Future media group acquisitions drive 43% surge in full-year revenues
It follows recent acquisitions of Imagine Publishing, Team Rock and Home Interest.
A string of recent magazine acquisitions has helped bolster revenues at media group Future by a whopping 43%.
Future, which is behind titles such as Gizmodo UK and TechRadar, has reported strong topline growth with revenues jumping to £84.4 million for the year to September 30, up from £59 million a year earlier.
That increase was driven in part by its magazine division, which saw its own revenues rise 43% to £50.3 million on the back of its recent acquisitions of Imagine Publishing, Team Rock and Home Interest.
It added titles like Metal Hammer, Classic Rock, Real Homes, Period Living and Homebuilding & Renovating to its portfolio.
Revenues at Future’s media division – which accounts for its digital display advertising, events and e-commerce operations – also jumped 43% to £34.1 million.
Future CEO: “Our strategy to diversify revenues through acquisition and organically has delivered substantial growth in both operating profitability and cash conversion.” See Future’s full financial results here: https://t.co/AXzjBBHX4e pic.twitter.com/qOs92Bvjx2— Future (@futureplc) November 24, 2017
Chief executive Zillah Byng-Thorne said the company’s strategy to diversify its revenue streams has resulted in “substantial growth in both operating profitability and cash conversion”.
She added: “This has been driven by strong revenue performance in eCommerce and events, supported by our investment in digital assets and continued tight management of costs.
“Our three acquisitions during the financial year have further increased the size and range of our engaged communities.
“The integration of both Imagine and Team Rock has now been completed and Home Interest, acquired in early August, is progressing well.”
The company also managed to swing to a pre-tax profit of £200,000 compared to a loss of £14.9 million in 2016.
It highlighted “considerable” online audience growth, which was up 18% year-on-year to 53 million monthly users.
A 10% jump in its US online audience means the business is now reaching 20.4 million online users, which has particularly helped increase its market share in technology.
Ms Byng-Thorne said: “We are seeing clear momentum in our strategy to build a global platform business for specialist media with data at its heart, focused on enduring content that connects with our substantial and expanding audience base.”