LONDON: Next Fifteen announced a pre-tax profit of $3.17*million, an increase of 44% from 2009's $2.19 million for the six months ending January 31. Revenues for the period rose by 2% to $52.1 million, compared with $51.1 million in 2009.
Next Fifteen's CEO Tim Dyson noted that the increase was largely due to an upturn in the company's currency converter controller, which in previous years had held back profits.
“Overall profit is in line with revenue, which is roughly flat, and this shows that our business has passed the recession," he added. "This is due to several reasons including an increase in the number of clients using PR measurement techniques. Also, as an organization we also have a global spread and a large blue chip client base which is less likely to experience fluctuation.”
Chairman of Next Fifteen, Will Whitehorn added, "This was always going to be an unusual period for comparing results as the global recession didn't really hit our business until January 2009 and thus had little impact on the comparative period," he said. "That said, the business has now recovered to pre-recession revenue levels and is headed in a positive direction. Given current trading, the board is confident that we will meet our targets, which would result in a record year for the Group.”
Recent changes to the Next Fifteen group in the past year included the acquisition of the consumer PR firm, M Booth & Associates, and 55% of the marketing communications trading subsidiaries of Upstream Asia to create Bite Asia. The PR group also owns Text 100, Bite, and OutCast.
*Figures were converted to US dollars using xe.com's currency converter.