Sharewatch: Future Soars Following Positive Results

Magazine group Future Publishing saw a positive day’s trading yesterday with shares rising by 5.22% to close at 70˝p following a good set of financial results. The publisher saw turnover rise by 11% to £182.7 million during 2003, whilst operating profit rose by 24% to £22.5 million for the full year (see Future Sets Maiden Dividend As Revenue Rises 11%).

SMG also published results yesterday, but performance was poor from the Glasgow-based media group, which posted lower than expected profits for the full year 2003. The group saw shares dip by 2.96% to close at 122žp (see SMG’s Profits Tumble As Advertising Decline Bites).

United Business Media took the biggest hit yesterday, falling 4.39% to 523p. The company recently announced two significant deals to provide software to digital radio broadcasters in Canada and South Korea.

Cyclical stocks kept traders busy yesterday, with food and drink stocks leading gainers, and helping to turn early losses into a 0.1% rise for the FTSE 100, closing at 4,545.5. The FTSE 250 closed 0.9% lower at 6,301.6.

The closing prices of media company shares on Wednesday were: