Northumbria University: Future PLC Financial Analysis Report, AF6004

This report presents a financial analysis of Future PLC, a British media company, examining its performance over the years 2018 and 2019, with a focus on key financial ratios and trends. The analysis covers profitability, short-term and long-term liquidity, and investor ratios such as EPS, net profit margin, and debt-equity ratio. The report highlights the company's revenue growth, especially after acquisitions, and its strategies for diversification and expansion. The analysis also addresses corporate policies, including ethical and environmental audits, and CSR activities. The conclusion provides an investment recommendation based on the financial performance and strategic direction of the company, including a discussion of dividend payouts and areas for improvement, such as solvency and cash ratios. Part B focuses on the strategies and corporate policies of the company, including its approach to corporate impression and communication management, as well as its competitors.

Contemporary Corporate Reporting

Table of Contents
Part A...............................................................................................................................................3
Introduction: Background............................................................................................................3
Profitability..................................................................................................................................3
Short term liquidity......................................................................................................................3
Long term liquidity......................................................................................................................4
Investor ratios...............................................................................................................................4
Conclusion and recommendation.................................................................................................7
Part B...............................................................................................................................................8
Strategies and Corporate policies.................................................................................................8
Corporate impression and communication management.............................................................9
Referencing................................................................................................................................11
Appendices.................................................................................................................................12

Part A
Introduction: Background
In this report, financial analysis of Future PLC for the past two recent years has been
carried out. Future PLC was founded in the year 1985 and is a media company. The company
deals in publishing magazines related to films, video games, photography, technology, and
music. Headquarter of the organization is in Somerset, England. Chris Anderson was the founder
of this organization. Two years of ratio analysis has been done. The corporate policies, strategies
and financial performance of the enterprise have been described in detail. Graphs have also been
plotted to describe financial performance. CSR activities carried out by the firm have been
elaborated through corporate impression theory. The stock exchange of London has agreed with
all the compliances and reviewed the past track record of Future PLCand allowed it to get listed
on stock exchange. The firm has entered into the Index of FTSE 250. Future publishing, Future
Australia and Future US are the main subsidiaries of Future PLC. In 1994 the company was sold
by Anderson to a British company Pearson PLC. A consideration of 52.7 million pounds has
been quoted by the owner of Future PLC. Audience of around 260 million has been connected
with the company till date.
Profitability
The company in the year 2018 reported annual revenue of 130.1 million pounds and in
the year 2019, the revenue was increased to 221.5 million pounds. Almost 70 percent of the
revenue has been increased in 2019. The operating profit in 2019 rose by 182% from 18.5
million pounds to 52.2 million pounds. Due to the growth strategy of the firm the new scale has
been achieved. The company has experienced strong performance growth of 11% and media
revenue growth by almost 32%. The earnings per share in 2018 were 4.7 which move upward to
9.3. The investors and the shareholders would want to invest in the company after seeing this
upward movement in the EPS. The online audience in financial year 2019 has also shown a
growth of 44%.

Short term liquidity
Quick ratio can be applied to measure the short term performance of any organization.
The organization ability and capacity to settle its current obligations which have to be settled
within 12 months are measured by this quick ratio. The liquid assets of the firm will be used as
an indicator to analyze the liquidity of the organization (Singh 2017). Liquid assets such as
inventory, trade receivables, marketable securities, and cash are the main current assets used to
evaluate the short term liquidity(Öztürk&Karabulut 2018).The quick ratio in 2019 is 0.44 which
is less than 1 and it signifies that the capacity to meet all its short term debt is very poor.
According to Jiang & Lie (2016), cash ratio which is also an instrument to examine and analyze
the capacity of payment by cash to the suppliers or creditors or any bills payable by the firm.
This ratio is especially used by the creditors to evaluate the amount of money they would lend to
any organization. Cash ratio in 2018 was 0.11 and decreases to 0.06 in 2019 indicate that the
capacity decrease for repayment by cash to lenders and suppliers.
Long term liquidity
Solvency ratio is applied to examine the long term financial health of a company. The
ability to meet the enterprise long term settlements is evaluated through the application of
solvency ratios (Kamaluddinet al. 2019).The solvency ratio in the year 2019 is 0.05. The ratio is
very low to meet long term requirements or obligations of organization. According to Singh
(2017), a lower solvency ratio indicates that there is high probability that the company will
default to pay its debt. The solvency of the enterprise is determined by this ratio. The cash flow
is measured by adding all the non-cash expenses and the depreciation amount. Interest coverage
ratio (ICR) and gearing ratio can also be used to assess and evaluate the performance of any
funds which has been invested in any listed company. The ratio of shareholder funds and the
debenture funds can be measured by gearing ratio and ICR.

