Acquisition news pulls down Future

Shares in FTSE 250 media firm Future (LON:FUTR) plunged 15.59% to 1,662p (as of 15:15 GMT) despite statutory pre-tax profits climbing by 309% for the year ended 30th September. The company has also announced a cash and shares offer to purchase GoCo Group, the owners of GoCompare, in a deal that values the business at £594 million.

CEO Zillah Byng-Thorne commented: “Our exceptional results, which are ahead of expectations, demonstrate the continued strength of our strategy, as well as the innovation, fortitude and agility of our business, focused on its purpose, delivered by its people. I am extremely proud of the way our colleagues have rapidly adapted to address the challenging market resulting from the COVID-19 pandemic over recent months, and want to thank them for their hard work and commitment this year.

“Future has continued to thrive by knowing what our audiences value most, enabling us to take advantage of the changing market landscape to continue to deliver incredible content to our communities in whatever way meets their needs.

“[…]Alongside these results, we are delighted to announce a Recommended Offer for GoCo Group plc, which we believe will deliver significant long-term shareholder value. Through the acquisition, we expect to create a leading offering for consumers, providing complementary insights that enable consumers to make informed choices in their passions, interests and key purchasing decisions. The transaction will bring together our depth of audience insight and reach with GoCo’s expertise in price comparison, underpinned by the proprietary technology of both groups.“.