Final Results

LONDON--()-- 

Next Fifteen Communications Group plc

Results for the year ended 31 January 2020

Next Fifteen Communications Group plc (“Next 15” or the “Group”), the digital communications group, today announces its results for the year ended 31 January 2020.

Financial results for the year to 31 January 2020

 

Year ended 31 January
2020
£m

Year ended 31 January
2019
£m

Growth in results

Adjusted results1

 

 

 

Net revenue

248.5

224.1

11%

Operating profit after interest on finance lease liabilities2

40.9

37.0

11%

Operating profit margin3

16.4%

16.5%

 

Profit before tax

40.2

36.0

12%

Diluted EPS (p)

34.8p

33.1p

5%

 

 

 

 

Statutory results

 

 

 

Revenue

300.7

272.4

10%

Operating profit

19.4

20.7

(6%)

Profit before tax

5.6

18.8

(70%)

Diluted EPS (p)

2.5p

16.3p

(85%)

Net cash generated from operations

49.5

38.4

29%

1 Adjusted results have been presented to provide additional information that may be useful to shareholders through facilitating comparability with industry peers. Adjusted results are reconciled to statutory results within notes 2 and 3.

2 The application of IFRS 16 has led to operating lease charges previously recognised within operating profit to now be partially recognised in interest costs. We have therefore presented the current period operating profit after interest on finance lease liabilities to give a comparable figure to the prior year.

3 Operating profit margin is calculated using the adjusted operating profit after interest on finance lease liabilities in the current period in order to be comparable to the prior period. Adjusted operating profit margin is calculated based on net revenue.

Highlights

  • Group net revenue growth of 11% to £248.5m
  • Adjusted profit before tax up 12% to £40.2m
  • Adjusted diluted earnings per share increased by 5% to 34.8p
  • Net cash inflow from operations increased to £49.5m (2019: £38.4m)
  • Strong balance sheet with net debt of £9.3m at 31 January 2020 (2019: £5.2m)
  • We have not seen a material impact on the Group’s trading performance from Covid-19 to date but are anticipating our revenues and profits will be affected from May as some clients reduce spend due to the uncertainty. The timing of any recovery is hard to predict and therefore we are managing the business very tightly, whilst being mindful of any post Covid-19 opportunities
  • Significant client wins including DuPont, Google Cloud, O2

Commenting on the results, Chairman of Next 15, Richard Eyre said:

Over this year we have continued to deploy the highly effective marketing tools afforded by data and technology. This is no hasty pivot from specialist communications consulting, which was at the core of our business for our listing in 2005, but a continued evolution by acquisition and organic change, to ensure that our offer to customers is as contemporary as it is effective. This strategy continues to serve us well.

Looking to the current financial year, we have not seen a material impact on the Group’s trading performance from Covid-19 to date but are anticipating that our revenues and profits from some of our businesses will be materially affected from May as some clients reduce or delay spend due to the pandemic. On the other hand, we are expecting some businesses to see little or no impact. The timing of any recovery is hard to predict and therefore we are managing the business very tightly, whilst being mindful of any post Covid-19 opportunities.

Longer term, the Board remains confident of the Group’s underlying prospects. We believe we have the quality of people, the strategy and the financial strength to continue to outperform our marketplace.

For further information contact:

Next Fifteen Communications Group plc
Tim Dyson, Chief Executive Officer
+1 415 350 2801
Peter Harris, Chief Financial Officer
+44 (0) 20 7908 6444

Numis
Mark Lander, Hugo Rubinstein, Nick Westlake
+44 (0)20 7260 1000

Notes:

Net revenue
Net revenue is calculated as revenue less direct costs as shown on the Consolidated Income Statement.

Organic net revenue growth
Organic net revenue growth is defined as the net revenue growth at constant currency excluding the impact of acquisitions and disposals in the last 12 months.

Adjusted operating profit margin
Adjusted operating profit margin is calculated based on the operating profit after interest on finance lease liabilities as a percentage of net revenue.

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation.

Chairman and Chief Executive’s Statement

Current Trading and Impact of Covid-19

Next 15’s evolution towards a data, digital and consulting Group has put us in a better place to deal with the impact of Covid-19. Whilst we are not immune to macroeconomic forces, we are fortunate to have a large percentage of our revenues derived from business to business technology customers and only a small percentage from more business to consumer clients in the travel, hospitality and leisure sectors.

In terms of current trading, we have yet to see any material impact from Covid-19, with some clients switching spend away from live events into digital marketing and lead generation. The Group continues to win new work and has recently added DuPont, Google Cloud, O2 as new clients. However, we do anticipate our business will be significantly impacted from May as clients reduce spend due to the uncertainty. The Group currently expects two-thirds of the portfolio will see a negative impact from Covid-19, with revenues impacted by 5-25% depending on sector and specialism. The Group currently sees the rest of the portfolio as largely unaffected due to nature of product offering and customer base. This is our latest estimate of the impact this unfolding situation will have on trading for the year ahead and we will update the market at our AGM in June.

Given the macroeconomic backdrop, the Group has already drawn up contingency plans and taken a series of steps to reduce capital expenditure and short-term discretionary spending. We have adopted relevant Government employee furlough and tax deferral schemes in all the territories we operate in, and the Board and senior executives have taken pay reductions. Lastly, the Group has decided to suspend the final dividend, although it fully intends to resume dividend payments once the macroenvironment improves.

Given the measures outlined above, the Board is confident that Next 15 is well positioned to withstand this unprecedented period and can continue to progress with its growth strategy. Whilst the Group is actively working on how to best manage the current situation, it is also looking to the ‘Post Covid’ era to ensure it can capitalise on the shifts an event of this nature is likely to create in the market, including appropriate acquisition opportunities, product development and operational improvements.

Review of Adjusted Results to 31 January 2020

ADJUSTED RESULTS1

Year Ended
31 January 2020

Year Ended
31 January 2019

 

£’000

£’000

Net revenue

248,469

224,093

EBITDA

56,764

41,733

Operating profit after interest on lease liabilities

40,860

36,956

Operating profit margin

16.4%

16.5%

Net finance expense

(827)

(1,017)

Share of profits from associate

204

65

Profit before income tax

40,237

36,004

Tax rate on adjusted profit

20%

20%

Diluted adjusted earnings per share

34.8p

33.1p

1 Adjusted results have been presented to provide additional information that may be useful to shareholders through facilitating comparability with industry peers. Adjusted results are reconciled to statutory results within notes 2 and 3.

