Jan 24, 2024

January 2024 Trading Update

Next 15 is pleased to provide an update on FY24 trading.


  • Robust trading across all segments continues with revenue growth in H2 expected to be up 1% year-on-year
  • 3% year-on-year revenue growth expected for full year
  • Results for the year to 31 January 2024 expected to be in line with management expectations - Recent wins give confidence that growth will accelerate in the new financial year

As announced at the time of our Capital Markets Day on 28 November 2023 our performance continues to be robust across the Group.

We expect to report another year of growth, with full-year net revenue, profits and earnings per share in line with management expectations despite the ongoing macroeconomic headwinds, demonstrating the resilience of our diversified, decentralised business model. Despite inflationary pressures, full-year operating margins are expected to slightly increase compared with last year, reflecting an improvement in trading from businesses integrated following the Engine acquisition, and tight cost control across the Group.

The Group has had a successful series of new business wins over the last three months such as Uber for Business for Agent3 Group, and SMG being appointed as Asda’s new retail media network operator. We have also grown relationships with a number of our existing clients including Salesforce and Procter & Gamble giving us confidence that our growth will accelerate in the year to 31 January 2025.

The Group’s balance sheet remains strong, and we expect to be in a modest net debt position at the year-end. The Group maintains a disciplined approach to capital allocation which enables it to take advantage of strategic and bolt-on acquisition opportunities as they arise.

In September last year we announced a share buyback to a maximum of £30m with up to £10m expected to be spent by 31 January 2024. As of this morning we had invested £4.5m buying back 603,912 shares which have been cancelled. The Board has decided to continue this policy and has reinstructed Deutsche Numis to acquire up to a further £10m worth of shares by the end of April 2024.

The Group will announce its results for the year to 31 January 2024 on 16 April 2024.


Next 15 Group plc
Tim Dyson, Chief Executive Officer
+1 415 350 2801

Peter Harris, Chief Financial Officer
+44 (0)20 7908 6444

Deutsche Numis (Nomad & Joint Broker)
Mark Lander Hugo Rubinstein
+44 (0)20 7260 1000

Berenberg (Joint Broker)
Ben Wright Mark Whitmore
+44 (0)20 3207 7800

Simon Evans
Eleni Menikou
Veronica Farah
+44 (0)20 3128 8100

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