Future

FUTR · Main Market · Media · mcap £258m · 309.2p

Future owns specialist websites, magazines and the Go.Compare price-comparison service. It earns money from advertising, affiliate commissions on products sold through its sites, and business-to-business data and services.

Target	Promise	Said	Status
2024
FY 2024	Return to organic revenue growth in H2 2024, giving low single-digit revenue growth in FY 2024.	7 Dec 2023	◐ Partly kept
	“the stabilisation of trends gives us the confidence to return to organic revenue growth in H2 2024, translating into low single-digit revenue growth in FY 2024” Status so far Organic growth returned in H2 2024 and FY24 organic growth was 1%, but reported revenue was flat at £788m. “Revenue was flat year-on-year at £788.2m (FY 2023: £788.9m), with +1% organic growth, offset by adverse foreign exchange (mainly USD).”5 Dec 2024 · 2024 Full Year Results “The Group returned to year-on-year organic revenue growth of +1%, with a strong H2 performance, up +5%.”5 Dec 2024 · 2024 Full Year Results
FY 2024	Deliver FY 2024 expectations, with full-year adjusted operating margin of about 28%.	4 Apr 2024	✓ Kept
	“We expect to deliver Group organic revenue growth in H2 2024 and a full year adjusted operating margin of approximately 28%.” Also stated 16 May 2024 Result FY24 results were in line with expectations and the adjusted operating margin was 28%. “Profitability was in line with expectations with 28% adjusted operating margin reflecting investment from the previously announced Growth Acceleration Strategy (GAS)”5 Dec 2024 · 2024 Full Year Results
2025
FY 2025	Operate at a 28% adjusted operating profit margin in FY 2025.	5 Dec 2024	✓ Kept
	“The Group continues to expect to deliver a stable adjusted operating margin of 28% alongside continued strong cash generation.” Also stated 16 May 2025 Result FY25 adjusted margin was maintained at 28%. “Adjusted operating profit margin was in line with last year at 28%. Our focus on costs and investments offset the reduction of revenue and the impact of inflation.”4 Dec 2025 · 2025 Full Year Results
FY 2025	Deliver FY 2025 performance in line with market expectations.	5 Feb 2025	✓ Kept
	“we remain on track to achieve market expectations for FY 2025” Also stated 17 Jul 2025 · 25 Sep 2025 Result September 2025 update and December results were in line with expectations. “I am pleased to report a resilient performance in line with expectations, delivered against a challenging macroeconomic environment.”4 Dec 2025 · 2025 Full Year Results
FY 2025	Low single-digit organic revenue decline in FY 2025.	16 May 2025	✓ Kept
	“given ongoing macroeconomic uncertainty, the Group believes it is prudent to adopt a more cautious view on the second half and expects a low single-digit decline in FY 2025 organic revenue.” Result FY25 revenue fell 6% in line with expectations. “Revenue was down (6)% year-on-year at £739.2m (FY 2024: £788.2m), with (3)% organic decline combined with adverse foreign exchange and previously announced business closures.”4 Dec 2025 · 2025 Full Year Results
1 Dec 2025	Execute a share buyback of up to £55m by 1 December 2025 or the FY2026 AGM.	2 Jan 2025	✓ Kept
	“to purchase shares with a value of up to £55 million subject to remaining within the FY2024 AGM authority” Result Buybacks continued through 2025, with further programmes announced in August and December. “announces the commencement of a share buyback programme (the Programme), to purchase shares with a value of up to £55 million”1 Aug 2025 · Share repurchase programme “under which 7,011,664 Shares were purchased”1 Aug 2025 · Share repurchase programme
2026
FY 2026	Modest organic revenue growth in FY 2026.	4 Dec 2025	✗ Missed · target changed
	“The Group is expecting mid to low single-digit organic revenue decline for FY 2026.” Also stated 14 May 2026 Result Guidance was changed in March 2026 to a decline in H2 organic revenue and in May to a mid to low single-digit FY decline. “The Group now expects H2 organic revenue to decline year-on-year by a low single-digit percentage.”31 Mar 2026 · Pre-close Trading Statement “The Group is expecting mid to low single-digit organic revenue decline for FY 2026.”14 May 2026 · 2026 Half Year Results
FY 2026	Adjusted EBITDA margin for FY 2026, first around 30%, later 25-27%.	4 Dec 2025	✗ Missed · target changed
	“The Group continues to expect to deliver an adjusted EBITDA margin in the range of 25-27%.” Also stated 14 May 2026 Result Guidance was cut to 25-27% in March 2026 after Google search volatility. “As a result, the full year EBITDA margin is expected to be in the range of 25-27%.”31 Mar 2026 · Pre-close Trading Statement “The Group continues to expect to deliver an adjusted EBITDA margin in the range of 25-27%.”14 May 2026 · 2026 Half Year Results
FY 2026	Cash conversion of about 95% in FY 2026.	4 Dec 2025	✗ Missed · target changed
	“The Group continued to expect cash conversion to adjusted EBITDA to ~90%.” Also stated 14 May 2026 Result Guidance was lowered to about 90% in May 2026. “The Group continued to expect cash conversion to adjusted EBITDA to ~90%.”14 May 2026 · 2026 Half Year Results
30 Sep 2026	Group leverage of 1.1x by 30 September 2026.	22 Jan 2026	✗ Missed · target changed
	“The Group is expected to be at 1.1x by 30 September 2026, consistent with its leverage policy” Result Consensus leverage is 1.7x at year-end, and the buyback was paused to deleverage. “leverage 1.7x”30 Sep 2026 · Pre-close trading update
Today · 10 Oct 2026
2026	Mid-single digit organic revenue CAGR over 2023-26 with adjusted operating margin of 28-30%.	7 Dec 2023	✗ Missed · target changed
	“Delivering on the strategy will translate into mid-single organic revenue growth CAGR 23-26, whilst maintaining healthy adjusted operating margins in the range of 28-30%” Also stated 16 May 2024 Result FY25 guided to an organic decline, FY26 guided mid to low single-digit decline, and margin guidance fell to 25-27% EBITDA. “The Group continues to expect to deliver a stable adjusted operating margin of 28% alongside continued strong cash generation.”16 May 2025 · Future plc 2025 Half Year Results