The last 12 months have been a period of progress and change across the Group. We have grown our total Group net revenues by almost 11% although they declined by 2% on an organic basis due to the previously flagged challenges at Beyond and Archetype. Excluding these two brands our organic growth was 10.5%. The operating profit margin dropped marginally to a still impressive 16.4%. Our Twogether, ODD, M Booth and Activate agencies have been stand out performers, whilst we have achieved solid performances across most of the portfolio.

In addition, there have been a number of operational improvements including progress on the Archetype brand particularly in the US. Beyond took longer to fix than we had hoped but trading in Feb and March 2020 has been encouraging with a return to profitability in both months. Also, we consolidated our market research agencies under the Savanta brand. This has had the benefit of simplifying the Group’s operating structure as well as increasing our underlying operating margin.

For the year to 31 January 2020, the Group delivered net revenue of £248.5m (2019: £224.1m), adjusted operating profit of £40.9m (2019: £37.0m), adjusted profit before income tax of £40.2m (2019: £36.0m) and adjusted diluted earnings per share of 34.8p (2019: 33.1p). Statutory revenue for the year was £300.7m (2019: £272.4m) which resulted in operating profit of £19.4m compared with £20.7m in the previous year. Diluted earnings per share were 2.5p, compared with 16.3p on the previous year.

The Group adjusted operating margin reduced marginally to 16.4% from 16.5% in the prior year.

Segment adjusted performance

 

Brand
Marketing
£’000

Data and
Analytics
£’000

Creative
Technology
£’000

Head
Office
£’000

Total
£’000

Year ended 31 January 2020

 

 

 

 

 

Revenue

160,242

59,446

81,023

300,711

Net revenue

135,036

45,054

68,379

248,469

Adjusted operating profit / (loss)

30,750

12,722

8,035

(9,051)

42,456

Adjusted operating profit / (loss) after interest on lease liabilities

29,930

12,697

7,774

(9,541)

40,860

Adjusted operating profit margin

22.2%

28.2%

11.4%

16.4%

Organic revenue (decline) / growth

(5.7)%

19.3%

(2.1)%

(2.0)%

Year ended 31 January 2019

 

 

 

 

 

Revenue

158,316

33,757

80,340

272,413

Net revenue

133,163

23,209

67,721

224,093

Adjusted operating profit / (loss)

29,580

7,171

9,489

(9,284)

36,956

Adjusted operating profit margin

22.2%

30.9%

14.0%

16.5%

Organic revenue growth

0.1%

30.6%

17.0%

6.4%

Brand marketing includes our Archetype, OutCast, M Booth, Blueshirt and Publitek agencies. During the year we acquired Health Unlimited based in New York and rebranded it as M Booth Health. Also, we acquired Nectar, a San Francisco based Tech Comms agency. The segment produced a satisfactory performance, with expected disruption from the launch of Archetype, causing an organic decline, offset by good trading from M Booth, Blueshirt and Publitek. Total net revenue increased by 1.4% to £135.0m with an organic decline of 5.7% but the adjusted operating profit increased by 1.2% to £29.9m at a held operating margin of 22.2%. Excluding Archetype, the segment’s organic net revenue growth was 2.8%.

The Data and analytics segment includes Savanta, Encore and our recently acquired Activate and Planning-inc agencies. During the year we merged Encore with Twogether, our B2B digital marketing agency. The segment achieved a very strong performance with net revenue of £45.1m, with an organic revenue growth of 19.3% and delivered adjusted operating profit of £12.7m at an operating margin of 28.2%.

The Creative technology segment includes our ODD, Elvis, Brandwidth, Beyond, Twogether, Agent3, Velocity and Palladium agencies. Palladium was acquired in April 2019. The segment delivered a mixed performance with Twogether, ODD and Agent3 excelling. Overall, the segment delivered net revenue growth of 1% to £68.4m with organic net revenue decline of 2.1%. Excluding Beyond, the segment’s organic net revenue growth was 20.3%. The adjusted operating profit declined by 18% to £7.8m at an operating profit margin of 11.4%.

Regional adjusted performance

 

UK
£’000

Europe &
Africa
£’000

US
£’000

Asia Pacific
£’000

Head
Office
£’000

Total
£’000

Year ended 31 January 2020

 

 

 

 

 

 

Revenue

119,551

10,631

153,481

17,048

300,711

Net revenue

97,377

8,820

127,563

14,709

248,469

Adjusted operating profit / (loss)

20,366

1,619

27,155

2,367

(9,051)

42,456

Adjusted operating profit / (loss) after interest on lease liabilities

20,094

1,587

26,421

2,299

(9,541)

40,860

Adjusted operating profit margin

20.6%

18.0%

20.7%

15.6%

16.4%

Organic revenue (decline)/growth

0.3%

0.4%

(4.6)%

4.8%

(2.0)%

Year ended 31 January 2019

 

 

 

 

 

 

Revenue

109,161

10,267

136,290

16,695

272,413

Net revenue

83,528

8,735

117,911

13,919

224,093

Adjusted operating profit

20,482

1,504

22,047

2,207

(9,284)

36,956

Adjusted operating profit margin

24.5%

17.2%

18.7%

15.9%

16.5%

Organic revenue growth/(decline)

15.5%

7.3%

2.8%

(2.1%)

6.4%

Our US businesses performed steadily led by our M Booth and Activate brands. In the year to 31 January 2020, total US net revenues grew by 8.2% to £127.6m from £117.9m which equated to an organic decline of 4.6%, taking account of movements in exchange rates. Organic growth has been impacted in the short term by difficult trading at Beyond and the expected disruption from the merger of Text and Bite to create Archetype. We acquired M Booth Health and Nectar in the year which have both made positive contributions. The adjusted operating profit from our US businesses was £26.4m compared with £22.0m in the previous 12 months to 31 January 2019.

The UK businesses have delivered a resilient performance over the last 12 months, with net revenue increasing by 16.6% to £97.4m from £83.5m in the prior period. This growth was due to exceptionally strong performances from our Twogether, ODD, Agent3 and Savanta agencies. The adjusted operating profit was £20.1m from £20.5m in the prior year and organic growth was 0.3% due to slow trading from Beyond and Archetype UK with the adjusted operating margin falling from 24.5% in the prior period to 20.6%.

