West Country publisher admits market conditions remain challenging

Magazine and digital publisher Future has admitted trading conditions remained tough in the second half of the year.

The Bath firm publishes a range  of niche titles and has been looking to shift towards a more digital focussed and data driven model.

This morning it published an update on its performance for the financial year..

The company said adjusted operating profit is expected to be in line with the board’s expectations, delivering a resilient performance despite continued macroeconomic volatility impacting the sector.

Audience numbers stabilised in the second-half and the group had positive month-on-month momentum in the final quarter of the year.

The statement added: “However, overall trading conditions remained mixed, with challenges in consumer spending and the digital advertising market.

“As a result, advertising and affiliates product trends are broadly in-line with the first-half, as expected, despite a robust Prime Day in July.

“Go.Compare (price comparison) revenue has accelerated in the second half, reflecting favourable market volumes with consumers looking for value. Magazine revenue has remained resilient.

“Foreign exchange has been a headwind in the second half, given currency movements in the period.”

Future will announce its full-year results in December.