The global platform for specialist media

Future is a global platform for intent-led specialist media underpinned by proprietary technology and enabled by data, with diversified revenue streams. Our leadership position is delivered by strong, consistent organic growth and accelerated through acquisitions.

Latest results

Financial highlights

financial highlights

HY 2025

-3%


Revenue to £378.4m (HY 2024: £391.5m)

-5%


Adjusted operating profit of £100.7m (HY 2024: £105.8m)

111%


Adjusted Free Cash Flow conversion

FLAT


Adjusted operating profit margin of 27% (HY 2024: 27%)

-1%


Organic revenue growth

+4%


Adjusted diluted EPS of 59.7p (HY 2024: 57.2p)

FY 2024

£788.2m


Flat Revenue

-13%


Adj. Operating profit £222.2m

100%


Adj Free Cash Flow conversion £222.2m

+1%


Organic growth

-12%


Adjusted EPS 123.9p

1.1x


Leverage. Net debt £256.5m

The Future strategy

We connect audiences to their passions through the content we create, the innovative technology we pioneer and the engaging experiences we deliver. Our leadership position is underpinned by strong, consistent organic growth, accelerated through acquisitions, and supported by a strong monetisation strategy. At the heart of what we do are our purpose, values and culture.

Our business can be described through a simple equation of volume and price around which our strategy is articulated.

It is about driving more valuable audiences to our ecosystem (websites, newsletters, events, magazines) whilst increasing the revenue per user by selling more premium advertising inventory or a second route of monetisation through affiliate commissions, applied to over 200 brands in our portfolio and deployed to acquisitions – when acquiring is actionable. 

 

Strategy is easy, execution is what makes the difference. This is why our strategy is simple and communicated throughout the organisation to ensure alignment; as alignment drives flawless execution. We break down the strategy in steps. This is important because it ensures agility and the ability to pivot and double down on potential tailwinds whilst managing the potential headwinds. This enables us to prioritise to drive superior results. 

 

 

In December 2023, we announced our Growth Acceleration Strategy or GAS like the fuel you put in your car, which is articulated around 3 objectives: 

  • Reach valuable audiences 
  • Optimise the portfolio 
  • Diversify and grow revenue per user 

The successful execution of GAS will translate into accelerating organic revenue growth whilst maintaining strong financial characteristics of healthy margins and strong cash generation.

Our strategy is supported by an effective and agile platform. The platform effect is more than operating leverage and growing the bottom line, it is about the multiplier effect of the organic and inorganic capabilities that deliver unique value creation, both top and bottom lines. We believe our platform model is a source of competitive advantage. 

 

Our platform is articulated around four pillars: 

 

  • Expert content which as mentioned previously is paramount to attract audience and as a result benefits from continued investment. 
  • Operating model drives cost advantage and operating leverage through centres of excellence where knowledge and expertise is shared across the Group as well as a strategic approach to costs to enable investment and talent progression. For example our back office functions are largely based in the South West of England enabling a cost-effective overhead base. 
  • Technology stack is unique, comprehensive, proprietary and common across the Future ecosystem driving operating leverage as well as the ability to continuously invest in our technology stack. 
  • M&A as a potential accelerator should opportunities and market conditions prevail

OUR PROPRIETARY TECHNOLOGY IS A UNIQUE FEATURE OF THE GROUP:


01

Vanilla

Is our single modular web platform, it has a single content management system

02

Hawk

Is our eCommerce service that enables the monetisation of our content through product affiliates

03

Hybrid

Is our advertising system and is a server side open auction marketplace dealing with yield management

04

GoDemand

Is our eCommerce service that enables the monetisation of our content through product affiliates

05

Aperture

Is our customer audience data platform

06

SmartBrief

Is our email curation and delivery platform for email products, offering hyper audience cohort targeting and advertising capabilities

07

Kiosq

Is our new proprietary reusable paywall service for monetisating gated editorial content

08

Eagle

Is our proprietary voucher technology

Capital allocation enables efficient value-creation cycle

The diagram below depicts our capital allocation framework which shows the hierarchy of priorities we consider to deploy our capital. We review this regularly to ensure it remains appropriate as market conditions can influence the prioritisation. 

