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 resultsFinancial 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)
Date | Name | Content/Capability |
---|---|---|
May 2025 | Kwizly | Engagement tool |
March 2025 | RNWL | Insurance wallet app |
February 2023 | Gardening Know How | Lifestyle & Homes in North America |
December 2022 | ActualTech Media | Lead & content generation |
October 2022 | ShortList | Technology & Lifestyle |
June 2022 | Who What Wear | Women's lifestyle in North America Social monetisation |
March 2022 | WhatCulture | Gaming & Entertainment Video monetisation on social platforms |
February 2022 | Waive | Data predictive analytics |
1 October 2021 | Dennis | Enhance/scale the Wealth B2B pro technology, and Knowledge verticals Increase recurring revenue, subscription and lead generation capabilities |
12 May 2021 | Marie Claire US | Women’s lifestyle in North America |
17 February 2021 | GoCo group plc | price comparison (PCW) for services, further eCommerce with MyVoucherCodes home and personal wealth |
2 February 2021 | Mozo | price comparison (PCW) for services |
1 October 2020 | CinemaBlend | TV and entertainment in the US |
20 April 2020 | TI Media | many new verticals including women’s lifestyle and TV |
15 November 2019 | Barcroft Studios | new TV & digital video production revenue stream |
29 July 2019 | SmartBrief | new B2B email newsletter revenue stream |
1 March 2019 | Mobile Nations (MoNa) | significant increase in online tech portfolio |
13 February 2019 | Cycling | boosts sports vertical with new cycling brands |
September 2018 | Purch Consumer | significant increase in online tech and science portfolio and US reach |
May 2018 | Haymarket Consumer | new sports vertical boosts tech online reach |
April 2018 | NewBay Media | new B2B brands, increased reach in US |
August 2017 | Home Interest | new home interest vertical |
January 2017 | Team Rock | new knowledge verticals |
October 2016 | Imagine | new knowledge verticals |
We maximise value for all our stakeholders
Audience - Our audiences value our expert content.
Customers - Our value proposition satisfies our customers thanks to our rich first-party data, our scale and our expertise.
Employees - It's the people in the boat that matter and success feels good are part of our values.
Shareholders - Successful execution of the strategy drives strong earnings performance.
Communities - We are part of the communities and we are keen to make a difference.
Analysts and consensus
Analysts & consensus
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




