(Alliance News) - Jaywing PLC on Wednesday said it has hired Caroline Ackroyd as its new chief financial officer and it reported that the Covid-19 pandemic has caused lower revenues for financial 2020.
The media company said Caroline Ackroyd "is an experienced CFO with significant commercial experience in technology-based businesses operating in competitive and client-centric markets". She is currently CFO of online GP services provider Push Doctor and previously held senior finance roles in Sky Betting & Gaming and Coral Interactive.
Ackroyd will begin in the role from September 7. Former CFO Mike Sprot stepped down in March.
Separately, Jaywing said that while the economic impact of Covid-19 has resulted in a year-on-year revenue decline and significant market uncertainty remains, actions taken to preserve cash and profitability makes it well-positioned to benefit as economic activity recovers.
The company expects to post net revenue for its financial year ended March 31 of around GBP24.0 million, down 19% from GBP29.8 million posted the year prior. Net debt as at July end was GBP3.9 million, reducing from GBP5.7 million as at the end of March.
"We have been able to provide continuous service to our clients since March, and I am pleased that we have to date mitigated the impact of this pandemic on the business. I am grateful to our employees for adapting so rapidly to remote working. I am also delighted that we have been able to recruit someone of the calibre of Caroline into the CFO role and look forward to working with her to fulfil the potential of Jaywing," said Chief Executive Andrew Fryatt.
Jaywing added it has received approval from AIM under its Covid-19 temporary measures for a three-month extension to the deadline for the publication of its full results. Full unaudited results are now expected to be published before the end of November.
The stock was trading 14% lower at 2.41 pence each on Wednesday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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