Stable Financial Performance Amid Challenges
Revenue at GBP 739 million, down 6% year-on-year, with organic performance down 3%. Adjusted operating profit at GBP 205 million with a margin of 28%, flat year-on-year, demonstrating cost discipline.
Strong Cash Generation and Shareholder Returns
Generated cash flows at 86% of AOP and 96% underlying. Announced a 5-fold increase to ordinary dividend and fifth share buyback program, returning around GBP 100 million to shareholders.
Growth in Direct Digital Advertising
Direct digital advertising revenues increased to 68% of total advertising, with direct ads growing 8% in the second half, maintaining flat revenue despite a decline in sessions.
Successful Strategic Initiatives
Initiatives like Future Optic and Collab are creating revenue streams, with Future Optic already generating revenue and Collab showing 3x social traffic on content.