Update: FY15’s strong rebound sets good growth platform
Next Fifteen’s results for the 12 months (FY15) and 18 months to January 2015, following a change in the year-end, show good progress. Revenue in FY15 rose 10.6% to £109.2m, with organic growth of 6.1%. In addition to continued strong performance in the US, the group has achieved a solid recovery in operating margins in the UK, Europe and Asia, following management implementing initiatives to improve the group’s profitability. Normalised FY15 PBT came in at £12.5m, nicely ahead of our estimate by £0.5m. Together with strategy focused on creating a new type of globally integrated marketing business, the group appears to have established a good future growth platform. Reflecting this and management stating that FY16 has got off to an encouraging start, we raise our FY16 normalised EPS estimate by 2.0p to 14.6p and initiate the same for FY17 at 16.1p.Next Fifteen Communications Group is a communications group. Co. is centered on the technology of marketing: data, insight, analytics, apps, content platforms and content itself. Co. owns 17 marketing businesses. Co. comprises agencies spanning digital content, marketing, PR, consumer, technology, marketing software, market research, public affairs and policy communications. All brands operate as autonomous businesses, allowing Co. to service competing clients. Co.'s sectors include digital, digital content, policy communications, investor relations, marketing software, market research, consumer, and technology.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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