Business
2023 Interim Year Results
2023 Interim Year Results.
About this update from Future Plc
[{"type":"text","content":"\n\n18 May 2023\n \n \n\n \nFUTURE plc\n2023 INTERIM YEAR RESULTS\n \nDiversification strategy delivers solid results\nFuture plc (LSE: FUTR, \"Future\", \"the Group\"), the global platform for specialist media, today publishes its results for the half-year ended 31 March 2023.\nHighlights\nFinancial results for the half-year ended 31 March 2023\n\n\n\n\nAdjusted results1\n\n\nHY 2023\n\n\nHY 2022\n\n\nVar\n\n\n\n\nAdjusted operating profit (£m)\n\n\n130.3\n\n\n134.5\n\n\n(3)%\n\n\n\n\nAdjusted operating profit margin (%)\n\n\n32%\n\n\n33%\n\n\n(1)ppt\n\n\n\n\nAdjusted diluted EPS (p)\n\n\n71.2\n\n\n81.3\n\n\n(12)%\n\n\n\n\nAdjusted free cash flow3\n\n\n130.0\n\n\n137.8\n\n\n(6)%\n\n\n\n\nStatutory results\n\n\nHY 2023\n\n\nHY 2022\n\n\nVar\n\n\n\n\nRevenue (£m)\n\n\n404.7\n\n\n404.3\n\n\n-\n\n\n\n\nOperating profit (£m)\n\n\n83.9\n\n\n88.4\n\n\n(5)%\n\n\n\n\nProfit before tax (£m)\n\n\n66.4\n\n\n81.0\n\n\n(18)%\n\n\n\n\nCash generated from operations (£m)\n\n\n117.3\n\n\n138.1\n\n\n(15)%\n\n\n\n\nDiluted EPS (p)\n\n\n46.7\n\n\n51.7\n\n\n(10)%\n\n\n\n\n \nFinancial highlights\n· Performance in the half was in line with management expectations with revenue flat year-on-year to £404.7m (HY 2022: £404.3m) with the contribution from acquisitions and favourable foreign exchange offsetting the expected organic2 decline. Organic2 revenue was down (10)% reflecting the challenging macroeconomic backdrop, including audience decline in our markets, but with progress on the execution of the strategy, notably in Fashion & Beauty, Homes, and eCommerce Affiliates services, driving improved monetisation.\n● Despite the adverse revenue mix and cost inflation, the Group's cost agility and platform effect protected profitability with adjusted1 operating profit margin of 32%, down (1)ppt year-on-year (HY 2022: 33%). Inflationary pressures in HY 2023 were equivalent (1)ppt or £(8)m and adverse mix, equivalent (1)ppt of adjusted operating profit margin, with statutory operating profit margin at 21% down (1)ppt (HY 2022: 22%).\n● Adjusted1 operating profit declined only (3)% to £130.3m (HY 2022: £134.5m) with the top line organic2 decline partly mitigated by cost saving initiatives and on track to deliver further benefits in the second half. Stat...