We have delivered an encouraging performance in EMEA with good growth from Spain and France. Net revenue increased by 1% to £8.8m (2019: £8.7m) and adjusted operating profit increased to £1.6m at an improved adjusted operating margin of 18.0%.

In the APAC region net revenue increased by 5.7% to £14.7m (2019: £13.9m), however the operating margin decreased marginally to 15.6% from 15.9% in the prior period and the operating profit increased to £2.3m (2019: £2.2m).

Balance Sheet and Net Debt

The Group’s balance sheet remains in a healthy position with net debt as at 31 January 2020 of only £9.3m (2019: £5.2m), equating to 0.2x adjusted EBITDA. The net cash inflow from operating activities for the year to 31 January 2020 increased to £47.8m from £37.2m in the prior period. Our management of working capital improved with an inflow of £1.7m compared with £1.2m in the prior period. This resulted in our net cash generated from operations before tax being £49.5m (2019: £38.4m).

Over the period we invested £24.2m in acquisition-related payments of which £19.5m fell in the second half, and £5.3m in capital expenditure.

Cash flow KPIs

Year to
31 January
2020
£m

Year to
31 January
2019
£m

Net cash inflow from operating activities before changes in working capital

47.8

37.2

Working capital movement

1.7

1.2

Net cash generated from operations

49.5

38.4

Income tax paid

(6.0)

(6.2)

Investing activities

(28.3)

(37.2)

Dividend paid to shareholders

(6.8)

(5.2)

Proceeds from share placing

-

19.5

The Group operates a £40m revolving credit facility (“RCF”) with HSBC available until July 2022 and has a £20m term loan with £10m left to be repaid in equal instalments the last of which is in December 2021. The £40m facility is primarily used for acquisitions, although it could be used for working capital requirements and is due to be repaid from the trading cash flows of the Group. The facility is available in a combination of sterling, US dollar and euro at an interest margin dependent upon the level of gearing in the business. The Group also has a US facility of $7m (2019: $7m) which is available for property rental guarantees and US-based working capital needs.

As part of the facilities agreement, Next 15 must comply with a number of covenants, including maintaining the multiple of net bank debt before earn-out obligations to adjusted EBITDA below 1.75x and the level of net bank debt including earn-out obligations to adjusted EBITDA below 2.5x. Next 15 has ensured that it has complied with all of its covenant obligations with significant headroom.

NEXT FIFTEEN COMMUNICATIONS GROUP PLC

CONSOLIDATED INCOME STATEMENT

FOR THE YEARS ENDED 31 JANUARY 2020 AND 31 JANUARY 2019

 

 

Year ended
31 January 2020

Year ended
31 January 2019

 

 

Note

£’000

£’000

 

 

 

 

Billings

 

325,353

291,037

 

 

 

 

Revenue

 

300,711

272,413

Direct costs

 

(52,242)

(48,320)

Net revenue

2

248,469

224,093

 

 

 

 

Staff costs

 

171,180

153,247

Depreciation

 

13,196

4,199

Amortisation

 

13,211

9,624

Other operating charges

 

31,469

36,346

Total operating charges

 

(229,056)

(203,416)

Operating profit

2

19,413

20,677

 

 

 

 

Finance expense

6

(16,672)

(6,584)

Finance income

7

2,611

4,667

Share of profit from associate

 

204

65

 

 

 

 

Profit before income tax

3

5,556

18,825

 

 

 

 

Income tax expense

4

(2,717)

(4,299)

 

 

 

 

Profit for the period

 

2,839

14,526

 

 

 

 

Attributable to:

 

 

 

Owners of the parent

 

2,262

13,887

Non-controlling interests

 

577

639

 

 

2,839

14,526

Earnings per share

 

 

 

Basic (pence)

8

2.7

17.5

Diluted (pence)

8

2.5

16.3

 

NEXT FIFTEEN COMMUNICATIONS GROUP PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEARS ENDED 31 JANUARY 2020 AND 31 JANUARY 2019

 

Year ended
31 January 2020

 

Year ended
31 January 2019

 

 

£’000

£’000

 

 

 

Profit for the period

2,839

14,526

 

 

 

Other comprehensive (expense) / income:

 

 

Items that may be reclassified into profit or loss:

 

 

Exchange differences on translating foreign operations

(136)

2,886

Net investment hedge

(411)

(700)

 

(547)

2,186

Items that will not be reclassified subsequently to profit or loss

 

 

Revaluation of investments

(562)

(682)

Total other comprehensive (expense) / income for the period

(1,109)

1,504

Total comprehensive income for the period

1,730

16,030

 

 

 

Attributable to:

 

 

Owners of the parent

1,153

15,391

Non-controlling interests

577

639

 

1,730

16,030

 

NEXT FIFTEEN COMMUNICATIONS GROUP PLC

ADJUSTED RESULTS: KEY PERFORMANCE INDICATORS

 

Year ended
31 January 2020
£’000

Year ended
31 January 2019
£’000

Net revenue

248,469

224,093

Operating charges

(191,705)

(182,360)

EBITDA

56,764

41,733

Depreciation and Amortisation

(14,308)

(4,777)

Operating profit

42,456

36,956

Interest on finance lease liabilities

(1,596)

-

Operating profit after interest on finance lease liabilities

40,860

36,956

Operating profit margin

16.4%

16.5%

Net finance expense

(827)

(1,017)

Share of profits of associate

204

65

Profit before income tax

40,237

36,004

Tax

(8,046)

(7,200)

Retained profit

32,191

28,804

 

 

 

Weighted average number of ordinary shares

85,284,663

79,225,075

Diluted weighted average number of ordinary shares

90,936,482

85,016,204

 

 

 

Adjusted earnings per share

37.1p

35.6p

Diluted adjusted earnings per share

34.8p

33.1p

 

 

 

Cash inflow from operating activities before working capital changes

47,794

37,212

Cash outflow on acquisition-related payments

(24,173)

(29,554)

Net debt

9,346

5,177

 

 

 

Dividend (per share)

2.5p

7.56p

NEXT FIFTEEN COMMUNICATIONS GROUP PLC

CONSOLIDATED BALANCE SHEET AS AT 31 JANUARY 2020 AND 2019

 

 

31 January 2020

31 January 2019

 

 

 

