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 content investment, audience diversification, U.S. digital ad growth, and portfolio optimization.

• 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%, with H2 organic growth of 5%.

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

Outlook and guidance

• FY 2025 expected to meet market expectations, with slight H2 weighting due to timing of GAS investment benefits.

• Adjusted operating margin expected to remain at 28% in FY 2025; medium-term margin guidance 28–30%.

• Organic revenue growth for FY 2025 guided at 1–2%, with all divisions expected to contribute.

• Go.Compare expected to deliver low single-digit organic growth, facing tough comparators.

• Continued strong cash generation and execution of strategy expected.