Future PLC, a platform for specialist media, announced that its pretax profit for fiscal year 2023 has declined. Additionally, the company’s Chief Financial and Strategy Officer will be stepping down next year.
Financial Performance
For the year ending September 30, Future PLC reported a pretax profit of £138.1 million, down from £170.0 million in fiscal year 2022. Revenue also experienced a decline of 4%, totaling £788.9 million. This decrease was primarily driven by a 19% drop in U.S. revenue due to weakness in media revenue and challenging market dynamics. Furthermore, U.K. revenue fell by 4%. The group’s media revenue witnessed a decline of 13%, influenced in part by a challenging advertising market.
Despite facing inflationary pressures, Future PLC demonstrated resilience in terms of profitability, with an adjusted operating profit margin of 32%, down only 1 percentage point.
Future Outlook
Looking ahead, Future PLC anticipates returning to revenue growth in the second half of the fiscal year. The company expects to achieve a low single-digit percentage rise in full-year revenue.
Dividend Recommendation
The board of Future PLC has recommended a final dividend of 3.4 pence.
Departure of Chief Financial and Strategy Officer
Future PLC also announced that Penny Ladkin-Brand, the current Chief Financial and Strategy Officer, intends to leave the company next year. Ladkin-Brand has a 12-month notice period, and the board has initiated an external search to find her successor.