Investor ratios
The shareholders before investing in any kind of portfolio or any project evaluate
different investor’s ratios such as EPS, net profit ratio, debt-equity ratio, etc. The net profit
margin in financial year 2019 is 12.05 percent and in 2018 it was 4.07 percent. A drastic
improvement has been seen in the profit margin. Company can finance its funds either by issuing
debenture or by issuing equity share. Higher ratio of debt-equity signifies that company is
borrowing more money to arrange its finance rather than equity capital. This higher percentage
of debt will lead to higher amount of risk at the time of company bankruptcy. The debt-equity in
2018 was 0.09 which was increased to 0.20 in 2019. Thus it can be seen that the company as
compared to previous year is including more debt components in its capital structure(Lewis &
Tan 2016). Therefore the company is balancing the ratio of debt equity. The asset turnover ratio
is 0.57 in 2019 and in 2015 it was 0.33. This increase in asset turnover signifies that the
management is utilizing or deploying all its assets effectively.
Net profit in 2015 was negative 2.17% and in 2019 it reaches positive 3.66%. Return on
equity in 2015 and 2016 was minus 3.42% and 40.23% and because of the increase in profit and
revenue, the return in 2019 becomes 3.80%. This indicates that the organization is utilizing its
shareholders capital efficiently and effectively. According to Kamar (2017), if the ROE of the
firm is high then the performance of the company will also be high. As per the graph shown in
table 1 the EPS ratio in 2015 and 2016 was in negative figure and after the successful merger or
acquisition the company revenues, operating profit, cash flows increased by a huge margin. The
company purchased all the target company by paying a premium amount which is known as
goodwill.

EPS graph
2019
2018
2017
2016
2015
(6.00) (4.00) (2.00) - 2.00 4.00 6.00 8.00 10.00 12.00
9.90
5.10
3.70
(3.90)
(0.40)
EPS (in pence)
Table 1

Free cash flow chart
2019 2018 2017 2016 2015
(10.00)
-
10.00
20.00
30.00
40.00
50.00
60.00 53.70
17.40 15.30
4.60
(4.30)
Free Cash Flow (in million £)
Table 2

Revenue chart
2019 2018 2017 2016 2015
-
50.00
100.00
150.00
200.00
250.00 221.50
130.10
84.40
59.00 59.80
Revenue (in million £)
Table 3
Conclusion and recommendation
It has to be concluded that the current ratio and the quick ratio is not so strong to cover its short-
term responsibility. The company solvency margin is also not sufficient to meet the long-term
commitment. The debt-equity percentage is also not balanced. EPS ratio has shown an upward
downward movement from 2015-2019. The company should make reasonable efforts to increase
its current and quick ratio. The management of Future limitedshould also increase debt capital to

make a perfect balance of equity capital and debt capital in the financial position. The amount of
500000 pounds can be invested by the investor based on EPS ratio. Dividend payout ratio from
2015-2018 was zero percent and in 2019 the company declared a dividend of 51%. Company is
paying to all its shareholders a dividend of 0.05 pounds per share. This means that the company
is also paying high percentage of dividends from 2019. Earlier the company used to retain all the
profits to invest in some other portfolio. The management should also focus on increasing the
solvency as well as cash ratio.
Part B
Strategies and Corporate policies
The company main strategy is to increase the business channels and also to diversify the
geographical market. Company also looks for small opportunities that will lead to a big
transformational deal. Loyal communities have been created to increase the global channel. The
organization is diversifying its business by strategies of diversification, expansion, and strategic
partnership and also by acquiring similar business. The diversifying models have also been re-
engineered to increase revenue streams. Company follows a systematic approach to review and
evaluate its brands. Clear deliverables and the key timelines are managed by the steering
committee. The brands which are non-core and are non-value added have been disposed of by
the organization. Company in 2019 closed 9 of their brands. Induction program and living wage
have also been introduced in 2018.Company has also signed to publish four new editions in local

