FUTURE ANNOUNCES HALF-YEAR RESULTS WITH REVENUE REACHING $481.6 MILLION

Diversification strategy delivers solid results

NEW YORK, May 18, 2023 /PRNewswire/ -- Future, the global leader in specialist media, has today announced its results for the half-year ended 31 March 2023.

Highlights

• Revenue reached $481.6 million, flat year-over-year
• Future remains highly cash generative with adjusted free cash flow of $154.7 million
• Adjusted operating profit declined only 3% to $155 million

Jon Steinberg, Chief Executive Officer at Future, said: "I am excited to have joined Future and by the significant opportunity to build on the unique position it has in the digital media landscape.

"The macroeconomic environment remains tough, but we are well positioned to continue to outperform the industry. Our investment in new strategic verticals, coupled with the Future's tech stack and operating model, will create long-term value for our stakeholders."

Leadership positions progress
Future's leadership positions provide premium monetization through improved revenue per user. Future maintained or improved leadership positions* within key verticals:

• Future Technology maintained the #1 position in the News - Technology category.
• Future Fashion & Beauty entered #7 in the US for the Lifestyle - Fashion/ Beauty category.
• Future Homes reached #4 in the Lifestyle - Homes category in the US.

Diversifying monetization
Diversification of revenue is key to Future's resilience. New initiatives further diversify Future revenue streams and underpin future growth. Initiatives include:

• Rollout of proprietary vouchers code technology on further websites
• The launch of new affiliate services on wealth content
• Continued optimization of the fashion and beauty audience with strong performance of recently acquired Who What Wear
• More direct and high-value campaigns driving yield resilience in advertising and demonstrating value of the Future audience
• Three acquisitions completed since October 2022 - Shortlist, ActualTech Media, and Gardening Know How - added further capability in B2C and B2B

Looking ahead
The flexibility and diversification of Future's business model allows Future to navigate the tougher macroeconomic backdrop. Longer-term, the diversified strategy will continue to deliver significant value, with investment in new content verticals and capabilities underpinning Future's growth ambitions.

For further details, see the full results announcement at: https://www.futureplc.com/investor-results

*Source: Comscore Media Metrix Demographic Profile, March 2023 - Desktop Age 2+ and Total Mobile 18+ US and UK

About Future
Future is a global multi-platform media company and leading digital publisher, with scalable brands and diversified revenue streams. Every month, it connects over 400 million people worldwide with their passions, through expert content, world-class events, and cutting-edge proprietary technology. Every year Future attracts millions of consumers to its brands' websites, magazines, events, and social spaces.

Its market-leading portfolio of over 250 brands spans technology, games, entertainment, women's lifestyle, country lifestyle, luxury, wealth, knowledge, music, creative and photography, sports, home interest, and B2B sectors. Brands include CinemaBlend, Digital Camera, Gamesradar+, Guitar World, Homes & Gardens, Kiplinger, Marie Claire, Smartbrief, Techradar, The Week, Tom's Guide, Wallpaper*, and more. Discover more at www.futureplc.com

SOURCE Future Publishing