Next Fifteen Communications Group said today that audit adjustments at its Bite PR unit will cause 2013 profits to "fall materially short of market expectations."

The London-based company, which owns M Booth, OutCast Agency, and Text 100 among other PR units, last year discovered an embezzlement scheme at Bite centered on a financial staffer, sparking a $2.8M charge in 2012.

NF said revenue will be in line with forecasts when its results are reported on Nov. 5.

The PR and marketing holding company also said 14-year finance director David Dewhurst is stepping down, sparking a search for a permanent replacement. Dewhurst will help groom his successor.