Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Digital marketing group Next Fifteen Communications swung to a first-half loss after it wrote down the value of its property portfolio due to more people working remotely during the pandemic.
Pre-tax losses for the six months through June amounted to £3.4m, compared to losses of £2.8m on-year, even as revenue rose 5.4% to $153.1m.
'During the pandemic, the group has reviewed its property portfolio in the wake of the significant movement to a more flexible working environment,' Next Fifteen said.
'We have determined that approximately a third of our real estate in London, New York and San Francisco, approximately 100,000 square feet, is now surplus to requirements and we are actively marketing the space.'
'Accordingly, we have taken an impairment of £10.9m as at 31 July 2020 against the carrying value of our right-of-use property assets.'
Adjusted pre-tax profit rose 20% to $20.7m and Next Fifteen said it expected to resume dividend payments in 2021.
At 1:54pm: (LON:NFC) Next Fifteen Communications Group PLC share price was -1.5p at 484.5p