Next 15 issues new shares to raise funds for acquisitions

Next 15 has announced the issuing of new shares that will be sold to raise funds to support its ambitious merger and acquisition strategy.

The agency is seeking to raise around 4.3 million pounds from the share sale as it looks to make further purchases, with three investment and acquisition opportunities expected over the next half-year.

During the 12 months to January 31st 2015, the group achieved better-than-expected trading results, thanks in large part to its recent takeover activity. In the US and the UK, the purchases of Story Worldwide and Morar Consulting have helped deliver improved profit margins.

As such, the company was able to achieve double-digit revenue growth on an organic basis in the US last year, while its efforts to simplify its operations in Asia and Mainland Europe are progressing ahead of plan and are already delivering improved returns.

Speaking to PRWeek, Next 15 chief executive officer Tim Dyson said the firm will not be actively targeting PR companies for acquisition, with content marketing and ad agencies set to be prioritised.

He explained: "More and more we're getting asked to provide paid services that complement the PR business. Moving into areas like that makes a lot of sense for us."