Analyst Research Report Snapshot

Title:

NEXT FIFTEEN COMMUNICATIONS - BITE MARS STRONG US GROWTH IN FY13

Price:

$10.00

Provider:

Edison Investment Research

Date:

05 Nov 2013

Pages:

12

Type:

AcrobatPDF

Companies referenced:

NFC.L

Available for Immediate Download
Summary:

Next Fifteen’s FY13 results have been marred by accounting issues at its Bite subsidiary. This has eaten into FY13’s normalised pre-tax profit, which fell 20% to £7.7m. The finance director stepped down last week – an interim finance director is being recruited while the search for a permanent replacement goes on. Despite the c £1.6m impact of these issues, the group reported operating cash flow of £11.2m (FY12: £10.1m) and net debt decreased to £1.8m from £2.6m at FY12 year-end. Group net revenue for the year of £96.1m, up 4.9% on FY12, was just £0.4m below our estimate, aided by strong 10% organic growth in the US. In the absence of further detail on Bite, we are reducing our FY14 estimate marginally, dropping revenue by £1m, normalised pre-tax by £0.7m and EPS by 0.4p.

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