher margin revenues - meant that both e-commerce and digital display advertising was benefitting the group's trading results.

In addition, it said its cash position remained ahead of the board's expectations, also reflecting the “strong” cash conversion of its media revenue streams.

“The board now expects the outcome for the full year to be materially ahead of current market expectations, despite some uncertainty in the macro-economic environment,” the directors of Future said in their statement.

At 0922 GMT, shares in Future were up 8.91% at 1,394p.