By Samuel Indyk
Investing.com – Shares in Future PLC (LON:FUTR) were trading higher on Wednesday after the company said it expects FY 2021 results to be materially ahead of market expectations.
The media platform said it had continued to perform strongly in he second half to date.
Its Media division performance has been led by robust digital advertising revenue and eCommerce product affiliate revenue, including Amazon’s Prime Day sale last month.
The performance of its Magazines division - which includes titles such as Marie Claire, Golf Monthly, Horse & Hound, and Total Guitar – was in line with expectations, benefitting from soft comparators in the pandemic-hit prior year.
Following recent performance, and as a results of the continued positive momentum, Future’s board expects full year profitability to be materially ahead of current market expectations.
Speaking about the recent trading, Future Chief Executive Zillah Byng-Thorne said: “We are delighted that the Group's strong performance has continued throughout the period, which is testament to the strength of our diversified revenue streams and global reach.”
GoCo Integration
Back in February, Future announced it had completed the acquisition of GoCo Group, a tech-led business focused on innovation.
Future has said the integration of GoCo is progressing well and on track to deliver the announced £15 million synergies, with trading at GoCo in line with expectations.
"Everything seems to be going to plan at Future," said Hargreaves Lansdown (LON:HRGV) Equity Analyst William Ryder. "Today’s trading update was short but sweet, summing up a better than expected performance, and full year profit forecasts have been raised."
At 08:50BST, shares in Future PLC were trading higher by 9.5% at 3,516 pence per share.