language. Firm also appoints due diligence office every year to examine the fraud or error in the
financial statement. The management also follows the method of shifting the employees from
time to time from one branch to another branch so that any fraud done by the staff or employees
will be caught by the proper officer. The work of one staff is properly reviewed and scrutinized
by the senior employee. Management has located the New York employees in Manhattan branch.
Almost 300 staff has been moved to Manhattan. With innovative operating model the migration
plan has shown rapid growth. The websites are refreshes in every 4 to 12 months by the
technological department.
The firm has acquired brands such as Heymaerket and NewBay which has been fully integrated.
There are many competitors of Future PLC., who are giving strong competition to Future PLC.
Competitors such as EMAP PLC.,Archant limited, PRIMEDIA INC., F+W media INC are the
main rivals of Future PLC. One of the main competitors of the company is Archant limited
which is also a British company and is the publisher of 50 newspaper and 80 magazines while
Future PLC has the agreement to publish only 50 magazines. There are almost 1250 employees
who are working with Archant limited while only 1200 employees are working under the direct
payroll of Future PLC limited. In 2018 a total of 87.2 million pounds revenue has been reported
by the Archant limited while revenue of 124.6 million pounds has been shown in the financial
report of 2018 of Future PLC.
New products have been launched and are marketed with the help of online advertising and the
products are sold through ecommerce methods. Company has successfully launched
Realhomes.com sites which have shown a drastic growth. There are almost 89000 subscribers
reported in 2018. The newsletter subscriber has been reached to 298000. The technology
platform has been leveraged and the brandsalso been diversified. Seventy percent of the total
income in the financial year (FY) 2019 derived from media business. The EBIT in FY 2018 was
16% and rose by 9% in 2019 due to huge expansion of different core brands. Three
acquisitionshave been made in the last 12 months because of which the mainstream revenue
increased. The firm purchased the Mobile Nations which was a leading digital publisher of US.
The owner of Future PLC in the initial stages of acquisition paid 60 million dollars to the owner
of Mobile Nations and a deferred consideration of 55 million dollars paid at a later stage.

There are The Company each year conducts ethical audits and environmental audits by the
statutory auditor appointed by the management of Future PLC. The company adheres to the
standard of socio-economic, strict environmental and sustainable management. The paper
merchant of the organization holds FSC certificate and commits to supply paper from sustainable
sources. The paper which was used in 2018 was 90% FSC certified. The company uses
sophisticated techniques to decrease unsold magazines. Recycling of wastes is the main CSR
commitment of the firm. In 2018 the ratio of female: male staff or employees increase to
41:59%. There have been no cases filed till date of harassment or any kind of discrimination in
the organization. An inclusive and transparent culture has been developed regardless of race,
ethnicity, gender, and background.

Corporate impression and communication management
The earning management concept is not a new concept. It is a worldwide concept. Potentials
management of earnings has become an important concern nowadays. Earning management take
place where the management applies judgment and assumptions to alter the financial transactions
and financial report. It is commonly known that the Future PLC main earnings are their net profit
and net income. The earning of the company is the most important component in statement of
financial position. The researcher uses the element of earning to analyze future PLC
performance. According to Chen (2010), manipulation can be done in the annual report of the
company to decrease or increase the profit or earning. Management can also change the
accounting technique or method from accrual to cash basis. The subscribers of IPO have to suffer
with substantial loss if the financial statement is falsely reported by Future PLC accountant.
There are different costs that are associated with the misleading of annual or audit report such as
decrease of company reputation, litigations cost, and loss in the flexibility of future accounting.
Impression management
It is the unconscious or conscious attempt so that one can attempt to handle or control graphs or
images that are forecasted in real. The Director Responsibility statement has been examined in
this section.
Director statement of responsibility (annual report, 2019)
The company directors are committed to prepare the financial statement and annual report. The
regulation and terms of company law require the director to prepare the statement of affairs.
According to Mickels (2009), the directors are not required to approve the annual report if they
are not sure about the true and fairness of financial report. Company directors have been given

all the responsibility from signing the management report to appointing the auditors. Their work
should be allocated to senior executives. Material misstatement in the annual report should be
reviewed and rectified by auditors or by any certified accountant. The responsibility of
safeguarding the company assets should shift from directors to any other senior employee. So
much of responsibility to the directors of Future PLC can lead to human errors. The time saved
from all these activities will be allotted to some other material work.