Note

£’000

£’000

Assets

 

 

 

Property, plant and equipment

 

14,224

15,870

Right-of-use assets

12

41,655

-

Intangible assets

 

155,408

126,149

Investment in equity accounted associate

 

232

98

Investments in financial assets

 

1,075

1,587

Deferred tax asset

 

10,967

10,521

Other receivables

 

809

803

Total non-current assets

 

224,370

155,028

 

 

 

 

Trade and other receivables

 

70,260

66,123

Cash and cash equivalents

9

28,661

20,501

Corporation tax asset

 

734

799

Total current assets

 

99,655

87,423

 

 

 

 

 

Total assets

 

324,025

242,451

 

 

 

 

Liabilities

 

 

 

Loans and borrowings

9

33,007

20,678

Deferred tax liabilities

 

3,538

4,503

Lease liabilities

12

43,023

-

Other payables

 

16

4,622

Provisions

 

4,942

1,825

Deferred consideration

10

-

2,464

Contingent consideration

10

26,815

20,147

Share purchase obligation

10

2,098

128

Total non-current liabilities

 

113,439

54,367

 

 

 

 

Loans and borrowings

9

5,000

5,000

Trade and other payables

 

59,620

60,173

Lease liabilities

12

11,210

-

Provisions

 

1,522

1,118

Corporation tax liability

 

1,173

1,985

Deferred consideration

10

2,715

2,182

Contingent consideration

10

15,366

4,565

Share purchase obligation

10

1,269

1,608

Total current liabilities

 

97,875

76,631

 

 

 

 

Total liabilities

 

211,314

130,998

 

 

 

 

TOTAL NET ASSETS

 

112,711

111,453

 

Equity

 

 

 

Share capital

 

2,163

2,089

Share premium reserve

 

76,019

62,993

Share purchase reserve

 

(2,673)

(2,673)

Foreign currency translation reserve

 

7,561

7,697

Other reserves

 

608

1,019

Retained earnings

 

29,618

41,404

Total equity attributable to owners of the parent

 

113,296

112,529

Non-controlling interests

 

(585)

(1,076)

TOTAL EQUITY

 

112,711

111,453

 

NEXT FIFTEEN COMMUNICATIONS GROUP PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEARS ENDED 31 JANUARY 2020 AND 31 JANUARY 2019

 

 

Share
capital

Share
premium
reserve

Share
purchase
reserve

Foreign
currency
translation
reserve

Other
reserves1

Retained
earnings

Equity
attributable
to owners of
the Company

Non
controlling
interests

Total
equity

 

 

 

 

 

 

 

 

 

 

 

£’000

£’000

£’000

£’000

£’000

£’000

£’000

£’000

£’000

 

 

 

 

 

 

 

 

 

 

At 31 January 2018 as previously stated

1,892

28,611

(2,673)

4,811

1,719

42,604

76,964

(643)

76,321

Change in accounting policy (IFRS 9)2

-

-

-

-

-

48

48

-

48

At 1 February 2018 as restated

1,892

28,611

(2,673)

4,811

1,719

42,652

77,012

(643)

76,369

 

Profit for the year

-

-

-

-

-

13,887

13,887

639

14,526

Other comprehensive income / (expense) for the year

-

-

-

2,886

(700)

(682)

1,504

-

1,504

Total comprehensive income / (expense) for the year

-

-

-

2,886

(700)

13,205

15,391

639

16,030

Shares issued on satisfaction of vested performance shares

68

10,593

-

-

-

(10,697)

(36)

-

(36)

Shares issued on acquisitions

24

4,433

-

-

-

-

4,457

-

4,457

Shares issues on placing

105

19,356

-

-

-

-

19,461

-

19,461

Obligation to purchase non-controlling interest

-

-

-

-

-

-

-

(515)

(515)

Movement in relation to share-based payments

-

-

-

-

-

2,510

2,510

-

2,510

Tax on share-based payments

-

-

-

-

-

203

203

-

203

Dividends to owners of the parent

-

-

-

-

-

(5,243)

(5,243)

-

(5,243)

Movement due to ESOP share purchases

-

-

-

-

(12)

-

(12)

-

(12)

Movement due to ESOP share option exercises

-

-

-

-

12

-

12

-

12

Movement on reserves for non-controlling interests

-

-

-

-

-

(1,226)

(1,226)

1,226

-

Non-controlling interest purchased in the period

-

-

-

-

-

-

-

(383)

(383)

Non-controlling dividend

-

-

-

-

-

-

-

(1,400)

(1,400)

At 31 January 2019 as previously stated

2,089

62,993

(2,673)

7,697

1,019

41,404

112,529

(1,076)

111,453

Change in accounting policy (IFRS 16)2

-

-

-

-

-

(1,794)

(1,794)

-

(1,794)

Deferred tax on accounting policy change 2

-

-

-

-

-

400

400

-

400

At 1 February 2019 as restated

2,089

62,993

(2,673)

7,697

1,019

40,010

111,135

(1,076)

110,059

 

Profit for the year

-

-

-

-

-

2,262

2,262

577

2,839

Other comprehensive income / (expense) for the year

-

-

-

(136)

(411)

(562)

(1,109)

-

(1,109)

Total comprehensive income / (expense) for the year

-

-

-

(136)

(411)

1,700

1,513

577

1,730

Shares issued on satisfaction of vested performance shares

38

5,388

-

-

-

(5,426)

-

-

-

Shares issued on acquisitions

36

7,638

-

-

-

-

7,674

-

7,674

Movement in relation to share-based payments

-

-

-

-

-

600

600

-

600

Tax on share-based payments

-

-

-

-

-

167

167

-

167

Dividends to owners of the parent

-

-

-

-

-

(6,759)

(6,759)

-

(6,759)

Movement due to ESOP share purchases

-

-

-

-

(15)

-

(15)

-

(15)

Movement due to ESOP share option exercises

-

-

-

-

15

-

15

-

15

Movement on reserves for non-controlling interests

-

-

-

-

-

(674)

(674)

674

-

Non-controlling dividend

-

-

-

-

-

-

-

(760)

(760)

At 31 January 2020

2,163

76,019

(2,673)

7,561

608

29,618

113,296

(585)

