Stepping back: Currently the Group reaches 1 in 2 consumers in the UK through its various channels and 1 in 3 in the US…the Group’s goal is now to increase the US to 1 in 2. The early signs are promising with Future commenting on the strong performance in the US of the previously UK-centric TI Media assets. Audiences of increasing value: Future has demonstrated though its tech and gaming verticals that revenue growth continues to comfortably outstrip the strong audience growth, in our view proof that the “legacy” verticals still have plenty of runway alongside the newer growth verticals. Gearing evident: two key stats demonstrating the value of the platform are the falls (FY21 versus FY20) in both sales, marketing & editorial costs and overhead costs as a % of revenue (30% to 26% and 18% to 14% respectively.) Progress at GoCo: the market was clearly sceptical of the deal at the point of acquisition, but aside from seeing better SEO rankings and conversion in this update, we believe it proves the transferability of Future’s skill sets to complementary areas, which are likely to play a key role in its M&A strategy. Next deal? Given the emphasis on the improved advertising yields through video at the FY21 results, we would not be surprised to see video content creation assets at the top of Future’s wish list to add to the recently renamed Barcroft Studios. Forecasts: we increase our AOP forecasts by 9.5% in FY22e and by 6.9% in FY23e and introduce FY24e forecasts. Valuation: we continue to value the company on a FCFY basis, with our increased forecasts and improved target yield driving our new TP of 4810p.