Forbes has become the latest media company to unveil financial figures that show significant growth in 2021.
In spite of the challenges of the ongoing pandemic the company’s year-to-date 2021 revenue increased 34 percent to $165 million.
Much of the growth has been attributed to Forbes’ consumer business, which was up 83 percent year-over-year. In particular it has attained triple-digit growth year-over-year from Marketplace revenue, the consumer finance platform, as well as double-digit growth from Forbes Vetted, the company’s affiliate shopping site.
The growth shifted the company back to profitability after difficult trading conditions in 2020. The company claims a net income of $19.5 million for year-to-date 2021, compared to net loss of $2.8 million for the same period in 2020.
The growth has also generated record levels of cash flow of $28 million (i.e., net cash provided by operating activities of $32.7 million less net cash used in investing activities of $4.8 million) through September 30, 2021, equal to 83 percent of Adjusted EBITDA.
The results follow the announcement in August that the company is pursuing a business combination with Magnum Opus Acquisition Limited (NYSE: OPA) via a publicly traded SPAC.
The transaction will close either in late fourth quarter 2021 or early first quarter 2022. Forbes claims the deal will further enhance its technological stack and enhance its data offering.
Forbes isn’t the only large media company reporting a good year to date. Earlier this week Future PLC reported record growth in its Full Year results for 2021, posting total revenues of £606.8m (FY 2020: £339.6m).