112,711

1 Other reserves include ESOP reserve, the treasury reserve, the merger reserve and the hedging reserve.

2 Refer to note 12 for the restatement required following adoption of IFRS 16.

NEXT FIFTEEN COMMUNICATIONS GROUP PLC

CONSOLIDATED STATEMENT OF CASH FLOW

FOR THE YEARS ENDED 31 JANUARY 2020 AND 31 JANUARY 2019

 

 

Year ended
31 January 2020

 

Year ended
31 January 2019

 

 

 

£’000

£’000

Cash flows from operating activities

 

 

 

Profit for the period

 

2,839

14,526

Adjustments for:

 

 

 

Depreciation

 

4,505

4,199

Right of use depreciation

 

8,691

-

Amortisation

 

13,211

9,624

Finance expense

 

16,672

6,584

Finance income

 

(2,611)

(4,667)

Share of profit from equity accounted associate

 

(204)

(65)

Loss on sale of property, plant and equipment

 

1,360

202

Loss on exit of finance lease

 

14

-

Income tax expense

 

2,717

4,299

Share-based payment charge

 

600

2,510

 

 

 

 

Net cash inflow from operating activities before changes in working capital

 

47,794

37,212

 

 

 

 

Change in trade and other receivables

 

1,971

(8,013)

Change in trade and other payables

 

(1,950)

7,629

Change in other liabilities

 

1,686

1,554

 

 

1,707

1,170

 

 

 

 

Net cash generated from operations before tax outflows

 

49,501

38,382

 

 

 

 

Income taxes paid

 

(5,993)

(6,237)

 

 

 

 

Net cash inflow from operating activities

 

43,508

32,145

 

 

 

 

Cash flows from investing activities

 

 

 

Acquisition of subsidiaries and trade and assets, net of cash acquired

 

(18,501)

(19,281)

Payment of contingent and deferred consideration

 

(5,622)

(9,265)

Purchase of equity investments designated at FVTOCI

 

(50)

(1,008)

Acquisition of property, plant and equipment

 

(3,460)

(5,648)

Proceeds on disposal of property, plant and equipment

 

23

71

Proceeds on disposal of subsidiary

 

466

-

Acquisition of intangible assets

 

(1,831)

(2,384)

Net movement in long-term cash deposits

 

(24)

132

Income from finance lease receivables

 

547

-

Interest received

 

112

229

 

 

 

 

Net cash outflow from investing activities

 

(28,340)

(37,154)

 

NEXT FIFTEEN COMMUNICATIONS GROUP PLC

CONSOLIDATED STATEMENT OF CASH FLOW (Continued)

FOR THE YEARS ENDED 31 JANUARY 2020 AND 31 JANUARY 2019

 

 

Year ended
31 January 2020

 

Year ended
31 January 2019

 

 

 

£’000

£’000

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

Proceeds on issue of share capital

 

-

20,000

Issue costs on issue of ordinary shares

 

-

(539)

Capital element of finance lease rental repayment

 

(11,367)

(5)

Increase in bank borrowings and overdrafts

 

27,045

39,096

Repayment of bank borrowings and overdrafts

 

(14,006)

(50,018)

Interest paid

 

(979)

(1,246)

Dividend and profit share paid to non-controlling interest partners

 

(760)

(1,400)

Dividends paid to shareholders of the parent

 

(6,759)

(5,243)

 

 

 

 

Net cash (outflow) / inflow from financing activities

 

(6,826)

645

 

 

 

 

Net increase / (decrease) in cash and cash equivalents

 

8,342

(4,364)

 

 

 

 

Cash and cash equivalents at beginning of the period

 

20,501

24,283

Exchange (losses) / gains on cash held

 

(182)

582

 

 

 

 

Cash and cash equivalents at end of the period

 

28,661

20,501

 

 

 

 

 

 

 

 

NOTES TO THE YEAR END RESULTS

FOR THE YEARS ENDED 31 JANUARY 2020 AND 31 JANUARY 2019

1) BASIS OF PREPARATION

The financial information in these results has been prepared using the recognition and measurement principles of International Accounting Standards, International Financial Reporting Standards and Interpretations adopted for use in the European Union (collectively Adopted IFRSs). The principal accounting policies used in preparing the results are those the Group has applied in its financial statements for the year ended 31 January 2019 except for the adoption of the following accounting standards effective for the Group from 1 February 2019:

  • IFRS 16 Leases

Refer to note 12 for further details on the impact on the Group’s results and the adjustments made to prior periods.

The financial information set out above does not constitute the Group’s statutory accounts for the years ended 31 January 2020 or 2019, but is derived from those accounts. Statutory accounts for 2019 have been delivered to the Registrar of Companies and those for 2020 will be delivered following the company's annual general meeting. The auditors have reported on those accounts: their reports were unqualified, did not draw attention to any matters by way of emphasis and did not contain statements under s498(2) or (3) of the Companies Act 2006.

Going concern statement

The Directors have, at the time of approving this financial information, a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing this financial information. The Directors have made this assessment in light of reviewing the Group’s budget and cash requirements for a period in excess of one year from the date of signing of the annual report and considered outline plans for the Group thereafter.

In light of the global health crisis around the outbreak of Covid-19, the future performance of the Group is anticipated to be affected, but it remains too early to assess the impact the unfolding situation will have on trading for the year ahead. The Group has therefore carried out additional specific sensitivity analysis on the assumptions used in the cashflow forecast. The Board are satisfied, having considered the sensitivity analysis, that the Group will continue to generate sufficient cash to continue in operational existence and comply with its covenant obligations for the foreseeable future.

2) SEGMENT INFORMATION

Measurement of operating segment profit

The Board of Directors assesses the performance of the operating segments based on a measure of adjusted operating profit before intercompany recharges, which reflects the internal reporting measure used by the Board of Directors. This measurement basis excludes the effects of certain fair value accounting charges, amortisation of acquired intangibles, brand equity incentive scheme charges and other costs not associated with the underlying business. Other information provided to them is measured in a manner consistent with that in the financial statements. Head office costs relate to Group costs before allocation of intercompany charges to the operating segments. Intersegment transactions have not been separately disclosed as they are not material. The Board of Directors does not review the assets and liabilities of the Group on a segmental basis and therefore this is not separately disclosed.

