## Future PLC 2025 Full Year Results Summary
**Key Highlights**
* **Revenue Decline** Revenue decreased by 6% year-on-year to £739.2 million, primarily due to a 3% organic decline, adverse foreign exchange rates, and previously announced business closures.
* **Stable Margins** Adjusted operating profit margin remained stable at 28%, demonstrating cost control and investment discipline despite revenue pressures.
* **EPS Resilience** Adjusted diluted EPS only decreased by 1% to 123.0p, supported by share buyback programs.
* **Strong Balance Sheet** Net debt increased slightly to £276.4 million, with leverage at 1.3x. The company returned £99.5 million to shareholders through share buybacks and dividends.
* **Increased Dividend and Share Buyback** Future announced a 5x increase in the dividend to 17.0p and a new £30 million share buyback program.
* **Strategic Initiatives** The company is focused on monetizing content creators, evolving its e-commerce proposition, and driving direct audience engagement.
* **AI Opportunities** Future sees significant opportunities in monetizing its presence in Large Language Models (LLMs) due to its trusted, authoritative, and specialist brand content.
* **Outlook** The company expects modest organic revenue growth in FY 2026, a stable adjusted EBITDA margin of around 30%, and improved cash conversion to ~95%.
**Segment Performance**
* **B2C** Organic revenue declined by 2%, with strong performance in Magazines offset by a decline in Media due to macroeconomic uncertainty.
* **Go.Compare** Revenue declined by 5%, reflecting lower car quote volumes compared to the previous year. Non-car revenue diversification is progressing well.
* **B2B** Revenue declined by 9% organically, driven by challenges in the tech enterprise sector.
**CEO Commentary**
Kevin Li Ying, CEO, highlighted the companys resilience in a challenging macroeconomic environment and its focus on building the business for the future. He emphasized the value of Futures data-first platform, trusted brands, and strategic initiatives to drive growth.
**Overall**
Future PLCs 2025 results reflect a year of navigating macroeconomic headwinds while investing in strategic initiatives for future growth. The company maintains a strong financial position, returns value to shareholders, and is optimistic about its prospects in the evolving media landscape, particularly with the rise of AI.
| Metric | FY 2025 (£m) | FY 2024 (£m) | Reported Variance |
|---|---|---|---|
| Revenue | 739.2 | 788.2 | (6%) |
| Adjusted EBITDA | 223.4 | 239.1 | (7%) |
| Adjusted Operating Profit | 205.4 | 222.2 | (8%) |
| Operating Profit | 121.9 | 133.7 | (9%) |
| Profit Before Tax | 91.9 | 103.2 | (11%) |
| Net Debt (excluding lease liability) | 276.4 | 256.5 | 8% |
| Leverage (Net Debt/EBITDA) | 1.3x | 1.1x | 18% |
Note: All values are in £ millions except for leverage ratio.
Key Observations:
- Revenue declined by 6% year-on-year, primarily due to organic decline, adverse foreign exchange, and business closures.
- Adjusted EBITDA and Operating Profit margins remained stable, but absolute values decreased due to lower revenue.
- Net Debt increased by 8%, and leverage ratio increased from 1.1x to 1.3x, reflecting the impact of share buybacks and dividend payments.