Future plc (LSE:FUTR) said trading during the four months to 31 January 2026 remained broadly in line with expectations, leaving the company on course to meet full-year market forecasts. Management indicated that performance is expected to be weighted toward the second half of the financial year.
Within the B2C division, direct digital advertising across the UK and US has continued to strengthen and is forecast to deliver year-on-year growth during the first half. However, programmatic advertising and eCommerce affiliate revenues remain under pressure due to softer audience engagement trends, while print magazine revenue has shown resilience.
The company’s Go.Compare price comparison platform has experienced a slowing rate of revenue decline, particularly within the car insurance segment. Profitability in the division has been impacted by rising pay-per-click advertising costs across the sector. Future recently relaunched its Renewal insurance app wallet, which management believes could support longer-term growth and customer engagement.
In the B2B segment, revenue trends have improved during the second quarter, although performance remains uneven across end markets. Group leverage has temporarily increased due to dividend payments, ongoing share repurchases and the acquisition of lifestyle media platform SheerLuxe. Management expects leverage to decline later in the year as strong cash generation improves the balance sheet.
Future confirmed that its £30 million share buyback programme remains underway, with approximately £5 million of shares repurchased to date. The company is also continuing to assess its asset portfolio to ensure alignment with its broader platform strategy and to identify opportunities to return surplus capital to shareholders. The SheerLuxe acquisition is viewed as complementary to Future’s existing lifestyle content portfolio and part of its long-term growth strategy.
Future plc’s outlook reflects a balance of operational challenges and growth opportunities. Financial performance remains under pressure due to softer revenue trends and margin constraints, while technical trading indicators point to weaker share price momentum. However, valuation metrics suggest the shares may be undervalued, and ongoing strategic initiatives provide potential support for future growth. Improving revenue expansion and profitability remains central to strengthening investor confidence.
More about Future plc
Future plc is a global specialist media platform operating approximately 175 brands across a range of content verticals. The company focuses on producing trusted, niche content designed to build engaged communities, generating revenue through advertising, eCommerce affiliate income and direct consumer subscriptions and magazine sales. Future distributes content across digital platforms, newsletters, video, print publications and live events.
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