FOR THE YEARS ENDED 31 JANUARY 2020 AND 31 JANUARY 2019

 

UK

EMEA

US

Asia
Pacific

Head
Office

Total

 

£’000

£’000

£’000

£’000

£’000

£’000

 

 

 

 

 

 

 

Year ended 31 January 2020

 

 

 

 

 

 

Revenue

119,551

10,631

153,481

17,048

300,711

Net revenue

97,377

8,820

127,563

14,709

248,469

Adjusted operating profit / (loss)

20,366

1,619

27,155

2,367

(9,051)

42,456

Adjusted operating profit / (loss) after interest on lease liabilities ¹

20,094

1,587

26,421

2,299

(9,541)

40,860

Adjusted operating profit margin²

20.6%

18.0%

20.7%

15.6%

16.4%

Organic net revenue growth/(decline)

0.3%

0.4%

(4.6)%

4.8%

(2.0)%

Year ended 31 January 2019

 

 

 

 

 

Revenue

109,161

10,267

136,290

16,695

272,413

Net revenue

83,528

8,735

117,911

13,919

224,093

Adjusted operating profit / (loss)

20,482

1,504

22,047

2,207

(9,284)

36,956

Adjusted operating profit margin

24.5%

17.2%

18.7%

15.9%

16.5%

Organic net revenue growth/(decline)

15.5%

7.3%

2.8%

(2.1%)

6.4%

1 The application of IFRS 16 has led to operating lease charges previously recognised within operating profit to now be partially recognised in interest costs. We have therefore presented the current period operating profit after interest on finance lease liabilities to give a comparable figure to the prior year.

2 Operating profit margin is calculated using the adjusted operating profit after interest on finance lease liabilities in the current period in order to be comparable to the prior period. Adjusted operating profit margin is calculated based on net revenue.

During the year, the Board of Directors also received information on the performance of the Group by operating segment in additional to regional performance.

 

Brand
marketing

Data and
analytics

Creative
technology

Head
Office

Total

 

£’000

£’000

£’000

£’000

£’000

 

 

 

 

 

 

Year ended 31 January 2020

 

 

 

 

 

Revenue

160,242

59,446

81,023

300,711

Net revenue

135,036

45,054

68,379

248,469

Adjusted operating profit / (loss)

30,750

12,722

8,035

(9,051)

42,456

Adjusted operating profit / (loss) after interest on lease liabilities¹

29,930

12,697

7,774

(9,541)

40,860

Adjusted operating profit margin²

22.2%

28.2%

11.4%

16.4%

Organic net revenue growth/(decline)

(5.7)%

19.3%

(2.1)%

(2.0)%

Year ended 31 January 2019

 

 

 

 

Revenue

158,316

33,757

80,340

272,413

Net revenue

133,163

23,209

67,721

224,093

Adjusted operating profit / (loss)

29,580

7,171

9,489

(9,284)

36,956

Adjusted operating profit margin

22.2%

30.9%

14.0%

16.5%

Organic net revenue growth

0.1%

30.6%

17.0%

6.4%

1 The application of IFRS 16 has led to operating lease charges previously recognised within operating profit to now be partially recognised in interest costs. We have therefore presented the current period operating profit after interest on finance lease liabilities to give a comparable figure to the prior year.

2 Operating profit margin is calculated using the adjusted operating profit after interest on finance lease liabilities in the current period in order to be comparable to the prior period. Adjusted operating profit margin is calculated based on net revenue.

FOR THE YEARS ENDED 31 JANUARY 2020 AND 31 JANUARY 2019

A reconciliation of segment adjusted operating profit after interest on finance lease liabilities to segment adjusted operating profit and statutory operating profit is provided as follows:

 

 

Year ended
31 January 2020

Year ended
31 January 2019

 

 

£’000

 

£’000

Segment adjusted operating profit after interest on finance lease liabilities

 

40,860

 

36,956

Interest on finance lease liabilities

 

1,596

 

-

Segment adjusted operating profit

 

42,456

 

36,956

Amortisation of acquired intangibles

 

(12,099)

 

(9,046)

Share based payment charge and charges associated with equity transactions accounted for as share-based payments (note 3)

 

(374)

 

(1,311)

Employment linked acquisition payments (note 3)

 

(5,029)

 

(821)

Charge associated with office moves (note 3)

 

-

 

(173)

Current period restructure (note 3)

 

(4,596)

 

(4,353)

Deal costs (note 3)

 

(945)

 

(575)

Total operating profit

 

19,413

 

20,677

FOR THE YEARS ENDED 31 JANUARY 2020 AND 31 JANUARY 2019

3) RECONCILIATION OF ADJUSTED RESULTS

 

 

 

Year ended
31 January 2020

 

Year ended
31 January 2019

 

 

£’000

 

£’000

Profit before income tax

 

5,556

 

18,825

Unwinding of discount on deferred and contingent consideration and share purchase obligation payable1

 

3,552

 

2,806

Change in estimate of future contingent consideration and share purchase obligation payable1

 

8,086

 

(1,906)

Share-based payment charge2

 

374

 

1,311

Employment linked acquisition payments3

 

5,029

 

821

Charge associated with current period restructure4

 

4,596

 

4,353

Charge associated with office moves

 

-

 

173

Deal costs5

 

945

 

575

Amortisation of acquired intangibles6

 

12,099

 

9,046

Adjusted profit before income tax

 

40,237

 

36,004

 

 

 

Operating profit

 

19,413

 

20,677

Depreciation of property, plant and equipment

 

4,505

 

4,199

Depreciation of right-of-use assets

 

8,691

 

-

Amortisation of intangible assets

 

13,211

 

9,624

EBITDA

 

45,820

 

34,500

Share-based payment charge2

 

374

 

1,311

Employment linked acquisition payments3

 

5,029

 

821

Charge associated with current period restructure4

 

4,596

 

4,353

Charge associated with office moves

 

-

 

173

Deal costs5

 

945

 

575

Adjusted EBITDA

 

56,764

 

41,733

1 The Group adjusts for the remeasurement of the acquisition-related liabilities within the adjusted performance measures in order to aid comparability of the Group’s results year on year as the charge/credit from remeasurement can vary significantly depending on the underlying brand’s performance. 2 This charge relates to transactions whereby a restricted grant of brand equity was given to key management in M Booth & Associates LLC. (2019: M Booth & Associates LLC, Encore Digital Media Limited, Twogether Creative Limited, Savanta Group Limited and ODD London Limited) at nil cost which holds value in the form of access to future profit distributions as well as any future sale value under the performance-related mechanism set out in the share sale agreement. This value is recognised as a one-off share-based payment in the income statement in the year of grant as the agreements do not include service requirements, thus the cost accounting is not aligned with the timing of the anticipated benefit of the incentive, namely the growth of the relevant brands.

