Future profit slides 19%, shares plunge

Shares in Future (LSE: FUTR) plunged 27% on Thursday after the media firm reported a 19% drop in full-year pretax profit to £138.1 million, down from £170.0 million the prior year. Revenue also fell 4.4% to £788.9 million, which Future attributed to a 10% organic decline, including a 19% slide in US sales.

Despite the falls, Future struck an upbeat tone, highlighting its “resilient performance” in a challenging market, aided by diversified revenue and strong market positions. The publisher announced a 3.4p dividend, up from 2.8p.

Looking ahead, Future forecasts returning to organic growth in the second half, expecting low single-digit full-year revenue growth.

Separately, longtime CFSO Penny Ladkin-Brand will resign next year after a 7-year tenure.

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Shares did make a light recovery after the initial plunge. By 10:00 GMT, the stock was trading 15% lower at 635.00, but remains down over 50% year-to-date.

Future is executing a “Growth Acceleration Strategy” focused on optimising its portfolio to drive future growth.