Future Plc (LSE:FUTR) released a weaker-than-expected trading update for the first half of 2026 on Tuesday, reducing its full-year forecast by between 15% and 20% as it grapples with a sharper-than-anticipated drop in audience traffic originating from Google.
The Bath-based media group said direct advertising revenue is still expected to grow compared with last year. It also noted that declines in revenue at Go.Compare and within its B2B segment eased during the first half, with both divisions expected to return to growth in the latter part of the year.
However, the shift away from Google-driven traffic has weighed heavily on some of the company’s most profitable revenue streams, particularly programmatic advertising and e-commerce activity.
Future now expects first-half EBITDA margins to come in between 24% and 25%, compared with margins of around 30% in fiscal 2025.
Looking at the full year, the company said it now anticipates organic revenue in the second half to fall by a low-single-digit percentage compared with the same period last year. This marks a reversal from earlier guidance that had projected modest organic revenue growth concentrated in the second half.
The company also revised its EBITDA margin expectations for fiscal 2026, now forecasting a range of 25% to 27%, down from its previous outlook that margins would remain broadly stable at around 30%.
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