Future Group sees full-year results ahead of expectations
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Future said its annual performance was likely to beat expectations after acquisitions helped the media and publishing company more than double profit in the first half.
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The owner of Guitar World and TechRadar said operating profit for the six months to the end of March rose to £10m from £3.8m a year earlier as revenue doubled to £108.7m from £53.6m. Pre-tax profit increased to £8.9m from £3.3m.
Media revenue almost tripled to £75.7m from £27m after acquisitions increased the division's share of group revenue to 70%. Media organic revenue growth was 38% at constant currency. Revenue from magazines rose 24% to £33m.
The company said: "We have seen the strong momentum continue as we enter the second half of the financial year, with acquisitions performing well and continued positive organic growth in the media division. While the backdrop of an uncertain economic outlook remains, the board anticipates the group's performance for the full year to be ahead of its previous expectations."