Trading Update Future has provided a short trading update this morning, noting that adj operating profit for the full year is expected to be at the top end of the range (£183.5m - £193.6m. INVe £189.9m). In digital ads, the company flags yield growth has more than offset the strong comps from audience growth. The acquisition of Dennis Publishing has now completed. CFO Change Rachel Addison is set to stand down as CFO as of 31st Oct, with previous CFO, Penny Ladkin-Brand (currently the group’s Chief Strategy Officer), returning to the role. Our View The strong trading update is a clear positive, demonstrating the underlying momentum in the business. On the CFO change, we recall that part of the rationale for Penny moving to Chief Strategy Officer after 5 years as CFO reflected increasing family commitments, so we wonder if, to some extent, a return to the CFO role may have been part of the long term plan? We place our forecasts and target price under review following this update.