 

First, the Group is highly cash generative with 95%+ of adjusted free cash flow conversion to adjusted operating profit. Our approach is to focus on organic growth as a priority and then where appropriate to leverage our strong cash flows to create value through M&A. We believe that provided we can execute on strategic deals, M&A is a great long-term value creation opportunity for shareholders. This remains a core strategic lever for the group going forwards. However, in light of current market conditions, you can see that we have greyed out the strategic M&A box as acquisitions are not an immediate focus at this point in time but we are retaining some flexibility if market conditions were to change or if attractive opportunities arose. 

 

Currently returning cash to shareholders drives a greater return. We completed earlier in the year our first £45m share buyback programme and a second £45m share buyback programme concluded in October 2024.  Our third programme is currently underway for £55m and new £55m programme has been announced in May 2025 and will start as soon as the current programme completes.

 

The Group will return excess free cash to shareholders such that the Group maintains a minimum leverage of 1x. Going forward, we will continue to follow this framework, reviewing priorities in light of market conditions to maximise our opportunities.

01

Organic investment to support the ongoing growth in business

02

M&A to add content and/or capabilities

03

De-leveraging to provide flexibility to capitalise on growth opportunities

04

Shareholder returns (annual progressive dividend and share buyback)

DateNameContent/Capability
May 2025Kwizly

Engagement tool

March 2025RNWL

Insurance wallet app

February 2023Gardening Know How

Lifestyle & Homes in North America

December 2022ActualTech Media

Lead & content generation

October 2022ShortList

Technology & Lifestyle

June 2022Who What Wear

Women's lifestyle in North America

Social monetisation

March 2022WhatCulture

Gaming & Entertainment

Video monetisation on social platforms

February 2022Waive

Data predictive analytics

1 October 2021Dennis

Enhance/scale the Wealth B2B pro technology, and Knowledge verticals

Increase recurring revenue, subscription and lead generation capabilities

12 May 2021Marie Claire US

Women’s lifestyle in North America

17 February 2021GoCo group plc

price comparison (PCW) for services, further eCommerce with MyVoucherCodes

home and personal wealth

2 February 2021Mozo

price comparison (PCW) for services

1 October 2020CinemaBlend

TV and entertainment in the US

20 April 2020TI Media

many new verticals including women’s lifestyle and TV

15 November 2019Barcroft Studios

new TV & digital video production revenue stream

29 July 2019SmartBrief

new B2B email newsletter revenue stream

1 March 2019Mobile Nations (MoNa)

significant increase in online tech portfolio

13 February 2019Cycling

boosts sports vertical with new cycling brands

September 2018Purch Consumer

significant increase in online tech and science portfolio and US reach

May 2018Haymarket Consumer

new sports vertical boosts tech online reach

April 2018NewBay Media

new B2B brands, increased reach in US

August 2017Home Interest

new home interest vertical

January 2017Team Rock

new knowledge verticals

October 2016Imagine

new knowledge verticals

We maximise value for all our stakeholders

01

Audience - Our audiences value our expert content.

02

Customers - Our value proposition satisfies our customers thanks to our rich first-party data, our scale and our expertise.

03

Employees - It's the people in the boat that matter and success feels good are part of our values.

04

Shareholders - Successful execution of the strategy drives strong earnings performance.

05

Communities - We are part of the communities and we are keen to make a difference.

Analysts and consensus

Analysts & consensus

Institution
NAME
Deutsche Bank Numis
Gareth Davies
JP Morgan
Lara Simpson
Barclays
Nick Dempsey
Berenberg
Will Larwood
Canaccord
Karl Burns
Investec
Alastair Reid
Jefferies
Oliver Conroy
Panmure Liberum
Johnathan Barrett
Peel Hunt
Jessica Pok
Stifel
Frederick Hindley
Consensus (updated 18 July 2025, 9 analysts)
FY 2025
Revenue
£743.4m with a range of £732.0m to £771.9m
AOP or adjusted EBIT
£205.8m with a range of £197.0m to £207.9m
Adjusted diluted EPS
123.8p with a range of 119.5p to 126.4p

Over 200 brands speaking to a global audience of 479m a month

Our brands span a diverse range of verticals that deliver expert content our audiences love.

See our brands
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Results & Presentations

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Shareholder Information

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