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Client research

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NFG - H1 results – resilient performance and outlook

October 2023

The H1 results will have come as a surprise to those expecting Next 15 to deliver the earnings shock we have seen from others in the sector and which the share price has been clearly discounting. Whilst the trading environment in H1 has been tough; Next 15 has navigated this period well. The trading outlook for H2 is not without its challenges but the breadth of the Next 15 portfolio is holding it in good stead, with three of the group’s four segments still delivering positive organic growth.

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SThree - Q3 update – Early signs of improvement, in-line outlook

September 2023

The trading backdrop for SThree through the last three quarters has been consistent; a challenging backdrop for new business, offset by resilience in contract extensions and renewals for the contractor order book. Q3 paints a broadly similar picture although the tone of commentary around new business is more optimistic and we can now see a clear sequential net fee improvement between Q2 and Q3 when we adjust for the businesses restructured earlier in the year (Ireland and Singapore).

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SThree - H1 results – No change to outlook, best margins in the peer group

July 2023

H1 results provide more detail, context and a more up to date take on the trading environment following the Q2 trading update. The results lay clear the extent to which SThree has been able to protect margins (unlike others in the peer group) despite the significant investment in the Technology Improvement Programme, which itself lays the ground for future margin outperformance.

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AGM trading update – Profit outlook in-line

July 2023

The AGM trading update has underscored the breadth and resilience of Next 15’s portfolio. Three of Next 15’s four core segments are continuing to deliver healthy organic revenue growth although the more mature Customer Engagement segment has dipped into negative territory.

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SThree PLC - H1 update – Clear blue water opening up to peers

June 2023

The H1 trading update has confirmed the trends seen in the Q1 update. Contract extensions and renewals continue to outperform initial expectations whilst new business activity remains challenging.

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Next 15 Group PLC - FY results ahead of expectations

April 2023

Full year results to Jan 2023 are in-line with our revenue expectations but are +2% ahead for PBT. Net cash of £26.1m is also better than originally expected.

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SThree PLC - Q1 update – Solid start, no change to estimates

March 2023

Against a softening macro backdrop, the solidity of SThree’s Q1 net fee outcome; +4% YoY at constant currency (+9% post FX), speaks volumes to the resilience of SThree’s differentiated focus on both Contract (now 81% of net fees) and STEM disciplines.

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SThree PLC - FY results – Strong finish to year, ahead of initial expectations

February 2023

Final results show a performance that was significantly ahead of expectations at the start of the year.

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Next Fifteen Communications Group PLC - FY23e full year trading update – In-line with expectations

January 2023

Next Fifteen (NFC) has published its scheduled full year trading update for the twelve months ended January 2023. The key headline is that, despite choppy macro waters, trading performance has remained in-line with expectations.

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Next Fifteen Communications Group PLC - Impressive H1 results – outlook maintained

September 2022

The market reaction to these impressive H1 results (shares down -10%) reveals more about the state of the broader market than as a definitive conclusion on the NFC outlook.

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