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(Sharecast News) - Specialist media and publishing company Future updated the market on its trading for the six months ended 31 March on Friday, reporting that it had started well, with "exceptionally strong" digital audience numbers and a subsequent beneficial flow through to e-commerce and digital advertising.
The FTSE 250 firm said that as a result, despite the postponement of the larger events from March into the second half and the cancellation of a number of smaller events, as it had previously announced, it was still expecting half-year results to be in line with its expectations.
Recent weeks, however, had been "unprecedented", but Future said that its business had continued to trade "robustly", with its diversified strategy working well.
"As of today, we have seen limited impact on our digital revenues," the board said.
"Whilst we have seen declines in the travel outlets within the magazine portfolio we are seeing year-on-year growth in the grocers which is partly offsetting the impact of this and therefore, based on our visibility of our key metrics, we continue to expect trading to remain in line with our previous expectations.
"However, prudently because of the increased volatility, we have implemented some profit protection measures."
Future said it was still highly cash generative, adding that it expected half-year cash to be in line with guidance.
As at the end of the half year, it said it would have a cash balance of between ?47m and ?53m.
"We are hoping to complete the TI transaction in the coming few weeks, subject to the CMA agreement.
"As a result, the consideration of ?140m will become due, which would leave us with headroom in our facilities of between ?30 and ?40m with a combined net debt to LTM pro-forma EBITDA ratio of around 1.0x pro-forma, versus our covenant of 3.0x."
At 1002 GMT, shares in Future had rocketed 30% to 780p.
26 Jun 2024 17:11
