Shares in Future (LSE: FUTR), the owner of Go. Compare and magazines like Marie Claire, surged over 15% on Thursday after announcing a new share buyback and a return to revenue growth.
Despite a 30% drop in pre-tax profit to £46.6 million for the half-year to March, Future highlighted a return to revenue growth in the second quarter, with a 3% increase year-on-year driven by a 30% surge in Go. Compare and b2b growth.
Future expects to deliver further revenue growth in the second half of the year, alongside an adjusted operating margin of 28%. The company remains confident in its long-term prospects, aiming for mid-single-digit compound annual revenue growth over the next three years with an adjusted margin of 28% to 30%. This will be supported by their previously announced £25-£30 million Growth Acceleration Strategy investment program.
While no dividend was declared, Future will return up to £45 million to shareholders through a new share buyback program starting shortly.
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