The H1 results will have come as a surprise to those expecting Next 15 to deliver the earnings shock we have seen from others in the sector and which the share price has been clearly discounting. Whilst the trading environment in H1 has been tough; Next 15 has navigated this period well. The trading outlook for H2 is not without its challenges but the breadth of the Next 15 portfolio is holding it in good stead, with three of the group’s four segments still delivering positive organic growth.