Future confident for year ahead, GoCo acquisition on track
By Abigail Townsend
Date: Wednesday 10 Feb 2021
(Sharecast News) - Future Media reiterated its strong full-year performance on Wednesday, and said it faced the current year with confidence ahead of completing its acquisition of GoCo.
Addressing investors at the annual general meeting, the publisher said it would not be providing an update on current trading because it was in an offer period. Future made a 136p-per-share recommended offer for GoCo, the owner of comparison site Go Compare, late last year.
Instead, it reiterated that revenues had grown 53% in 2020 to £339.6m, boosted by an increase in global audiences, while adjusted operating profits rose 79% to £93.4m. The media division reported organic revenue growth of 23% but the magazines arm, hit by Covid-19, reported a 29% decline.
"After such an exceptional year, the group face the future with confidence," chairman Richard Huntingford said. "I am confident that we will continue to deliver significant long-term value for shareholders."
Future - which owns a range of titles, from Country Life and Horse & Hound to PC Gamer and Metal Hammer - announced it was buying GoCo in a deal that values the business at £594m in November.
Huntingford said: "The significant acquisition of GoCo...was overwhelmingly supported by both sets of shareholders and we look forward to welcoming GoCo in the Future group."
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