Media group Future to buy GoCo Group
Future Plc, the global platform for specialist media, is planning to acquire the entire issued and to be issued share capital of GoCo Group plc, the parent company of GoCompare , an insurance and utility comparison service launched in 2006. According to the publishing house, the combination of the two companies will address the consumer demand for informed and value-driven purchasing decisions enabled by intent-driven content.
Founded in 1984, Future plc is a team of over 2,300 people who operate over 200 brands (e.g. Horse & Hound, CelebsNow and 3D World); reaching more than 390 million people every month. It launched 8 new websites this year and announced that its top-line revenues grew 53% to £339.6 million (FY19 £221.5 million), with Media organic revenue growth of 23%.
“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.
Our content now reaches one in three adults in the UK and US, and our leadership positions are underpinned by a track record of strong, consistent organic growth, and accelerated through acquisitions. The long-term fundamentals of growing global digital advertising spend and eCommerce growth add to our confidence that, despite continued market uncertainty, we remain well-positioned to continue our strong growth.
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.” – Future’s Chief Executive Zillah Byng-Thorne.
