Future's (FUTR) share price soared by as much as 16 per cent in morning trading, after the media group revealed that full-year adjusted operating profits are expected to land materially ahead of market expectations.
Little wonder, perhaps, that investors responded so positively to this news, as much of the media industry struggles to cope with the accelerated move towards digital consumption during the pandemic. Press Gazette found in a survey that almost half of respondents were reading more digital content than print, and intended to continue doing so.
Against that backdrop, Future’s digital growth has sheltered it from the worst of the fallout in the sector. Indeed, its online services have proved all the more popular; in August, online organic unique visitors in the UK and the US were up by 25 per cent and 40 per cent respectively compared to last year.
The recently acquired TI Media business is further behind in the digital transformation process, hurt by the sharp decline in magazine sales in March. But management noted that its integration is progressing well, and the brand has now launched two new websites: Advnture.com and Petsradar.com.
