Future has been through a significant transformation over the last two years, stripping out the complexities of its operating model, leaving a clear and focused business. The group has strong brands built around content, targeted at niche demographics, typically males 18-34. The purchase of Imagine Publishing will add scale and reach, with new verticals that can be developed. The balance sheet is repaired and the path to building margin and repeatable income set as Future grows its e-commerce, events and digital advertising revenues and reaps the benefits of scale in magazines.