Next 15 shares plummet 50 per cent after major client exits contract

Shares in digital communications firm Next 15 have plummeted by 50 per cent today after the business announced one of its biggest clients would not be renewing its contract.

The London-listed company, which provides B2B marketing services, said its venture building division Mach49 was set to be down £80m in revenue in its 2026 financial year after the client decided not to renew the agreement after its initial three-year term.

As a result, Next 15 downgraded its guidance, causing its share price to drop sharply in early trades.

In a statement published to the London Stock Exchange on Friday morning, Next 15 said: “While the group has seen strong performances from a number of its consumer-facing businesses, it has continued to see an ongoing weakness in spend from its technology customers as well as a reduction in revenues from its public sector clients.

“As a result of these factors and the contract ending which will impact the last month of the fiscal year, the board now believes FY25 revenue will be lower than planned, and profits to be materially below management expectations.”

In its most recent full-year results, published in April, the group reported revenue of £577.8m—a 2.5 per cent increase compared to the previous year, largely driven by growth through acquisitions.

Adjusted operating profit rose by 6.1 per cent to £121.1m. The group’s liabilities related to earn-out payments decreased by £44m, with £32.3m linked to Mach49.

The underlying profit margin also saw an improvement, rising by 80 basis points to 21 per cent.