Next 15 Group (NFG) investor relations material

Executive summary

• H1 LFL net revenue fell 1.3% at constant currency; adjusted operating margin rose to 14.9%.

• Organic growth returned for three consecutive months in June–August, the first sustained run in three years; monthly growth continued through September.

• Portfolio simplification reduced the number of businesses from 22 to 10, with investment focused on data, technology and AI-enabled businesses in structurally growing markets.

• Track 1 grew revenue and operating profit, while cost discipline and simplification supported improved group margins.

Financial highlights

• Net revenue was £214.9m, down 6.9% reported and 1.3% LFL at constant currency; divestments reduced reported revenue by over £11.5m.

• Adjusted operating profit was £32.1m versus £32.7m; adjusted operating margin rose to 14.9% from 14.2%.

• Adjusted PBT was £30.2m versus £30.9m; diluted adjusted EPS was 20.7p versus 21.4p, down 3.3%.

• Statutory loss before tax was £1.5m versus £15.8m profit; statutory diluted loss per share was 3.4p versus 10.4p earnings.

• Interim dividend was maintained at 4.75p per share, covered 4.4x by diluted adjusted EPS.

Outlook and guidance

• FY27 LFL revenue growth is expected, with revenue and adjusted operating profit in line with market expectations.

• June–September LFL revenue averaged 2% YoY growth; September growth was 5%.

• Priorities include resolving Mach49 arbitration, further portfolio actions, implementing the operating model, and investing in Track 1 and AI capabilities.

• Planned U.S. retail-media investment steps up in H2; Digital Transformation growth and new-business momentum support the outlook.

• FY26 restructuring savings of £26m are flowing through in FY27; constrained discretionary and technology spending keeps cost discipline a priority.