Next 15 Group PLC on Tuesday said it was focused on making strategic investments in artificial intelligence as it reported a profit surge.

The London-based digital marketing firm said pretax profit jumped to £80.3 million in the financial year ended January 31, from £10.1 million a year prior.

Revenue edged up 2.0% to £734.7 million from £720.5 million. Total operating costs increased 0.8% to £500.7 million from £496.6 million.

The company recommended a final dividend of 10.6 pence per share, bringing the total to 15.35p, up 5.1% from 14.6p paid in financial 2023.

Chief Executive Officer Tim Dyson said: ‘The year saw the benefit of the decentralised and diversified business model as we delivered record revenues and profits despite a turbulent macro-economic environment and a pullback in spend by technology customers, as seen in the wider market. We continue to make strategic investments in our AI strategy at both a group level and within the operating businesses. These investments have already resulted in a number of new products designed to create greater efficiency and accuracy of the work being produced. These AI-driven products will enable us to further productise the business and protect and improve our profitability, whilst also enabling us to expand into adjacent areas.’

Looking ahead, Next 15 said trading is in line with its own expectations for the current financial year.

Next 15 shares fell 4.1% to 910.00 pence each on Tuesday morning in London.

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