Proactive Investors - Future PLC (LON:FUTR) shares rockets 22% higher to 1,064p after reporting a return to growth in the past quarter and a stabilisation of its online audience numbers.
The internet and magazine publisher reported revenue of £391.5 million for the six months ended 31 March, a decline of 3% on a reported basis or 2% organically.
But this reflected a return to 3% organic growth in the second quarter.
UK revenue grew 3% on an organic basis with very strong growth from the Go.Compare price comparison website, up 30%, and good growth in B2B while digital advertising, affiliate products and events were hit by "market conditions", down 9%.
US organic revenue shrank 11%, though with an improving trend through the second quarter as digital advertising returned to organic year-on-year growth.
Overall online users stabilised at 232 million, helped by growth in Technology and Gaming verticals and "four top 3 leadership positions in key strategic verticals in the US and/or UK" up from three, "which we believe will enable higher yields through improved revenue per user and greater resilience".
Adjusted operating profit for the half year came in at £106 million, with margins decreasing from 32% to 27% due to the expected investment in the 'growth acceleration strategy'. Earnings per share fell 20% to 57.2p.
Net debt was £297 million, down from £327 million, with a leverage unchanged at 1.25x.
Chief executive Jon Steinberg said the early stages of the two-year growth plans set out in December "have made good progress, which will enable us to drive accelerating revenue growth".
"Overall trading in the first-half was in line with our expectations. Whilst the market environment remains challenging, we are encouraged by a return to organic revenue growth in Q2, progress which has continued into Q3."
In addition, the board announced another £45 million share buyback.