The global platform for specialist media

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

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.