Future - Platform, brands and fans

Future has assembled a strong platform on which to develop its specialist media. With a growing portfolio of brands, it is successfully diversifying its revenue streams and building recurring and repeatable income, giving a more robust business model. Acquisitions have brought scale and added range and reach, building on organic growth from leveraging of the brands with their highly engaged audiences. Cash flow is strong, with tight working capital management, and the balance sheet is modestly geared. This progress has resulted in impressive share price performance, but we still consider that the rating does not yet fully reflect the opportunity.