UK's Next 15 Group plummets as contract non-renewal to hit results

Next 15

06/09/2024 08:58

** Shares of Next 15  NFGN.L  slump 48.8% to 424p
    ** The UK-based consultancy said contract with its unit
Mach49's largest customer has not been renewed 
    ** Contract was expected to contribute about 80 million
pounds ($105.5 million) of revenue in FY26
    ** Now sees FY25 revenue to be lower than planned, with
profits materially below expectations
    ** Group has been experiencing weakness in technology client
spend and reduction in spend by public sector clients
    ** Stock fell about 49% YTD
 
 ($1 = 0.7587 pounds)

 (Reporting by Yamini Kalia in Bengaluru)
 ((Yamini.Kalia@thomsonreuters.com;))