Referencing
Chen, T. (2010). Analysis on accrual-based models in detecting earnings management. Lingnan
Journal of Banking, Finance and Economics, 2(1), 5.
Jiang, Z., & Lie, E. (2016). Cash holding adjustments and managerial entrenchment. Journal of
Corporate Finance, 36, 190-205.
Kamaluddin, A., Ishak, N., & Mohammed, N. F. (2019). Financial Distress Prediction Through
Cash Flow Ratios Analysis. International Journal of Financial Research, 10(3), 63-76.
Kamar, K. (2017). Analysis of the effect of return on equity (ROE) and debt to equity ratio
(DER) on stock price on cement industry listed in Indonesia stock exchange (IDX) in the
year of 2011-2015. IOSR Journal of Business and Management, 19(05), 66-76.
Lewis, C. M., & Tan, Y. (2016).Debt-equity choices, R&D investment and market
timing. Journal of financial economics, 119(3), 599-610.
Mickels, A. (2009). Beyond corporate social responsibility: Reconciling the ideals of a for-
benefit corporation with director fiduciary duties in the US and Europe. Hastings Int'l &
Comp. L. Rev., 32, 271.
Öztürk, H., &Karabulut, T. A. (2018). The Relationship between Earnings-to-Price, Current
Ratio, Profit Margin and Return: An Empirical Analysis on Istanbul Stock
Exchange. Accounting and Finance Research, 7(1), 109-115.
Singh, S. (2017).Ratio Analysis in Manufacturing Sector-A Study. International Journal of
Innovative Research in Engineering and Management, 4.

Appendices
Table A
Future Plc.
Summary of Profitability Statement and Ratios
Yearly Comparison
Amount in € million
SL. No. Particulars 2019 2018 2017 2016 2015
A Net Sales 221.50 130.10 84.40 59.00 59.80
B Operating Expenses 194.80 124.80 83.60 73.20 61.50
C Operating Profit 26.70 5.30 0.80 (14.20) (1.70)
D Profit before deducting tax 12.70 4.40 0.20 (14.90) (2.30)
E Net Profit 8.10 2.90 1.60 (14.20) (1.30)
F Operating Expenses (as a % of sales) 87.95% 95.93% 99.05% 124.07% 102.84%
G Operating Profit margin 12.05% 4.07% 0.95% -24.07% -2.84%
H Net Profit margin 3.66% 2.23% 1.90% -24.07% -2.17%
I Earnings per share (€) 9.90 5.10 3.70 (3.90) (0.40)
Future Plc.
Statement of Profit or Loss
Amount in millions of £
Particulars 2019 2018 2017 2016 2015

Revenue 221.50 130.10 84.40 59.00 59.80
Less: Operating Expenses (194.80) (124.80)
(83.60
) (73.20) (61.50)
Operating Profit 26.70 5.30 0.80 (14.20) (1.70)
Add: Interest income 0.80 - 0.10 - -
Less: Interest expenses (15.00) (0.90) (0.70) (0.70) (0.60)
Add: Other income 0.20 - - - -
Profit before deducting tax 12.70 4.40 0.20 (14.90) (2.30)
Less: Tax (4.60) (1.50) 1.40 0.50 0.30
Profit after deducting tax 8.10 2.90 1.60 (14.40) (2.00)
Add: Profit from discontinued operations - - - 0.20 0.70
Total Profit for the year 8.10 2.90 1.60 (14.20) (1.30)
Earnings per share (EPS in pence) 9.90 5.10 3.70 (3.90) (0.40)
Dividend per share (DPS in pence) 0.05 - - - -
Future Plc.
Balance Sheet
Amount in millions of £
SL.
No. Particulars 2019 2018 2017 2016 2015
I Equity & Liabilities
A Equity
Equity Share Capital 12.50 12.20 6.80 3.70 3.30
Total Equity (A) 12.50 12.20 6.80 3.70 3.30

B Reserves
Securities Premium 97.20 97.20 47.40 27.60 24.80
Accumulated Profits/(losses) (36.40) (61.40)
(115.10
) 4.00 9.90
Merger Reserve 140.40 124.90 122.50 - -
Treasury Reserve (0.30) (0.30) (0.30) - -
Total Reserves (B) 200.90 160.40 54.50 31.60 34.70
C Non-Current Liabilities
Long-term Loans and Borrowings (Interest bearing) 42.60 15.70 16.90 - -
Other Payables 10.90 - - - -
Provisions 2.10 2.80 2.60 - -
Deferred Tax Liabilities 0.40 5.10 4.60 - -
Tax Payable - - - 2.60 3.50
Other non-current liabilities 0.40 0.50 0.60 - -
Total Non-Current Liabilities (C) 56.40 24.10 24.70 2.60 3.50
D Current Liabilities
Short-term Loans and Borrowings (Interest bearing) 4.30 8.50 3.20 3.30 12.20
Trade Payables 62.40 48.40 29.90 2.40 124.00
Tax Payable 6.00 1.10 3.20 0.90 0.90
Other Payables 43.90 - - - -
Financial Liabilities (Derivatives) - - 0.10 - -
Total Current Liabilities (D) 116.60 58.00 36.40 6.60 137.10
Total Equity & Liabilities (A+B+C+D) 386.40 254.70 122.40 44.50 178.60
II Assets
E Non-Current Assets
Property, Plant & Equipment 2.50 1.70 1.00 - -

