Future has produced strong H117 figures, as per April’s trading update, boosted by growing e-commerce revenues and a strong showing from events. Momentum into H2 is good and we have raised our FY17 and FY18 forecasts for revenue, profits and earnings. Progress on reducing net debt was also ahead of our forecast. The strategy to build a global media platform business around Future’s high-profile brands, backed with quality content and across multiple revenue streams, is starting to deliver meaningful returns and growth well above the sector average. The market valuation of the shares has yet to reflect this differential.

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