Plus   Neg

Future Plc FY20 Pretax Profit Rises, Organic Revenue Growth At 6%; Future To Acquire GoCo Group

Future plc (FUTR.L) reported profit before tax of 52.0 million pounds for the year ended 30 September 2020 compared to 12.7 million pounds, previous year. Earnings per share was 45.4 pence compared to 9.3 pence. Adjusted profit before tax increased to 90.9 million pounds from 50.3 million pounds. Adjusted earnings per share was 74.7 pence compared to 47.5 pence.

Fiscal year Group revenue was up 53% to 339.6 million pounds, driven by a combination of organic growth and acquisitions. Group organic revenue growth was 6%, for the fiscal year.

The Board recommended a final dividend of 1.6 pence per share for the year ended 30 September 2020, payable on 16 February 2021 to all shareholders on the register at close of business on 15 January 2021.

Future plc also announced that it has agreed the terms of a recommended offer to acquire the entire issued and to be issued share capital of GoCo Group plc. GoCo shareholders will be entitled to receive 0.052497 new future shares and 33 pence in cash valuing each GoCo Group Share at 136 pence. The deal values the entire issued and to be issued share capital of GoCo at 594 million pounds on a fully diluted basis. Following completion, GoCo shareholders will own approximately 19% of the combined Group.

The Future Board expects the combination to be immediately earnings per share accretive and materially earnings per share accretive in the first full year post the combination becoming effective.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The United Kingdom's Competition and Markets Authority (CMA) has launched an investigation into technology giant Apple Inc. (AAPL) following complaints that its terms and conditions for app developers are unfair and anti-competitive. iPhone maker Apple also operates the App Store, which is the only... Supermarket chain Kroger Co. on Thursday reported that it posted a loss for the fourth quarter compared to a profit last year, hurt by pension plan withdrawal liabilities. Adjusted earnings per share topped analysts' estimates, while quarterly revenues missed it. However, the company initiated adjusted earning guidance for the full-year 2021, well above analysts' estimates. Retail sales are projected to grow at a potentially record rate during 2021, but the ongoing COVID-19 pandemic remains the biggest challenge for the year, according to the National Retail Federation. "There is no doubt the economy is positioned for growth in 2021, but how much growth comes down to a single non-economic force - the coronavirus," NRF Chief Economist Jack Kleinhenz said.
Follow RTT