Publishing chief set for an even richer future: Magazines group soars 9% as it hikes profit forecasts
Shares in Future soared as it hiked its profit forecasts.
The UK’s biggest magazines publisher, which is behind titles including Four Four Two, Country Life and Horse & Hound, reported strong second-half trading led by ‘robust’ growth in digital advertising.
As a result, Future said, its full-year profits were set to be ‘materially ahead’ of the £174million predicted by most analysts.
Profits up: Future boss Zillah Byng-Thorne (pictured) is on course to bag another huge bonus, after receiving £27million over the past six years
It sent the firm’s shares surging 9.2 per cent, or 294p, to 3504p.
The strong performance left Future boss Zillah Byng-Thorne on course to bag another huge bonus, after receiving £27million over the past six years.
Under a scheme that caused an investor revolt earlier this year, she could receive just over £40million in three tranches, with the first of around £13.6million potentially vesting in 2023.
The bonus will only pay out if investor returns of 10 per cent are delivered each year and the share price remains above 1942p.
Under Byng-Thorne, 46, shares have rocketed by nearly 3,000 per cent in the past five years.