Future (LSE:FUTR) reported revenue of £349.1m for the half‑year ended 31 March, down 8% on H1 2025, with the decline concentrated in high‑margin programmatic advertising and eCommerce affiliate lines.
Adjusted EBITDA fell 24% to £83.3m, leaving an adjusted EBITDA margin of 24%, down 5 percentage points, and adjusted diluted EPS was 22% lower while statutory operating profit dropped 53% to £32.7m, partly reflecting higher transaction and integration costs.
B2C saw an organic revenue decline of 6%, Go.Compare revenue was down 6% for the period but improved to a 3% decline in Q2 including March growth, and B2B revenue was down 7% organically with Q2 narrowing to a 2% decline and Tech as a bright spot.
The Group generated adjusted free cash flow of £91.1m and cash from operations of £96.2m, returned £52.9m to shareholders including £36.9m of buybacks and £16m of dividends, and finished March with £314.1m net debt and 1.6x leverage.
Future completed the acquisition of SheerLuxe in January for an initial consideration of £39.9m, which contributed around ten weeks of revenue, and the Board said it will continue to optimise the portfolio and realise value from non‑platform assets.
“We are making meaningful progress leveraging our market‑leading AI‑visibility as a new source of revenue through products such as Future Optic and Signal,” said Kevin Li Ying, Chief Executive.
The Group left its outlook unchanged, forecasting mid‑to‑low single‑digit organic revenue decline for FY 2026, an adjusted EBITDA margin of 25-27% and cash conversion to adjusted EBITDA of around 90%.