Intangible Assets 329.00 203.40 92.30 - -
Investments 0.20 0.20 0.20 1.00 131.90
Deferred Tax Assets 3.70 5.30 4.40 - -
Total Non-Current Assets (E) 335.40 210.60 97.90 1.00 131.90
F Current Assets
Inventories - - 0.70 - -
Trade and other Receivables 41.90 37.60 13.60 43.50 46.70
Finance Assets (Derivative) 1.40 - - - -
Cash and cash equivalents 6.60 6.40 10.10 - -
Tax Receivables 1.10 0.10 0.10 - -
Total Current Assets (F) 51.00 44.10 24.50 43.50 46.70
Total Assets (E+F) 386.40 254.70 122.40 44.50 178.60
Future Plc.
Consolidated Statement of Cash Flows
Amount in € million
Particulars 2019 2018 2017 2016 2015
Cash from/(used) in operations 53.70 14.70 12.00 3.10 (7.50)
Interest paid (1.50) (0.90) (0.60) (0.40) (0.60)
Receipts towards tax - - - 0.10 0.50
Tax paid (3.10) (4.00) (1.40) (0.80) (1.00)
Cash Flow From/(used in) Operating Activities 49.10 9.80 10.00 2.00 (8.60)
Acquisition of property, plant and equipment (1.40) (1.20) (0.60) (0.20) (0.20)
Acquisition of computer software (2.60) (1.20) (1.20) (1.70) (1.80)
Acquisition of magazine heads and websites (1.60) - (0.80) (0.60) -
Acquisition of undertakings (net of liabilities) (64.60 (117.10) (31.80) (0.30) -

)
Disposal of magazine heads and websites 0.40 - 0.20 - 0.10
Disposal of property, plant and equipment - - - - 1.20
Cash Flow From Investing Activities
(69.80
) (119.50) (34.20) (2.80) (0.70)
Proceeds from issue of shares - 105.70 22.00 3.30 -
Cost of issuing shares - (3.40) (1.00) (0.20) -
Loan from banks 84.20 7.40 23.30 4.60 3.50
Repayment of bank loans
(68.40
) (3.30) (12.00) (5.70) -
Bank overdraft 4.30 - - - -
Bank charges (0.80) (0.10) (0.70) - (0.20)
Acquisition of derivatives (0.70) - - - -
Payments towards finance lease - - (0.10) (0.10) -
Dividend paid (0.40) - - - -
Cash Flow From Investing Activities 18.20 106.30 31.50 1.90 3.30
Net Increase/(decrease) in Cash and Cash Equivalents (2.50) (3.40) 7.30 1.10 (6.00)
Add/(Less): Effect of exchange rate fluctuations 2.70 (0.30) (0.10) 0.20 0.10
Add: Opening Cash and Cash Equivalents 6.40 10.10 2.90 1.60 7.50
Closing Cash and Cash Equivalents 6.60 6.40 10.10 2.90 1.60
Future Plc.
Analysis of Financial Ratios
Yearly Comparison

Particulars 2019 2018 2017 2016 2015
1. Net Working Capital
(a) Current Assets 51.00 44.10 24.50 43.50 46.70
(b) Current Liabilities 116.60 58.00 36.40 6.60 137.10
Net Working Capital (a-b) (65.60) (13.90) (11.90) 36.90 (90.40)
2. Current Ratio
(a) Current Assets 51.00 44.10 24.50 43.50 46.70
(b) Current Liabilities 116.60 58.00 36.40 6.60 137.10
Current Ratio (a/b) 0.44 0.76 0.67 6.59 0.34
3. Quick Ratio
(a) Current Assets 51.00 44.10 24.50 43.50 46.70
(b) Inventories - - 0.70 - -
(c) Quick Assets (a-b) 51.00 44.10 23.80 43.50 46.70
(d) Current Liabilities 116.60 58.00 36.40 6.60 137.10
Quick Ratio (c/d) 0.44 0.76 0.65 6.59 0.34
4. Asset Turnover Ratio
(a) Sales 221.50 130.10 84.40 59.00 59.80
(b) Total Assets 386.40 254.70 122.40 44.50 178.60
Asset Turnover (a/b) 0.57 0.51 0.69 1.33 0.33
5. Operating Profit Margin
(a) Operating Profit 26.70 5.30 0.80 (14.20) (1.70)
(b) Sales 221.50 130.10 84.40 59.00 59.80
Operating Profit Ratio [(a/b)x100] 12.05% 4.07% 0.95% -24.07% -2.84%
6. Net Profit Margin
(a) Net Profit 8.10 2.90 1.60 (14.20) (1.30)
(b) Sales 221.50 130.10 84.40 59.00 59.80

