Future shares slip despite magazine publisher enjoying eighth consecutive year of record sales and profits
Future shares slipped despite notching up its eighth consecutive year of record sales and profits.
Sales at the publishing empire, whose long-term boss Zillah Byng-Thorne steps down by the end of next year, jumped 36 per cent to £825million in the year to September 30. Profit soared 58 per cent to £170million.
It was boosted by bumper performance across Go Compare and its personal finance site The Money Edit as users look for ways to save money.
Sales at Future, whose boss Zillah Byng-Thorne (pictured) steps down by the end of next year, jumped 36% to £825m in the year to September 30
But a warning from the company behind magazines including Four Four Two, Country Life and Marie Claire that it would see only ‘modest profit growth’ next year spooked investors yesterday.
Shares fell 5.3 per cent, or 78p, to 1405p as Hargreaves Lansdown analyst Susannah Streeter said the ‘runaway results’ were overshadowed by recession fears.
She added: ‘There is also nervousness about the route ahead for Future without Zillah Byng-Thorne at the helm.
Under her Future has become a publishing powerhouse and it appears the company is still searching for her replacement.’
Byng-Thorne 48, has been one of Britain’s most successful bosses since taking the helm in April 2014, transforming Future from a £30million business on the brink of collapse to a £2billion empire of 250 titles.
Her penchant for picking up titles continued last year, with the publisher spending £400million on takeovers.