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NFC: Next Fifteen Comm: Trading Statement



  NFC: Next Fifteen Comm: Trading Statement

UK Regulatory Announcement

LONDON

NEXT FIFTEEN COMMUNICATIONS GROUP PLC

AGM TRADING UPDATE

At the AGM to be held today at 3.30 pm, Richard Eyre, Chairman of Next Fifteen
Communications Group plc (the "Group"), will make the following comments with
regard to trading and the business since the start of the current financial
year, 1 August 2012:

“Next 15 is pleased to report that it has made further good progress in the
new financial year as it continues to evolve its business away from a
collection of traditional PR agencies to a group focused on social and digital
marketing services. The Group is seeing strong growth in its new services as
evidenced by recent wins that include: Viacom, Virgin Management and Verizon.
Traditional services continue to decline as a proportion of the Group's
revenues as clients move marketing spend towards social and digital
initiatives. Looking forward, an investment has been made in a new insight
business, as foreshadowed in the business review of the annual report. This
agency will launch in the spring of this year. Furthermore the Group is
pleased by the strong new business pipeline it is experiencing in its key
markets.

The Group has concluded its investigations into the fraud, which took place in
its Bite North American subsidiary and was reported to shareholders in
November. This investigation has resulted in new procedures being implemented
and some additional resources being added to the finance team. The cost of the
investigation will add approximately £300,000 to this financial year. The
additional on-going resources will cost around £250,000 per year, but this
cost will only start in the second half of this financial year. In concluding
the investigation we believe there will be no further write-offs beyond those
already outlined in the last annual report.

Without the one-time costs relating to the fraud investigation and resulting
staff changes, the Group is expecting to meet management targets for the full
year, but first-half profits will be held back by the planned investments in
the new insight business and staff transitions in some of the traditional
businesses. The Group’s balance sheet remains strong, which enables it to
continue to look at a mix of organic investments and acquisitions, which it is
actively exploring.

Economic conditions in some of the Group’s main areas of activity have
improved, however as always, currency volatility and visibility of client
budgets remain as risk factors.

We anticipate releasing our interim results on 23 April 2013".

Name of contacts and telephone number for queries:

Next Fifteen Communications Group plc    
Tim Dyson, CEO                            +1 415 350 2801
David Dewhurst, Finance Director          07974 161183
 
Canaccord Genuity Limited
Simon Bridges                             020 7523 8000
Henry Fitzgerald-O`Connor
                                           

Contact:

Next Fifteen Communications Plc
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