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23 Feb 2022 07:10
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Next Fifteen Communications Group plc (“Next 15”)
Update re contingent consideration
Next 15’s subsidiary Mach49, which has experienced significant growth in the last year and is expected to continue to deliver strong growth following a series of recent client wins, has agreed to cap its earn-out at $300m. The earnout is based on the EBIT generated by the business over the period to 31 January 2025 and is payable over the course of 2023 to 2027. The earnout is payable in cash (85%), with the balance in Next 15 shares. We expect the cash element of the earnout to be funded from the cashflows of Mach49. A revised estimate of the expected contingent consideration will be provided in April 2022 when we announce our full year results.
Enquiries:
Next Fifteen Communications Group plc Tim Dyson, CEO+1 415 350 2801Peter Harris, CFO+44 (0)20 7908 6444
Numis (Nomad & Joint Broker) Mark Lander, Hugo Rubinstein+44 (0)20 7260 1000
Berenberg (Joint Broker) Ben Wright, Mark Whitmore+44 (0)20 3207 7800
Powerscourt Elly Williamson/Sabine Pirone, Ollie Simmonds+44 (0)7817 657528
View source version on businesswire.com: https://www.businesswire.com/news/home/20220222006237/en/
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