Shares in Next 15 Group PLC (AIM:NFG) were up almost 9% in the wake of a well-received set of prelims.
According to Peel Hunt, the advertising and marketing company reported in-line financial results for 12 months that ended January 31, with the Business Transform operation the stand-out performer with organic growth of 83%.
The largest segment, Engage, demonstrated solid growth of 9%, the broker added.
It said it was maintaining its headline forecasts for FY24, with net cash expected to rise by £50 million to £53 million. Despite management's attention being diverted by a failed bid for M&C Saatchi, Next 15 produced a solid set of results, Peel Hunt added.
The research note also emphasised that Next 15 shares have declined by over 45% in the past year so are trading at an attractive FY24 estimated price-to-earnings ratio of 7x. This has led Peel Hunt to reiterate its 'buy' recommendation and 1,440p a share price target.
Mid-afternoon, the stock was up 62p at 762p.