3 This charge relates to payments linked to the continuing employment of the sellers which is being recognised over the required period of employment. Although these costs are not exceptional or non-recurring, the Group determined they should be excluded from the underlying performance as the costs solely relate to acquiring the sellers business.

4 In the current period the Group has incurred restructuring costs in relation to the ongoing relaunch of the new Archetype brand in the UK and US along with the rebranding of the Savanta brands, in addition to writing off intangibles and other staff related redundancy costs. These costs relate to these specific transformational events; they do not relate to underlying trading of the relevant brand and therefore have been added back to aid comparability of performance year on year.

5 This charge relates to third party professional fees incurred during acquisitions and restructures, note 11.

6 In line with its peer group, the Group adds back amortisation of acquired intangibles. Judgement is applied in the allocation of the purchase price between intangibles and goodwill, and in determining the useful economic lives of the acquired intangibles. The judgements made by the Group are inevitably different to those made by our peers and as such amortisation of acquired intangibles been added back to aid comparability.

Adjusted profit before income tax and adjusted EBITDA have been presented to provide additional information which may be useful to the reader. Adjusted profit before income tax is a measure of performance used in the calculation of the adjusted earnings per share. This measure is considered to best represent the underlying performance of the business and so it is used for the vesting of employee performance shares.

FOR THE YEARS ENDED 31 JANUARY 2020 AND 31 JANUARY 2019

4) TAXATION

The tax charge on adjusted profit for the year ended 31 January 2020 is £8,046,000, equating to an adjusted effective tax rate of 20%, compared to 20% in the prior year. The Group’s underlying corporation tax rate is expected to remain higher than the standard UK rate for the foreseeable future due to the higher rate of tax the Group suffers on its overseas profits.

5) DIVIDENDS

Given the macroeconomic backdrop due to Covid-19, the Group has decided to suspend the final dividend, although it intends to resume dividend payments once the macroeconomic environment improves. This makes the total dividend for the year 2.5p per share (2019: 7.56p).

6) FINANCE EXPENSE

 

 

 

Year ended
31 January 2020

 

Year ended
31 January 2019

 

 

£’000

 

£’000

 

 

 

 

 

Financial liabilities at amortised cost

 

 

 

 

Bank interest payable

 

977

 

1,235

Interest on lease liabilities1

 

1,596

 

-

 

Financial liabilities at fair value through profit and loss

 

 

 

 

Unwinding of discount on deferred and contingent consideration and share purchase obligation payable1

 

3,552

 

2,806

Change in estimate of future contingent consideration and share purchase obligation payable1

 

10,545

 

2,532

 

 

 

 

 

Other

 

 

 

 

Other interest payable

 

2

 

11

Finance expense

 

16,672

 

6,584

1These items are adjusted for in calculating the adjusted net finance expense.

7) FINANCE INCOME

 

 

Year ended
31 January 2020

 

Year ended
31 January 2019

 

£’000

 

£’000

 

 

 

 

Financial assets at amortised cost

 

 

 

Bank interest receivable

99

 

82

Finance lease interest receivable

40

 

-

 

Financial liabilities at fair value through profit and loss

 

 

 

Change in estimate of future contingent consideration and share purchase obligation payable1

2,459

 

4,438

 

Other interest receivable

13

 

147

Finance income

2,611

 

4,667

1These items are adjusted for in calculating the adjusted net finance expense.

FOR THE YEARS ENDED 31 JANUARY 2020 AND 31 JANUARY 2019

8) EARNINGS PER SHARE

 

 

Year ended
31 January 2020

 

Year ended
31 January 2019

 

 

£’000

 

£’000

 

 

 

 

 

Earnings attributable to ordinary shareholders

 

2,262

 

13,887

Unwinding of discount on future deferred and contingent consideration and share purchase obligation payable

 

3,138

 

2,698

Change in estimate of future contingent consideration and share purchase obligation payable

 

6,395

 

(1,959)

 

Share based payment charge

 

572

 

2,042

Costs associated with current period restructure

 

3,746

 

3,501

Costs associated with office moves

 

-

 

136

Amortisation of acquired intangibles

 

9,607

 

7,300

Employment linked acquisition payments

 

5,010

 

-

Deal costs

 

882

 

560

Adjusted earnings attributable to ordinary shareholders

 

31,612

 

28,165

 

 

 

 

 

 

 

Number

 

Number

 

 

 

 

 

Weighted average number of ordinary shares

 

85,284,663

 

79,225,075

Dilutive LTIP shares

 

755,018

 

1,193,361

Dilutive growth deal shares

 

2,983,371

 

3,733,183

Other potentially issuable shares

 

1,913,430

 

864,585

 

 

 

 

 

Diluted weighted average number of ordinary shares

 

90,936,482

 

85,016,204

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

2.7p

 

17.5p

Diluted earnings per share

 

2.5p

 

16.3p

Adjusted earnings per share

 

37.1p

 

35.6p

Diluted adjusted earnings per share

 

34.8p

 

33.1p

 

 

 

 

 

 

 

 

 

 

Adjusted and diluted adjusted earnings per share have been presented to provide additional information which may be useful to shareholders through facilitating comparability with industry peers. The adjusted earnings per share is the performance measure used for the vesting of employee performance shares. The only difference between the adjusting items in this note and the figures in note 3 is the tax effect of those adjusting items.

FOR THE YEARS ENDED 31 JANUARY 2020 AND 31 JANUARY 2019

9) NET DEBT

The HSBC Bank revolving credit facility expires in 2022 and therefore the outstanding balance has been classified in non-current borrowings with the exception of £5m of the term loan which is due for repayment within one year.

