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Digital growth shields Future from Covid-19

While the pandemic has hit magazine sales, the group’s more diversified media business marched forward in the first half
Digital growth shields Future from Covid-19

Future (FUTR) saw 11 per cent organic revenue growth in the six months to 31 March, benefiting from momentum in digital advertising and e-commerce commissions in its larger media business. Adjusted operating profit surged by more than three-quarters to £40m. With acquisitions increasing the group’s scale, improved operating leverage enabled a seven percentage point margin expansion to 28 per cent.  

IC TIP: Hold at 1,144p

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