REG-Next 15 Group plc Trading Statement

Next 15Announcement

06/09/2024 07:00

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Trading Statement

 

6 September 2024

Next 15 Group plc (“Next 15”)

Contract non-renewal and trading update

Next 15 has been notified that the contract with Mach49’s largest customer
has not been renewed after its initial three-year term and will now end on 31
December 2024. This contract had been expected to contribute just over £80m
of revenue in FY26. While we anticipate that the client will continue to use
Mach49’s services in the future, we believe it is prudent to materially
reduce forecasts for the financial year to 31 January 2026. This will in turn
reduce the earnout obligation to Mach49’s shareholders due over the next
three years.

While the Group has seen strong performances from a number of its
consumer-facing businesses, it has continued to see an ongoing weakness in
spend from its technology customers as well as a reduction in revenues from
its public sector clients. As a result of these factors and the contract
ending which will impact the last month of the fiscal year, the Board now
believes FY25 revenue will be lower than planned, and profits to be materially
below management expectations.

The Group will announce its interim results on 17 September 2024.
 Enquiries                                                                                      
 Next 15 Group plc                                                                              
 
                                           
                                                  
 
Tim Dyson, Chief Executive Officer         
+1 415 350 2801                                   
 
                                           
                                                  
 
Peter Harris, Chief Financial Officer      
+44 (0)7712 488919                                
 
                                           
                                                  
 
                                           
                                                  
 
                                           
                                                  
 
Deutsche Numis (Nomad & Joint Broker)      
+44 (0)20 7260 1000                               
 Mark Lander                                                                                    
 
                                                                                              
 
Hugo Rubinstein                                                                               
                                                                                                
 Berenberg (Joint Broker)                    +44 (0)20 3207 7800                                
 Ben Wright                                                                                     
 
                                                                                              
 
Mark Whitmore                                                                                 
                                                                                                
 MHP                                         +44 (0)20 3128 8013                                
 
                                           
                                                  
 
Simon Evans                                
Next15@mhpgroup.com (mailto:Next15@mhpgroup.com)  
 
                                                                                              
 
Eleni Menikou                                                                                 
 
                                                                                              
 
Veronica Farah                                                                                


 



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Next 15 Group plc


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