Net Profit Ratio [(a/b)x100] 3.66% 2.23% 1.90% -24.07% -2.17%
7. Return on Equity
(a) Profit after tax 8.10 2.90 1.60 (14.20) (1.30)
(b) Total Equity 213.40 172.60 61.30 35.30 38.00
Return on Equity [(a/b)x100] 3.80% 1.68% 2.61% -40.23% -3.42%
8. Debt-Equity Ratio
(a) Long Term Debts 42.60 15.70 16.90 - -
(b) Total Equity 213.40 172.60 61.30 35.30 38.00
Debt-Equity Ratio (a/b) 0.20 0.09 0.28 - -
9. Capital Gearing Ratio
(a) Total Equity 213.40 172.60 61.30 35.30 38.00
(b) Long Term Debts 42.60 15.70 16.90 - -
Capital Gearing Ratio (a/b) 5.01 10.99 3.63 0.00 0.00
10. Total Investment to Long-term Liabilities
(a) Total Investment 0.20 0.20 0.20 1.00 131.90
(b) Long-term Liabilities 56.40 24.10 24.70 2.60 3.50
Total Investment to Long-term Liabilities 0.00 0.01 0.01 0.38 37.69
11. Ratio of Fixed Assets to Funded Debts
(a) Fixed Assets 294.60 260.10 252.10 232.60 224.00
(b) Total Debts 237.90 125.80 86.40 123.10 51.30
Ratio of Fixed Assets to Funded Debts (a/b) 1.24 2.07 2.92 1.89 4.37
12. Ratio of Current Liabilities to Proprietors' Funds
(a) Current Liabilities 116.60 58.00 36.40 6.60 137.10
(b) Proprietors' Funds 213.40 172.60 61.30 35.30 38.00
Current Liabilities to Proprietors' Funds (a/b) 0.55 0.34 0.59 0.19 3.61
13. Ratio of Reserves to Equity Capital

(a) Total Reserves 200.90 160.40 54.50 31.60 34.70
(b) Total Equity Capital 12.50 12.20 6.80 3.70 3.30
Ratio of Reserves to Equity Capital 16.07 13.15 8.01 8.54 10.52
14. Dividend Payout Ratio
(a) Dividend per share 0.05 0.00 0.00 0.00 0.00
(b) Earnings per share 9.90 5.10 3.70 -3.90 -0.40
Dividend Payout Ratio 0.51% 0.00% 0.00% 0.00% 0.00%
15. Cash Ratio/Absolute Liquidity Ratio
(a) Cash and cash equivalents 6.60 6.40 10.10 - -
(b) Current Liabilities 116.60 58.00 36.40 6.60 137.10
Cash Ratio (a/b) 0.06 0.11 0.28 0.00 0.00
16. SolvencyRatio
(a) Net Profit 8.10 2.90 1.60 (14.20) (1.30)
(b) Total Liabilities 173.00 82.10 61.10 9.20 140.60
Solvency Ratio (a/b) 0.05 0.04 0.03 (1.54) (0.01)
Future Plc.

Corporate Key Performance Indicators
Amount in millions of £
Particulars 2019 2018 2017 2016 2015
Revenue 221.50 130.10 84.40 59.00 59.80
Operating Profit/(Loss) 26.70 5.30 0.80 (14.20) (1.70)
Net Profit 8.10 2.90 1.60 (14.20) (1.30)
Free Cash Flow 53.70 17.40 15.30 4.60 (4.30)
Earnings per share (EPS in pence) 9.90 5.10 3.70 (3.90) (0.40)
Dividend per share (DPS in pence) 0.05 - - - -

Director statement