Full Year 2024 Future PLC Earnings Call Transcript
Key Points
- Future PLC (STU:FNWA) returned to organic growth with a 5% increase in the second half of FY24, driven by the growth acceleration strategy.
- The company demonstrated strong cash generation, with a robust cash conversion rate of 100% of adjusted operating profit.
- Future PLC announced a new share buyback program for up to GBP55 million, following the return of GBP69 million to shareholders through previous buybacks.
- Go.Compare, a significant part of Future PLC's portfolio, showed strong performance with a 28% revenue growth and increased market share in various verticals.
- The company has made strategic investments in editorial talent and digital advertising capabilities, leading to increased content output and improved digital ad growth in the US.
- The US segment experienced a 6% decline in organic revenue due to challenging market conditions, although there was some recovery in digital ad growth in the latter part of the year.
- B2C revenue declined by 6% on an organic basis, impacted by challenging advertising conditions and consumer pressures on e-commerce.
- The magazines business continues to face a secular decline, with a 5% decrease in revenue, despite efforts to improve content and pricing.
- Future PLC's adjusted operating margin decreased to 28% from 32% in FY23, influenced by planned investments and inflationary pressures.
- The company faces ongoing challenges in optimizing its portfolio, having exited GBP15 million of revenue from underperforming assets, indicating a need for continuous strategic adjustments.
Good morning, everyone. I'm delighted to be here this morning to present our FY24 full-year results. I will start with some opening remarks before handing it over to Sharjeel to cover the financials. I will then come back to present an update on our strategic progress before opening up to Q&A.
Turning to slide 3. Before diving in, I just want to address my intention to step down. It was a very difficult decision for me to make, but it was the right one for my family. I'm relocating to Florida for the next school year.
With 75% of our employees in the UK, I believe the CEO needs to be here. This was a tough decision. But what I really want you to get from this presentation is that my commitment is intact. I'm going to continue to focus on the growth acceleration strategy, and I'm very enthused by the early signs of success.
How you come is how you go, so my involvement and commitment have not changed. But what is also important is that Future is bigger than just me. There are 3,000 people on our
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