H1 results The company has reported H1 adjusted operating profit of £39.9m (+77% YoY), with the margin improving by 7pp to 28% driven by the change in mix towards higher-quality digital revenues. Revenue was up 33% on the prior year (the H1 figure represents 45% of our full-year forecast), with the company citing increased audience growth as a result of COVID-19. Online users grew 26% YoY to 253m, 31% of which was organic, with a particularly strong performance from LiveScience. Organic growth for the group was 11%, with organic growth in Media revenues of 21%. The group generated adjusted free cash of £40m versus £27.0m the prior year, with £77m of headroom on existing banking facilities. The company comments that H2 has continued in a similar vein; as such, it is confident of achieving full-year expectations, with ongoing strong growth in audiences offsetting softness in advertising and eCommerce continuing to be a positive influence. TI Media Re TI, having begun the integration process on 20th April, the company notes the impact of COVID-19 on magazine revenues, but nevertheless comments that the strategic rationale remains firmly intact. Our view This is a strong set of results from Future, despite the ongoing challenges of COVID. H1 revenue is 45% of our FY20e forecast, with adjusted operating profit 51%. COVID-19 in our view has given a window into the future for Future, particularly the opportunity at TI Media, demonstrating the leverage that comes through as a result of the mix shift from Magazines to Media with the H1 split 80% media and 20% magazines, and the operating margin improvement of 8pp to 28%.