Marie Claire owner Future set for lower revenues amid ‘challenging' backdrop
Media and comparison website group Future has said it expects revenues to decline this financial year in the face of 'ongoing macroeconomic uncertainty'.
The Go.Compare and Marie Claire owner said it is adopting a 'more cautious view' for the second half of the year in the face of 'challenging' market conditions.
The group said its US direct digital advertising business witnessed a 'weaker performance' in March but returned to growth last month.
Future added that foreign exchange rates are representing a 'headwind' for the company based on current rates.
It came as revenues dipped by 3% to £378.4 million for the half-year to March 31.
This was driven by a slight organic decline, alongside foreign exchange impacts and the closure of a number of publications, including the print edition of Total Film magazine last year.
The company's consumer business saw flat organic revenues after declines linked to digital advertising offset stronger magazine growth.
Elsewhere, Go.Compare revenues dipped 1% as car quotes declined, although it saw 10% growth away from care insurance.
It came amid the first update from new boss Kevin Li Ying, who took over at the end of March.
Mr Li Ying said: 'Today's half-year results reflect the strength of our diversified proposition, delivering a resilient performance in what remains a challenging macroeconomic environment.
'We are building the business for tomorrow whilst delivering on today, ensuring we attract and reach a valuable audience through our powerful brands and drive effective monetisation to deliver growth.
'Whilst the wider macroeconomic environment remains challenging, the quality of our content and intent-driven audience, and the uniqueness of our tech stack, underpinned by our strong financial characteristics, position us well to deliver long-term growth in what is an ever-evolving media landscape.'
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