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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.

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