UPDATE: Next Fifteen Positive On M&A And Takeover Prospects
20 Oktober 2009 - 3:46PM
Dow Jones News
Public relations consultancy Next Fifteen Communications PLC
(NFC.LN) Tuesday said it has "room for one more" acquisition this
year, following a busy year of deals for the firm, but hasn't ruled
out further approaches for its own business.
The company Tuesday announced it has bought an additional 30%
stake in 463 Communications in a cash and share deal, taking its
overall holding in the company to 70%.
463 Communications works to position technology companies,
organizations and coalitions in global policy debates.
It follows a raft of similar deals throughout 2009 but Next
Fifteen Chief Executive Tim Dyson said: "I think we'll look to do
one more acquisition, probably in North America, at some point
during this year."
He said the company had a couple of targets in its sights. He
wouldn't give any further details but said the firms generate
annual sales of around $10 million.
However, he added that longer-term, the firm would probably look
to further develop its reach in the consumer technology market.
"We're looking within technology at certain specific areas, such
as consumer technology. We have a relatively strong consumer
technology base in Europe but not in North America, for
example."
Many of Next Fifteen's agencies primarily serve technology
clients. Earlier this year it acquired New York-based consumer PR
firm M Booth, whose clients include Unilever (UNA.AE), J C Penney
and Remy Cointreau USA.
However Next Fifteen, which earlier this year was the target of
approaches from peers Huntsworth PLC (HNT.LN) and Chime
Communications PLC (CHW.LN), hasn't ruled out further approaches
for its own business and views sector consolidation positively.
"I'd be surprised if, during the recovery, there wasn't more
consolidation in our industry. Whether it's us being acquired or
acquiring, it's very logical to go for scale and there's also
significant benefits to shareholders as well as the organization,"
Dyson said.
Earlier Tuesday, Next Fifteen posted a 40% drop in fiscal 2009
pretax profit to GBP3.2 million from GBP5.5 million a year earlier
following restructuring costs and adverse currency movements.
Stripping these out, it made a pretax profit of GBP5.2 million from
GBP6.6 million.
Sales rose to GBP65.4 million from GBP63.1 million.
The firm held its final dividend at 1.25 pence, giving a total
dividend maintained at 1.7 pence.
At 1311 GMT, Next Fifteen shares were 1 pence, or 2%, higher at
52 pence, outperforming a flat FTSE AIM All-Share media index.
Company Web site: www.nextfifteen.com
-By Hannah Benjamin, Dow Jones Newswires; 44-20-7842-9298;
hannah.benjamin@dowjones.com
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