The Future Plc Board is recommending a final dividend of 3.4p per share for the year ended 30 September 2024 (FY 2023: 3.4 pence per share), payable on 11 February 2025 to all shareholders on the register at close of business on 17 January 2025.
Other financial highlights include:
● Revenue was flat year-on-year at £788.2m (FY 2023: £788.9m), with +1% organic growth, offset by adverse foreign exchange (mainly USD).
○ The Group returned to year-on-year organic revenue growth of +1%, with a strong H2 performance, up +5%.
○ UK revenue grew by +6% on an organic basis driven by Media +13% with continued very strong growth in Go.Compare, up +28%, B2B recorded +2% growth whilst B2C saw a (6)% decline, impacted by market conditions and the weight of Magazines.
○ US revenue fell by (6)% on an organic basis, with an improving trend with H2 flat. This was driven by Media, with digital advertising returning to organic year-on-year growth in H2 of +2%, with further acceleration in Q4.
● Profitability was in line with expectations with 28% adjusted operating margin reflecting investment from the previously announced Growth Acceleration Strategy (GAS), resulting in an adjusted operating profit decline of (13)% to £222.2m (FY 2023: £256.4m). Statutory operating profit was down (23)% to £133.7m (FY 2023: £174.5m) mainly reflecting adjusted operating profit movement.
● The Group remains highly cash generative with adjusted free cash flow of £222.3m (FY 2023: £253.2m), representing 100% of adjusted operating profit (FY 2023: 99%). Cash generated from operations was £230.0m (FY 2023: £241.0m).
● Leverage reduced to 1.1x (FY 2023: 1.3x) with net debt at the end of the year of £256.5m (FY 2023: £327.2m). Total available debt facilities at the end of September 2024 were £650m (FY 2023: £900m).