31 January 2020

31 January 2019

 

 

 

£’000

£’000

 

 

Total loans and borrowings

38,007

25,678

Less: cash and cash equivalents

(28,661)

(20,501)

Net debt

9,346

5,177

Share purchase obligation

3,367

1,736

Contingent consideration

42,181

24,712

Deferred consideration

2,715

4,646

Net debt and acquisition related liabilities

57,609

36,271

10) OTHER FINANCIAL LIABILITIES

Deferred consideration

Contingent
consideration

Share purchase
obligation

 

 

 

 

£’000

£’000

£’000

At 31 January 2018

6,039

18,639

955

Arising during the year

-

15,516

765

Exchange differences

-

(312)

78

Utilised

(5,066)

(6,171)

(249)

Unwinding of discount

601

2,078

127

Change in estimate

-

(1,966)

60

Reclassification

3,072

(3,072)

-

At 31 January 2019

4,646

24,712

1,736

Arising during the year

350

14,445

-

Exchange differences

-

(726)

7

Utilised

(2,667)

(5,425)

(453)

Unwinding of discount

386

3,008

158

Change in estimate

-

6,167

1,919

At 31 January 2020

2,715

42,181

3,367

Current

2,715

15,366

1,269

Non-current

-

26,815

2,098

FOR THE YEARS ENDED 31 JANUARY 2020 AND 31 JANUARY 2019

11) ACQUISITIONS AND OTHER SIGNIFICANT TRANSACTIONS

M Booth Health

On 1 October 2019 the Group purchased the entire issued share capital of Creston Plc US Holdings Inc and its subsidiary Health Unlimited LLC (“Health Unlimited”), a global health consultancy and communications agency, for initial consideration of $27.7m. Following the acquisition, Health Unlimited has traded as a member of the M Booth group, having been rebranded M Booth Health. Further deferred consideration may be payable in May 2020 and May 2021 dependent on the EBITDA performance of M Booth Health for the years ending 31 March 2020 and 31 March 2021 respectively.

In total the Group spent £24.2m on acquisitions, investments in financial assets and earn-out related payments in the year as shown in the cash flow as £18.5m, £0.1m and £5.6m respectively.

Impact of Coronavirus

In light of the global health crisis around the outbreak of Covid-19, the Group considered whether any adjustments are required to the reported results in the financial statements. As at the balance sheet date of 31 January 2020, there had been no global pandemic declared, and the outbreak of Covid-19 was limited to China, where the Group has limited operations. The subsequent macroeconomic downturn and extent of global interventions were not apparent.

Subsequent to the balance sheet date, the World Health Organisation declared a pandemic on 11 March and we have seen a significant downturn in the global economic outlook. As a result, the Group has concluded that the necessity for large scale interventions and other information received was not indicative of conditions that existed at the balance sheet date and therefore that the consequences of such interventions represent non-adjusting post balance sheet events. Given the global scale of the situation, further explanation of the impact of changing the estimates and assumptions presented in the financial statements are given below.

In terms of current trading, we have yet to see any material impact on the business overall and we have seen some benefit from the strength of the US dollar versus Sterling and some clients switching spend away from live events into digital marketing and lead generation. We have also yet to see any material impact on our recoverability of trade debtors. However, we do anticipate our business will be impacted as the wider economic impact of Covid-19 increases. It remains too early to assess the impact that this unfolding situation will have on trading for the year ahead.

The Group has therefore carried out further sensitivity analysis on the assumptions used in the value-in-use calculations for the purposes of the goodwill impairment review. Using a revised brand specific FY21 budget to calculate the value in use for each cash-generating unit, would indicate an impairment in the range of £0 - £1.5m for the Group.

The Group also uses key assumptions when determining the value of contingent consideration and share purchase obligations relation to acquisitions, including judgements around future revenue growth and profit margins. Therefore, as a result of the impact of Covid-19, these assumptions are likely to change, as such this will result in a material adjustment to the value of these liabilities within the next financial year.

Deferred tax assets are only recognised to the extent it is probable there will be future taxable profits. Subsequent to the balance sheet date, the Group has reviewed the current impact of Covid-19 on those future taxable profits and concluded that Deferred tax assets can continue to be recognised in full.

FOR THE YEARS ENDED 31 JANUARY 2020 AND 31 JANUARY 2019

12) CHANGE IN ACCOUNTING POLICY

This note explains the impact of the adoption of IFRS 16 Leases on the Group’s financial statements and discloses the new accounting policies that have been applied from 1 February 2019, where they are different to those applied in prior periods.

IFRS 16

The Group applied IFRS 16 with a date of initial application of 1 February 2019. IFRS 16 requires lessees to account for all leases on-balance sheet, recognising a right-of-use asset and a lease liability at the lease commencement date. The Group has adopted IFRS 16 using the modified retrospective approach therefore comparative information has not been restated and the Group has recognised the cumulative effect of adopting IFRS 16 as an adjustment to equity at the start of the current period. The comparative information continues to be reported under IAS 17.

On transition to IFRS 16, the Group elected to apply the practical expedient to grandfather the assessment of which transactions are leases. It applied IFRS 16 only to transactions that were previously identified as leases. Therefore, the definition of a lease under IFRS 16 was only applied to contracts entered into or changed from 1 February 2019.

As a lessee the Group previously classified leases as operating or finance leases based on its assessment of whether the lease transferred substantially all the risks and rewards of the ownership of the asset to the Group. Under IFRS 16 the Group recognised a right-of-use asset and lease liability i.e. all leases are recognised on-balance sheet.

At transition, the lease liabilities were measured at the present value of the remaining lease payments using the lessee’s incremental borrowing rate as at 1 February 2019. The weighted average lessee’s incremental borrowing rate applied to the lease liabilities on 1 February 2019 was 3%. The right-of-use assets are measured at their carrying amount as if IFRS 16 had been applied since the commencement date, discounted using the lessee’s borrowing rate at the 1 February 2019. The Group used the following practical expedients when applying IFRS 16:

  • Adjusted the right-of-use assets for any onerous lease provisions immediately before the date of initial application rather than perform an impairment review;
  • Applied the exemption not to recognise a right-of-use asset or lease liability for leases of low value or with lease terms with less than 12 months remaining at 1 February 2019; and
  • Excluded initial direct costs from measuring the right-of-use asset at the date of initial application.

Impact of the financial statements

On transition to IFRS 16 the Group recognised an additional £44.4m of right-of-use assets and £55.2m of lease liabilities, with a reduction in other creditors and provisions with regard to amounts relating to property leases, which are now recognised in the right-of-use asset. These movements resulted in a decrease to retained earnings of £1.8m and the recognition of a deferred tax asset of £0.4m.

Short Name: Next Fifteen Comm
Category Code: FR
Sequence Number: 697814
Time of Receipt (offset from UTC): 20200422T194611+0100

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