(Alliance News) - Next 15 Group PLC on Thursday shares were down on Thursday, after it said trade in its new financial year has been "resilient".

Shares in the London-based digital marketing firm were down 14% to 775.51 pence each in London on Thursday morning.

In the four months ended May 31, Next 15 said trade was "resilient", despite a tough macro environment.

"The group has continued to deliver organic growth in its Customer Delivery segment offset by small declines in our other segments, in part due to delays in some clients' spending, notably relating to government contracts in a period of political uncertainty," it said.

Next 15 added that spending across its technology customers has "remained soft."

In line with prior years, Next 15 expects revenue to be second half weighted and for trading conditions to improve.

The company expects full-year profit to be in line with management expectations.

"The group's balance sheet remains strong, and we expect to be broadly cash neutral at the year-end. The group maintains a disciplined approach to capital allocation which enables it to take advantage of strategic opportunities as they arise," it added.

By Sophie Rose, Alliance News senior reporter

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