Future (FUTR) H2 2024 earnings summary

Executive summary

• FY 2024 results delivered in line with expectations, with a return to organic revenue growth and strong H2 momentum driven by the Growth Acceleration Strategy (GAS).

• CEO announced intention to step down due to relocation, but remains committed during the transition; board has begun CEO search.

• £69m returned to shareholders in FY 2024; new £55m share buyback to start January 2025.

• Strategic focus on reaching valuable audiences, diversifying revenue, and optimizing the portfolio, supported by investments in editorial, sales, and technology.

• Strong cash conversion and clear strategic focus on portfolio optimisation, diversification, and US digital advertising growth.

Financial highlights

• Reported revenue was £788.2m, flat year-on-year; organic revenue up 1% overall, with 5% organic growth in H2.

• Adjusted operating profit was £222.2m, with a margin of 28%, down 4ppt year-on-year.

• Adjusted EBITDA £239.1m, margin 30% (down 5ppt); Adjusted Free Cash Flow £222.3m, 100% conversion.

• Net debt reduced to £256.5m (1.1x leverage) after £93m debt repayment.

• EPS (diluted, adjusted) 123.9p, down 12% year-on-year.

Outlook and guidance

• FY 2025 expected to deliver organic revenue growth of 1–2%, with H2-weighted performance due to timing of GAS investment benefits.

• Adjusted operating margin expected to remain at 28% for FY 2025, with medium-term target of 28–30%.

• FY 2025 outlook in line with market expectations: revenue £777.9m, AOP £219.5m.

• Continued strong cash flow generation anticipated, at 95%+ of adjusted operating profit.

• Go.Compare expected to deliver low single-digit organic growth in FY 2025.