Future has described its full-year results as "resilient", despite its profit before tax falling by 11% to £91.1m in the year to 30 September.

The FTSE 250 publishing firm recorded a 6% drop in its full-year revenue, totalling £739.2m. Future said this was a result of a 3% organic decline combined with previously announced business closures.

Future's adjusted operating profit fell by 8% year-on-year to £205.4m, while its margin maintained at 28%, reflecting balancing cost focus and investment.

The company has outlined plans to create a more efficient operating model through streamlined processes and structures. This involves using AI tools to drive automation, which is set to create £20m in annualised savings from the 2028 financial year.

The publishing firm has also announced that it will make further returns to shareholders, with its dividend increasing by five times to 17 pence. It has also launched a new £30m share buyback programme, which has launched today.

Chief executive at Future, Kevin Li Yung, said he was "pleased to report a resilient performance" in line with expectations, which has been delivered against a "challenging macroeconomic environment".

He added: "Our results are underpinned by the strong financial characteristics our business is known for, which enable us to announce a significant increase in our dividend by five times and to launch a new £30m share buyback programme.

“In the last few months we have launched a series of initiatives, with encouraging early performance. These span areas including monetisation through content creators, an evolution of our ecommerce proposition, and driving even more direct engagement with audiences.”

In its outlook for the current financial year, Future said it expects modest organic revenue growth, with a stable adjusted earnings margin of around 30%, supported by a more efficient operating model.

It added that its performance will be second half weighted, as its strategic initiatives and operating model changes will deliver in the second half of the year.

Following the announcement, shares in Future jumped by 7%, marking a slight recovery on its share price falling by 34% year-on-year.

Investment director at AJ Bell, Russ Mould, said that ahead of its full-year results, the market had appeared to have written Future off as a growth company.

He concluded: "However, the promise of a return to organic revenue growth in the current financial year has clearly changed a few minds – particularly as it is not expected to come at the expense of profitability and investors are also being promised improved cash flow performance to boot.

"If delivered, it would suggest Kevin Li Ying’s efforts to revive Future’s fortunes are starting to have some tangible impact. However, the proof will be in the pudding and the company has a lot of hard work to do to deliver on its guidance."

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