Shares in Future, the owner of magazines and websites including Marie Claire, TechRadar and GoCompare, have tumbled more than 6% after the publisher said it now expects revenues to decline this financial year due to “ongoing macroeconomic uncertainty”.
The UK-based company revised its outlook after reporting a 3% fall in revenues and 4% decline in adjusted profits in the six months to the end of March.
Future said it is adopting a “more cautious view” of the second half of its financial year and now expects a “low single digit” decline in full year revenues.
The company, which closed a number of underperforming magazines and websites last year including Total Film, said that digital advertising in the US declined in March but returned to growth last month.
It also said that foreign exchange rates represent a “headwind” based on current rates.
Revenues at its GoCompare division fell 1% in the first half as the volume of car insurance quotes declined, however revenue from non-automotive insurance quotes climbed 10%.
Kevin Li Ying, chief executive of Future, says:
“Whilst the wider macroeconomic environment remains challenging, the quality of our content and intent-driven audience, and the uniqueness of our tech stack, underpinned by our strong financial characteristics, position us well to deliver long term growth in what is an ever-evolving media landscape.”
