LONDON—Next Fifteen Communications Group, parent of Text 100, Bite Communications and several other technology and consumer focused public relations brands, has announced a revenue increase of 3.6 percent for the year ended July 31, 2009. The company ended the year with revenues of £65.4 million ($108 million) up from £63.1 million in 2008.
However, profits were down considerably, with a pre-tax profit of £3.2 million compared to £5.5 million last year. Much of the decline was attributed to restructuring costs—including the merger of Inferno and Bite—and currency fluctuations.
According to chairman Will Whitehorn, Next Fifteen “has continued to make progress over the last year in developing the company`s global reach and breadth of client services against a difficult economic impact from which it has not been immune. During the year revenues continued to grow but profits were impacted by both restructuring and adverse currency movements.
“However, despite £4.5 million of acquisition related payments the group maintained a healthy net cash position well ahead of forecasts, closing the year with £1.8 million of net cash.
Whitehorn highlighted the acquisition of M Booth & Associates in New York and the agreement to buy Upstream Asia among the firm’s accomplishments over the past 12 months. He said the company has expanded its relationship with a number of clients including IBM, AMD and Cisco and won new retained clients including Skype, SanDisk, Intuit Inc and HP.
Finally, the company announced plans to launch a new digital communications agency.
In conclusion, says Whitehorn: “We face the year ahead with increased confidence of a continued recovery and a business well placed to benefit from the increasingly global client base we have carried on developing during the downturn."