Key Highlights

  • Next 15 Group plc (LSE:NFG) reported first-half results on 8 October 2026 that were in line with expectations despite lower Revenue and profit.
  • The group swung to an interim pretax loss but said trading in the second half has been encouraging.
  • June to August delivered three consecutive months of like-for-like revenue growth, the first such run in three years.
  • The board expects like-for-like revenue growth for the full year, with revenue and adjusted operating profit in line with market expectations.
  • The Interim Dividend was held at 4.75p per share, and several Brokers reaffirmed buy ratings with targets well above the current share price.

Next 15 Group plc (LSE:NFG), the tech and data-driven growth consultancy quoted on the FTSE AIM All-Share, remains firmly on investor radars on 4 November 2026. Shares have been trading around the 330p area after a volatile month that began with a sharp fall on results day. The debate now centres on whether the return of like-for-like growth marks a genuine turning point for a company whose share price fell heavily over the past three years.

Why Next 15 Is in Focus Today

The stock is in focus because investors are weighing two competing messages. The first half to July 2026 showed lower revenue and profit, and the company swung to a pretax loss amid constrained client spending. On results day the shares dropped roughly 10% intraday, touching the mid-290p range.

However, the second message is more encouraging. Next 15 reported three straight months of like-for-like revenue growth from June to August, its first such sequence in three years. On that basis, the board now expects the group to deliver like-for-like revenue growth for the full year, with revenue and adjusted operating profit in line with market expectations. Chief executive Sam Knights described the half as evidence that the group's strategy has taken hold.

That outlook has drawn buyers back. Shares have since recovered towards the 330p level, and broker support has been strong. Research notes published around the results reaffirmed buy ratings, with price targets ranging from about 465p to 510p, implying significant upside from current levels.

Middle East Conflict and Client Spending

Next 15 Group plc (LSE:NFG) also told investors it had not experienced any material adverse impact on its operations from the ongoing Middle East conflict. That matters because geopolitical stress tends to hit discretionary Marketing budgets first, although technology clients have kept spending constrained.

The Mach49 Legacy and Portfolio Simplification

A large part of the recent Next 15 story has been about cleaning up the portfolio. The group's priorities, set out with full-year results in May 2026, were resolving the Mach49 legacy issue, continuing simplification and returning to organic growth. Mach49, a venture-building Business acquired in 2020, became a source of losses and legal costs after a major contract ended, and it has been treated as a discontinued operation.

In the year to 31 January 2026, net revenue fell 6.3% to £448.8 million and adjusted operating profit declined 8.6% to £67.6 million. Management called it a year of decisive restructuring. Early signs in the new financial year included Transform's largest-ever client win, highlighting strength in digital transformation work, particularly for government and regulated sectors.

Dividend and Balance Sheet

The board kept the interim dividend at 4.75p per share, maintaining a payout record that income investors value. A final dividend of 10.6p was paid in August 2026 for the previous year. Leverage has been kept low relative to earnings, giving the company room to keep paying dividends while it works through the recovery.

Artificial Intelligence and Data Opportunity

Next 15 Group plc (LSE:NFG) has positioned itself as a consultancy that helps clients use data and artificial intelligence to grow revenue. Its businesses span customer insight, digital transformation, marketing technology and public affairs. Demand for AI-driven marketing, analytics and customer engagement has been rising, and management has said it is accelerating Investment in AI capabilities. If that demand translates into larger, longer-term contracts, the shift from project work to recurring engagements could improve visibility and margins.

Risks to Monitor

Despite the improving tone, risks remain. Technology clients could keep budgets tight if economic conditions weaken. The pretax loss in the first half shows that restructuring and legacy costs still affect statutory results. The resolution of the Mach49 dispute could also carry further costs. Investors will want to see consistent monthly growth rather than a short-lived bounce.

What Investors Are Watching Next

The next key milestone for LSE:NFG is a trading update covering the full year to 31 January 2027, which typically arrives in late January. Investors will look for confirmation that like-for-like revenue growth has continued through the autumn and winter, and that adjusted operating profit lands in line with consensus.

Other watch points include progress on resolving the Mach49 matter, further contract wins in digital transformation and government work, any update on cost savings, and evidence of Margin recovery. Directors' share purchases, which have occurred in the past after share price falls, would also be read as a confidence signal. With broker targets well above the share price, any sign of sustained growth could prompt a re-rating on the FTSE AIM All-Share.

Bottom Line

Next 15 Group plc (LSE:NFG) is at an inflection point. The first half was soft, but the return of like-for-like growth, unchanged full-year guidance, a maintained dividend and strong broker support have revived interest. For investors, the coming months will show whether the recovery is durable enough to close the gap between the share price and analyst targets.