FUTURE ANNOUNCES FY23 RESULTS
Future global revenues hit £789m in 2023
Future, the global leader in specialist media, has today announced its full year results for 2023. Global revenues reached £788.9 million ($986.1 million); with the UK responsible for 60% of revenues. Despite inflationary pressures and a challenging advertising market, Future’s profitability remained resilient with an adjusted operating profit margin of 32% (-1 ppt yoy).
Jon Steinberg, Chief Executive Officer at Future said: “Looking back at the prior year, we have delivered a resilient performance amid a challenging market, with a strong full-year profit performance and strong cash generation, reflecting the diversified nature of our business and the leadership positions we retain across verticals.”
Future has maintained or increased leadership positions within its key verticals through a continued focus on providing expert content to intent-led audiences.
Alongside its full year results, Future announced its new Growth Acceleration Strategy (GAS) that detailed a two-year investment program aimed to drive further accelerated media revenue growth. The strategy focuses on growing engaged users, enabling higher yields through improved revenue per user, and greater monetization of all available channels.
The GAS strategy will fuel further diversification and allow more social audiences to reach Future content. Future’s vast portfolio of brands reach 217m social followers and the new strategy aims to drive greater revenues through branded content and an evolving eCommerce proposition.
Steinberg continued: “Our Growth Acceleration Strategy leverages Future’s inherent strengths, strong financial characteristics and unique proposition, making active investments in targeted areas where we have clear growth opportunities. We are excited about executing on this strategy which is focused on growing a highly engaged and valuable audience, diversifying and increasing revenue per user.”
Full Year 2023 results highlights:
- Future’s Magazines (newsstand, print subscriptions and digital subscriptions) comprised 35% of global revenue.
- Future’s UK revenue reached £476.6M with Media (digital advertising, affiliate and events) comprising 59% of revenue.
- Future’s US revenue reached £312.4M ($390.5M) with Media comprising 75% of revenue.
- Future’s expert content drove over 10 million affiliate transactions during 2023, resulting in over £80.7M in affiliate revenue for the business in 2023
- Three strategic acquisitions completed in 2023 for a combined consideration of c.£45M. Gardening Know How, Shortlist, and Actual Tech additions bolstered home interest, technology and B2B areas respectively.
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