Future magazine publisher staff to share £ 10million bonus

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Staff at Future, owners of Marie Claire magazines at Metal Hammer, are due to share a £ 10million bonus after the pandemic-proof publisher reported earnings and profits exceeding expectations for the year .

Shares of the company, which also owns digital assets including TechRadar and comparison site GoCompare, climbed more than 15% to make it the biggest rise in the FTSE 250 on Tuesday morning as investors cheered the forecast according to which next year will be even better, with results “significantly higher” than existing estimates.

Future announced a doubling of pre-tax profit to £ 107.8million and a 79% increase in revenue to £ 606million in the year through the end of September. While these figures were flattered by the new acquisitions made during the year, the company still recorded organic revenue growth of 23% year-over-year, enough to exceed its own forecasts.

The publisher, which generates revenue through magazine sales, digital advertising and e-commerce by sending online customers to partner retailers, also said it has achieved a record Black Friday trade in the Kingdom. United and the United States.

“I am pleased to report another round of outstanding results,” said Managing Director Zillah Byng-Thorne, who has earned more than £ 8million in the past two years from the performance of the company, and can expect another exceptional pay when that pay of the year is revealed next month. “Looking ahead, we expect our diversified strategy to continue to bear fruit. “

Future, which has proven to be a pandemic success thanks to a boom in reading and online shopping, said that after the good results, it “will pay the maximum into our annual profit bonus program for all staff. “.

Under this scheme, the minimum amount that each of Future’s 2,800 employees will receive is a bonus of £ 2,250, with the amount graduated based on factors such as salary level, out of a total estimated amount of around £ 10. million pounds sterling. In 2022, staff earning less than £ 50,000 will receive a 4% pay rise and those earning more than 2%.

A new management bonus program, which has been implemented despite the 40% vote of future shareholders against, could award Byng-Thorne £ 40million when it begins paying in installments from 2023.

The program will also benefit staff, who will share an annual pot of shares capped at £ 95million for three years, provided the Future share price increases by at least 10% per year between 2020 and 2025, what he is currently doing.

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