Next Group Plc Unsp/Adr (NXGPY) Q4 2025 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:05.175 Well, good morning to everybody and welcome to the next results. 00:00:05.838 -- 00:00:11.304 In the presentation this morning, Simon will talk about surpassing a profitability 00:00:11.304 -- 00:00:16.010 milestone. In fact, if you read the press this morning, it was the headlines in the first 00:00:16.010 -- 00:00:19.071 two things that I saw. And 00:00:19.674 -- 00:00:26.220 what that really should mean for Next and its 40,000 plus employees. 00:00:26.626 -- 00:00:32.212 In general, the most widely held view is that when companies become bigger, 00:00:32.212 -- 00:00:37.357 they change, and generally the change is for the worse, as they 00:00:37.357 -- 00:00:39.900 discard some of the behaviors 00:00:39.900 -- 00:00:42.883 that brought them success to date. 00:00:42.883 -- 00:00:47.768 Some of the well-known comments, companies become more bureaucratic, 00:00:47.768 -- 00:00:50.171 are more control focused, 00:00:50.171 -- 00:00:52.491 less entrepreneurial, 00:00:52.593 -- 00:00:56.795 resist change, more risk averse, 00:00:56.795 -- 00:01:01.139 et cetera. The list of negative behaviors can go on. 00:01:01.139 -- 00:01:06.164 With respect to Next, we have been evolving as a company for a long period 00:01:06.164 -- 00:01:11.289 of time, and we will continue to evolve as a company, and we continue 00:01:11.289 -- 00:01:13.409 to change. 00:01:13.411 -- 00:01:19.157 We will do that best by continuing the behaviors which have brought us success 00:01:19.157 -- 00:01:22.669 to date. And those practices, 00:01:22.669 -- 00:01:28.095 you've probably read this, it was both in the public domain and certainly is inside 00:01:28.095 -- 00:01:32.700 of Next, the six rules for running a successful business. 00:01:32.700 -- 00:01:37.485 The...